Professionalism in Practice - Cengage Learning

2012

SOUTH-WESTERN TAXATION CATALOG

Professionalism in Practice

See inside for more information:

South-Western Federal Taxation, 2012 Edition~~~~~~~~~~~~~~~~~~~~~ Federal Tax Research, 9e~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Concepts in Federal Taxation, 2012 Edition~~~~~~~~~~~~~~~~~~~~~~~~ Income Tax Fundamentals, 2011 Edition~~~~~~~~~~~~~~~~~~~~~~~~~~ Pratt & Kulsrud, 2012 Edition~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Online Homework for Taxation~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Online Solutions and Professional Resources for Taxation ~ ~~~~~~~~~~

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Professionalism in Practice South-Western Taxation has a strong tradition of leading students through the dynamic field of taxation. We are committed to providing you with premier textbooks that constantly evolve to suit your needs, in addition to online solutions to enhance your teaching experience. We have created this catalog to help you choose the best solution for your course.

South-Western Taxation Publishing Team

Please contact one of us if you have any questions about South-Western Taxation titles.

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Editor-in-Chief

Rob Dewey 513.229.1625 | [email protected]

Senior Acquisitions Editor

Mike Schenk 513.229.1932 | [email protected]

Marketing Manager

Laura-Aurora Stopa 513.229.1945 | [email protected]

Senior Developmental Editor

Craig Avery 513.229.1919 | [email protected]

To order: 1-800-423-0563 | www.cengage.com/taxation

South-Western Federal Taxation… …has educated more than 1.5 million students! The Leadership You Trust! For over 30 years, South-Western Federal Taxation has guided more than 1.5 million students through the ever-changing field of federal taxation and is renowned for its accessible, comprehensive, and time-tested presentation. It enables students to learn the tax code and apply their knowledge to successful tax practice. South-Western Federal Taxation provides the most up-to-date tax texts, online study aids, tax preparation tools, and print study guides to help your students succeed in tax courses and beyond.

The Innovation You Expect! South-Western Federal Taxation provides the most innovative solutions on the market. With the integration of leading software programs like CPAexcelTM, H&R Block At HomeTM, and Checkpoint® Student Edition from Thomson Reuters, South-Western Federal Taxation introduces students to the professional tools they will use in their careers.

The Service You Deserve! South-Western Federal Taxation delivers an unrivaled, on-time ancillary package that includes dozens of teaching and learning aids. The learning objectives from the 2012 texts are integrated into the solutions manual and test bank to help you assign homework more efficiently! Whether you’re planning your syllabus or assessing student progress, South-Western Federal Taxation provides all of the tools you need at every stage of your class preparation. You can also expect that South-Western tax authors will deliver legislative updates throughout the year so that you and your students are always informed of the latest tax environment.

Student Supplements for South-Western Federal Taxation Study Guides Looking for a straightforward study tool? Study Guides are available for South-Western Federal Taxation books. They highlight the key concepts and terms of each chapter, helping students brush up on homework and test-taking skills. Solutions to quizzes and problems are provided to students, helping them prepare for the CPA exam!

Individual Income Taxes: 978-1-111-82451-8

Corporations, Partnerships, Estates & Trusts: 978-1-111-82468-6

Comprehensive Volume: 978-1-111-82480-8

Business Entities: 978-1-111-82484-6

Practice Sets Practice Sets provide hands-on experience for tax preparation and are designed to be completed using tax preparation software such as H&R Block At HomeTM near the end of the course. The Practice Sets come with tax forms, providing a realistic experience to accompany the text. Solutions are available to instructors only.



Loose-Leaf Textbook Versions This portable format helps reduce the cost to the student.



Comprehensive Volume: 978-1-111-82521-8

Business Entities: 978-1-111-82561-4

Visit www.cengage.com/community/taxation for legislative updates.

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South-Western Federal Taxation: Individual Income Taxes, 2012 Edition ISBN: 978-1-111-22167-6 William H. Hoffman, Jr., University of Houston James E. Smith, College of William and Mary Packed with new “Financial Disclosure Insights” boxes, “Big Picture” tax scenarios, new Big Picture Examples and “What-If?” case variations, and significantly more new or revised end-of-chapter homework and test bank items than ever before, Individual Income Taxes, 2012 Edition remains the most effective text for helping students master detailed individual tax concepts and the ever-changing tax legislation. Renowned for its accessible, comprehensive, and time-tested presentation, this text provides thorough coverage while highlighting materials of critical interest to the tax practitioner. Individual Income Taxes offers readers many opportunities to sharpen critical-thinking and writing skills. A chapter-opening feature, “Framework 1040: Tax Formula for Individuals,” provides a unique organizational framework so that students can understand where chapter topics appear on Form 1040. Internet exercises are tied directly to chapter research cases in the text to give students hands-on experience using online resources to solve tax issues. H&R Block At HomeTM tax preparation software, CPAexcelTM’s online CPA exam study tool, and the student edition of Checkpoint® from Thomson Reuters come with each new copy of this text to give your students professional experience with leading software! The 2012 edition has been fully updated to include the latest tax legislation at press time for individual taxpayers, and new updates are posted online as soon as the relevant tax law changes are in effect.

TABLE OF CONTENTS

PART I INTRODUCTION AND BASIC TAX MODEL 1 An Introduction to Taxation and Understanding the Federal Tax Law 2 Working with the Tax Law 3 Tax Formula and Tax Determination; An Overview of Property Transactions PART II GROSS INCOME 4 Gross Income: Concepts and Inclusions 5 Gross Income: Exclusions PART III DEDUCTIONS 6 Deductions and Losses: In General 7 Deductions and Losses: Certain Business Expenses and Losses 8 Depreciation, Cost Recovery, Amortization, and Depletion 9 Deductions: Employee and Self-Employed-Related Expenses 10 Deductions and Losses: Certain Itemized Deductions 11 Investor Losses

ART IV SPECIAL TAX COMPUTATION METHODS, PAYMENT P PROCEDURES, AND TAX CREDITS 12 Alternative Minimum Tax 13 Tax Credits and Payment Procedures PART V PROPERTY TRANSACTIONS 14 Property Transactions: Determination of Gain or Loss and Basis Considerations 15 Property Transactions: Nontaxable Exchanges 16 Property Transactions: Capital Gains and Losses 17 Property Transactions: Section 1231 and Recapture Provisions PART VI ACCOUNTING PERIODS, ACCOUNTING METHODS, AND DEFERRED COMPENSATION 18 Accounting Periods and Methods 19 Deferred Compensation PART VII CORPORATIONS AND PARTNERSHIPS 20 Corporations and Partnerships

SUPPLEMENTS Instructor’s Resource CD-ROM ISBN: 978-1-111-82450-1 Individual Practice Sets ISBN: 978-1-111-82452-5 Solutions Manual ISBN: 978-1-111-82453-2

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Study Guide ISBN: 978-1-111-82451-8 Aplia Printed Access Code ISBN: 978-1-111-93028-8 Instant Access Code (Online Purchase) ISBN: 978-1-111-67848-7

WebTutor on Blackboard Printed Access Code ISBN: 978-1-111-94496-4 Instant Access Code (Online Purchase) ISBN: 978-1-111-94497-1


WebTutor on WebCT Printed Access Code ISBN: 978-1-111-94498-8 Instant Access Code (Online Purchase) ISBN: 978-1-111-94499-5

Series Website www.cengage.com/taxation/swft

South-Western Federal Taxation: Corporations, Partnerships, Estates & Trusts, 2012 Edition ISBN: 978-1-111-22172-0 William H. Hoffman, Jr., University of Houston William A. Raabe, The Ohio State University James E. Smith, College of William and Mary David M. Maloney, University of Virginia Corporations, Partnerships, Estates & Trusts, 2012 Edition remains the leading text for full and complete coverage of taxation for businesses. New Big Picture Examples throughout the chapters turn chapter-opening Big Picture cases and chapter-ending Refocus on the Big Picture “what if?” variations into lively, realistic running-case learning and teaching experiences. New Financial Statement Disclosure boxes in many chapters enhance our full Chapter 14 coverage of taxes on the financial statements. Global Tax Issues features and Ethics and Equity boxes present ample opportunity throughout each chapter to expose students to these perspectives that are so vital in today’s business environment. Corporations, Partnerships, Estates & Trusts offers readers many opportunities to sharpen critical-thinking and writing skills. Internet exercises tied directly to chapter research cases give students hands-on experience using online resources to solve tax issues. H&R Block At HomeTM tax preparation software, CPAexcelTM’s online CPA exam study tool, and the student edition of Checkpoint® from Thomson Reuters come with each new copy of this text to give your students professional experience with leading software! The 2012 edition has been fully updated to include the latest tax legislation at press time, and new updates are posted online as soon as the relevant tax law changes are in effect.

TABLE OF CONTENTS PART I INTRODUCTION 1 Understanding and Working with the Federal Tax Law PART II CORPORATIONS 2 Corporations: Introduction and Operating Rules 3 Taxes on the Financial Statements 4 Corporations: Special Situations 5 Corporations: Organization and Capital Structure 6 Corporations: Earnings & Profits and Dividend Distributions 7 Corporations: Redemptions and Liquidations 8 Corporations: Reorganizations 9 Consolidated Tax Returns 10 Taxation of International Transactions

PART III FLOW-THROUGH ENTITIES 11 Partnerships: Formation, Operation, and Basis 12 Partnerships: Distributions, Transfer of Interests, and Terminations 13 S Corporations 14 Comparative Forms of Doing Business PART IV ADVANCED TAX PRACTICE CONSIDERATIONS 15 Exempt Entities 16 Multistate Corporate Taxation 17 Tax Practice and Ethics PART V FAMILY TAX PLANNING 18 The Federal Gift and Estate Taxes 19 Family Tax Planning 20 Income Taxation of Trusts and Estates

SUPPLEMENTS Instructor Resource CD-ROM ISBN: 978-1-111-82470-9

Study Guide ISBN: 978-1-111-82468-6

Corporate Practice Sets ISBN: 978-1-111-82475-4

Aplia Printed Access Code ISBN: 978-1-133-04923-4 Instant Access Code (Online Purchase) ISBN: 978-1-133-04924-1

Solutions Manual ISBN: 978-1-111-82469-3





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South-Western Federal Taxation: Comprehensive Volume, 2012 Edition ISBN: 978-1-111-22170-6 William H. Hoffman, Jr., University of Houston David M. Maloney, University of Virginia William A. Raabe, The Ohio State University James C. Young, Northern Illinois University A compilation of individual taxation chapters and corporations, partnerships, estates, and trusts taxation chapters, Comprehensive Volume, 2012 Edition is the most efficient and cost-effective way to cover these two courses in one text. All the best features of the individuals and corporations texts are included in this two-semester text: Framework 1040 chapter-opening topic visualizer is included in all individuals chapters; The Big Picture scenario with running examples and what-if? variations are included for each of the text’s chapters. Tax Planning coverage enhances students’ learning experience throughout. Preparing students for the long term, the Comprehensive Volume offers readers many opportunities to sharpen critical-thinking and writing skills. Internet exercises tied directly to chapter research cases give students hands-on experience using online resources to solve tax issues. H&R Block At HomeTM tax preparation software, CPAexcelTM’s online CPA exam study tool, and the student edition of Checkpoint® from Thomson Reuters come with each new copy of this text to give your students professional experience with leading software! The 2012 edition has been fully updated to include the latest tax legislation at press time for individual taxpayers, and new updates are posted online as soon as the relevant tax law changes are in effect.

TABLE OF CONTENTS

ART I INTRODUCTION AND BASIC TAX MODEL P 1 An Introduction to Taxation and Understanding the Federal Tax Law 2 Working with the Tax Law 3 Tax Determination; Personal and Dependency Exemptions; An Overview of Property Transactions PART II GROSS INCOME 4 Gross Income: Concepts and Inclusions 5 Gross Income: Exclusions PART III DEDUCTIONS AND CREDITS 6 Deductions and Losses: In General 7 Deductions and Losses: Certain Business Expenses and Losses 8 Depreciation, Cost Recovery, Amortization, and Depletion 9 Deductions: Employee and Self-Employed-Related Expenses 10 Deductions and Losses: Certain Itemized Deductions 11 Investor Losses 12 Tax Credits and Payments PART IV PROPERTY TRANSACTIONS 13 Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges 14 Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions

SUPPLEMENTS

Instructor Resource CD-ROM ISBN: 978-1-111-82482-2 Solutions Manual ISBN: 978-1-111-82481-5 Study Guide ISBN: 978-1-111-82480-8

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Aplia Printed Access Code 2-semester ISBN: 978-1-133-04919-7 1-semester ISBN: 978-1-133-04918-0 Instant Access Code (Online Purchase) ISBN: 978-1-133-04920-3

PART V SPECIAL TAX COMPUTATIONS AND ACCOUNTING PERIODS AND METHODS 15 Alternative Minimum Tax 16 Accounting Periods and Methods PART VI CORPORATIONS 17 Corporations: Introduction and Operating Rules 18 Corporations: Organization and Capital Structure 19 Corporations: Distributions Not in Complete Liquidation 20 Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations PART VII FLOW-THROUGH ENTITIES 21 Partnerships 22 S Corporations PART VIII ADVANCE TAX PRACTICE CONSIDERATIONS 23 Exempt Entities 24 Multistate Corporate Taxation 25 Taxation of International Transactions 26 Tax Practice and Ethics PART IX FAMILY TAX PLANNING 27 The Federal Gift and Estate Taxes 28 Income Taxation of Trusts and Estates





South-Western Federal Taxation: Taxation of Business Entities, 2012 Edition ISBN: 978-0-538-47959-2 James E. Smith, College of William and Mary William A. Raabe, The Ohio State University David M. Maloney, University of Virginia Offering combined coverage of taxation of individuals and of businesses in a concise, one-semester book, Taxation of Business Entities, 2012 Edition provides the perfect amount of coverage for this structure of course. A Tax Planning Framework, Bridge Discipline boxes that apply tax concepts to other business disciplines, expanded outcomes-based end-of-chapter homework and test items, and thorough coverage of taxes on the financial statements are just three ways in which Taxation of Business Entities maintains its innovative approach to the Business Entities course. Digging Deeper features, with in-depth online coverage of selected topics, challenge students to go further in their learning and research. Taxation of Business Entities offers readers many opportunities to sharpen critical-thinking and writing skills. Internet exercises tied directly to chapter research cases give students hands-on experience using online resources to solve tax issues. H&R Block At HomeTM tax preparation software, CPAexcelTM’s online CPA exam study tool, and the student edition of Checkpoint® from Thomson Reuters come with each new copy of this text to give your students professional experience with leading software! The 2012 edition has been fully updated to include the latest tax legislation at press time for individual taxpayers, and new updates are posted online as soon as the relevant tax law changes are in effect.

TABLE OF CONTENTS PART I THE WORLD OF TAXATION 1 Introduction to Taxation 2 Working with the Tax Law 3 Taxes on the Financial Statements PART II STRUCTURE OF THE FEDERAL INCOME TAX 4 Gross Income 5 Business Deductions 6 Losses and Loss Limitations PART III PROPERTY TRANSACTIONS 7 Property Transactions: Basis, Gain and Loss, and Nontaxable Exchanges 8 Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions

PART IV BUSINESS ENTITIES 9 Corporations: Organization, Capital Structure, and Operating Rules 10 Corporations: Earnings & Profits and Distributions 11 Partnerships and Limited Liability Entities 12 S Corporations PART V SPECIAL BUSINESS TOPICS 13 Multijurisdictional Taxation 14 Business Tax Credits and Corporate Alternative Minimum Tax 15 Comparative Forms of Doing Business PART VI TAXATION OF INDIVIDUALS 16 Introduction to the Taxation of Individuals 17 Individuals as Employees and Proprietors

SUPPLEMENTS Instructor Resource CD-ROM ISBN: 978-1-111-82489-1 Solutions Manual ISBN: 978-1-111-82485-3

Aplia Printed Access Code ISBN: 978-1-133-04915-9 Instant Access Code (Online Purchase) ISBN: 978-1-133-04916-6






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South-Western Federal Taxation: Internal Revenue Code of 1986 and Treasury Regulations: Annotated and Selected, 2012 Edition ISBN: 978-1-111-82219-4 James E. Smith, College of William and Mary Current, accessible, and succinct, Internal Revenue Code of 1986 and Treasury Regulations is the only abridged version of the Code and the Regulations that includes Editorial Summaries. These Summaries help students understand the language of the Code and the relationship between Code sections. The text is the perfect alternative to the traditionally cumbersome--and expensive--multivolume set of Code and Regulations. This unique, streamlined single-volume reference book delivers a practical selection of Code and Regulations sections. It offers clear and concise annotations that explain, analyze, and cross-reference topics to ensure a thorough understanding of the intricacies of the often-complex Code. In addition, this market-leading reference book delivers quick and easy access to depreciation and cost recovery tables, indexed amounts, and an expansive glossary. A quick, authoritative reference guide for key tax codes and regulations, Internal Revenue Code of 1986 and Treasury Regulations is a must-have resource for tax professionals. More than just a textbook, this volume offers a revolutionary experience. Built around the areas identified as the most important, this totally integrated solution delivers ultimate flexibility. It also adheres to the recommendations of the Accounting Education Change Commission (AECC) and the American Institute of Certified Public Accountants (AICPA).

TABLE OF CONTENTS Table of Indexed Amounts Depreciation and Cost Recovery Tables List of Editorial Summaries List of Code Sections and Regulations Sections INTERNAL REVENUE CODE A Income Taxes B Estate and Gift Taxes C Employment Taxes

D Miscellaneous Excise Taxes E Alcohol, Tobacco, and Certain Other Excise Taxes F Procedure and Administration G The Joint Committee on Taxation H Financing of Presidential Election Campaigns I Trust Fund Code

REGULATIONS

SUPPLEMENTS Series Website www.cengage.com/taxation/swft

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Federal Tax Research, 9th Edition ISBN: 978-1-111-22164-5 William A. Raabe, The Ohio State University Gerald E. Whittenburg, San Diego State University Debra L. Sanders, Washington State University Roby B. Sawyers, North Carolina State University Federal Tax Research offers hands-on tax research analysis and has been fully updated to cover computer-oriented tax research tools such as CD-ROMs, the Internet, and computerized databases. The ninth edition offers a new chapter on Financial Accounting Research that, combined with their study of tax research, will equip students with the valuable research skills they need to be marketable to future employers. Also included in this edition is coverage on international tax research, an expanded review of tax ethics, and real-life cases to help foster a true understanding of federal tax law. Students will also receive a great amount of material on the role of tax research as it relates to the CPA Exam.

TABLE OF CONTENTS PART I THE TAX RESEARCH ENVIRONMENT 1 Introduction to Tax Practice and Ethics 2 Tax Research Methodology PART II PRIMARY SOURCES OF FEDERAL TAX LAW 3 Constitutional and Legislative Sources 4 Administrative Regulations and Rulings 5 Judicial Interpretations PART III RESEARCH TOOLS 6 Commercial Tax Services 7 Citators and Tax Periodicals 8 State Tax Services 9 International Tax Services NEW! 10 Financial Accounting Research

PART IV 11 12 13 14

IMPLEMENTING THE RESEARCH TOOLS Communicating Research Results Tax Planning Working with the IRS Tax Practice and Administration: Sanctions, Agreements, and Disclosures

SUPPLEMENTS Instructor’s Manual with Test Bank (Available on the Product Website)


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Concepts in Federal Taxation, 2012 Edition ISBN: 978-0-538-47958-5 Kevin Murphy, Oklahoma State University Mark Higgins, University of Rhode Island Murphy/Higgins’ Concepts in Federal Taxation, 2012 Edition offers students a better way to learn tax—through a conceptual approach. Instead of memorizing the complex and often intimidating tax codes, regulations, exceptions, and qualifications, this approach presents taxation as a small number of unifying concepts. Once students understand these concepts, they can apply them to a wide range of tax rules and to basic aspects of everyday economic life. This straightforward approach balances tax concepts with the Internal Revenue Code to prepare students for immediate success on CPA Exam tax simulations and in their careers. Extensive examples relate tax concepts to familiar business scenarios using an engaging discussion and answer format. In addition, Concepts in Federal Taxation, 2012 Edition promises more exercises than any other text of its kind for the practice students need. Each new copy of this text is packaged with CPAexcelTM, H&R Block At HomeTM software, and Checkpoint® Student Edition from Thomson Reuters to provide your students with additional professional experience

TABLE OF CONTENTS PART I CONCEPTUAL FOUNDATIONS OF THE TAX LAW 1 Federal Income Taxation--An Overview 2 Income Tax Concepts PART II GROSS INCOME 3 Income Sources 4 Income Exclusions PART III DEDUCTIONS 5 Introduction to Business Expenses 6 Business Expenses 7 Losses--Deductions and Limitations 8 Taxation of Individuals

PART IV PROPERTY TRANSACTIONS 9 Acquisitions of Property 10 Cost Recovery on Property: Depreciation, Depletion, and Amortization 11 Property Dispositions 12 Nonrecognition Transactions PART V INCOME TAX ENTITIES 13 Choice of Business Entity--General Tax and Nontax Factors/Formation 14 Choice of Business Entity--Operations and Distributions 15 Choice of Business Entity--Other Considerations PART VI TAX RESEARCH 16 Tax Research

SUPPLEMENTS Loose-Leaf Textbook Version ISBN: 978-1-111-82600-0 Instructor Resource CD-ROM ISBN: 978-1-111-82183-8

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Solutions Manual (Available on the IRCD) Test Bank (Available on the IRCD)

Aplia Printed Access Code ISBN: Coming Soon Instant Access Code (Online Purchase) ISBN: Coming Soon


WebTutor Toolbox on Blackboard Printed Access Code ISBN: 978-0-534-27489-4 Instant Access Code (Online Purchase) ISBN: 978-0-534-27491-7

WebTutor Toolbox on WebCT Printed Access Code ISBN: 978-0-534-27488-7 Instant Access Code (Online Purchase) ISBN: 978-0-534-27490-0

Income Tax Fundamentals, 2011 Edition ISBN: 978-0-538-46919-7 Gerald E. Whittenburg, San Diego State University Martha Altus-Buller, San Diego, CA Trust the number one tax preparation text to introduce your students to individual income tax preparation using a proven forms approach with a hands-on workbook format. As the market-leading tax preparation text for 29 years, Income Tax Fundamentals, 2011 Edition provides a concise, practical, and time-tested introduction to the most important areas of the tax law. Easy-to-read sections incorporate real examples using actual tax forms. This edition presents intriguing, real, and often humorous tax situations to maintain student interest. The self-study problems and solutions encourage students to work in a step-by-step manner to build on concepts gradually. Strong end-of-chapter reinforcement, including online interactive quizzes, further prepares students for career success. Whittenburg/Altus-Buller’s text provides up-to-the-minute tax information and is revised annually. With the help of Income Tax Fundamentals’ comprehensive support package and complete presentation, students will leave the course with the knowledge and skills to handle the challenges of today’s tax preparers.

TABLE OF CONTENTS

1 The Individual Income Tax Return

2 Gross Income and Exclusions

3 Business Expenses and Retirement Plans

4 Self-Employed and Employee Expenses

5 Itemized Deductions and Other Incentives

6 Credits and Special Taxes

7 Accounting Periods, Methods, and Depreciation

8 Capital Gains and Losses

9 Withholding, Estimated Payments, and Payroll Taxes

10 Partnership Taxation 11 The Corporate Income Tax 12 Tax Administration and Tax Planning

SUPPLEMENTS Instructor Resource CD-ROM ISBN: 978-0-538-47275-3

Solutions Manual with Test Bank ISBN: 978-0-538-47176-3




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For more than 25 years, the Pratt & Kulsrud Taxation series has provided educators, students and professionals an engaging and clear presentation of tax law. In 1984, the series began with Federal Taxation, a first-of-its-kind textbook exploring issues related to the taxation of individuals and businesses. The success of that text and the demand for additional topics led to the creation of two separate texts: Individual Taxation and Corporate, Partnership, Estate and Gift Taxation. Through each edition, the series has consistently held to the principle that the key to learning taxation is to understand the underlying purpose behind every rule. For this reason, the authors and editors have made a concerted effort to provide the conceptual background and the historical foundation they believe are essential for comprehension. This 2012 Editions continue the tradition of excellence with timely updates reflecting the latest in tax laws, the integration of H&R Block At HomeTM software, and rich online resources for instructors.

Federal Taxation, 2012 Edition ISBN: 978-1-111-82411-2 James W. Pratt, University of Houston William N. Kulsrud, Indiana University

TABLE OF CONTENTS

PART I INTRODUCTION TO THE FEDERAL TAX SYSTEM 1 An Overview of Federal Taxation 2 Tax Practice and Research 3 Taxable Entities, Tax Formula, Introduction to Property Transactions 4 Personal and Dependency Exemptions; Filing Status; Determination of Tax for an Individual; Filing Requirements PART II GROSS INCOME 5 Gross Income 6 Gross Income: Inclusions and Exclusions PART III DEDUCTIONS AND LOSSES 7 Overview of Deductions and Losses 8 Employee Business Expenses 9 Capital Recovery: Depreciation, Amortization, and Depletion 10 Certain Business Deductions and Losses 11 Itemized Deductions 12 Deductions for Certain Investment Expenses and Losses

PART IV ALTERNATIVE MINIMUM TAX AND TAX CREDITS 13 The Alternative Minimum Tax and Tax Credits PART V PROPERTY TRANSACTIONS 14 Property Transactions: Basis Determination and Recognition of Gain or Loss 15 Nontaxable Exchanges 16 Property Transactions: Capital Gains and Losses 17 Property Transactions: Dispositions of Trade or Business Property PART VI EMPLOYEE COMPENSATION AND RETIREMENT PLANS 18 Employee Compensation and Retirement Plans PART VII CORPORATE TAXATION 19 Corporations: Formation and Operation 20 Corporate Distributions, Redemptions and Liquidations 21 Taxation of Corporate Accumulations PART VIII FLOW-THROUGH ENTITIES 22 Taxation of Partnerships and Partners 23 S Corporations PART IX FAMILY TAX PLANNING 24 The Federal Transfer Taxes 25 Income Taxation of Estates and Trusts 26 Family Tax Planning

SUPPLEMENTS Federal Taxation, 2012 Edition

Individual Taxation, 2012 Edition

Instructor’s Resource CD-ROM with ExamView® ISBN: 978-1-111-96861-8

Instructor’s Resource CD-ROM with ExamView® ISBN: 978-1-111-82659-8

Instructor’s Resource Guide and Test Bank ISBN: 978-1-111-82699-4

Instructor’s Resource Guide with Test Bank ISBN: 978-1-111-82698-7


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Corporate, Partnership, Estate and Gift Taxation, 2012 Edition Instructor’s Resource CD-ROM with ExamView® ISBN: 978-1-111-82581-2 Instructor’s Resource Guide and Test Bank ISBN: 978-1-111-82697-0 Study Guide ISBN: 978-1-111-82578-2

Individual Taxation, 2012 Edition ISBN: 978-1-111-82559-1 James W. Pratt, University of Houston William N. Kulsrud, Indiana University

TABLE OF CONTENTS PART I INTRODUCTION TO THE FEDERAL TAX SYSTEM 1 An Overview of Federal Taxation 2 Tax Practice and Research 3 Taxable Entities, Tax Formula, Introduction to Property Transactions 4 Personal and Dependency Exemptions; Filing Status; Determination of Tax for an Individual; Filing Requirements PART II GROSS INCOME 5 Gross Income 6 Gross Income: Inclusions and Exclusions PART III DEDUCTIONS AND LOSSES 7 Overview of Deductions and Losses 8 Employee Business Expenses 9 Capital Recovery: Depreciation, Amortization, and Depletion 10 Certain Business Deductions and Losses 11 Itemized Deductions 12 Deductions for Certain Investment Expenses and Losses

PART IV ALTERNATIVE MINIMUM TAX AND TAX CREDITS 13 The Alternative Minimum Tax and Tax Credits PART V PROPERTY TRANSACTIONS 14 Property Transactions: Basis Determination and Recognition of Gain or Loss 15 Nontaxable Exchanges 16 Property Transactions: Capital Gains and Losses 17 Property Transactions: Dispositions of Trade or Business Property PART VI EMPLOYEE COMPENSATION AND TAXATION OF BUSINESS FORMS 18 Employee Compensation and Retirement Plans 19 Taxation of Business Forms and Their Owners

Corporate, Partnership, Estate and Gift Taxation, 2012 Edition ISBN: 978-1-111-82579-9 James W. Pratt, University of Houston William N. Kulsrud, Indiana University

TABLE OF CONTENTS PART I CORPORATE TAXATION 1 Income Taxation of Corporations 2 Corporate Formation and Capital Structure 3 Corporate Distributions: Cash, Property, and Stock Dividends 4 Corporate Distribu tions: Stock Redemptions and Partial Liquidations 5 Complete Liquidations 6 Penalty Taxes on Corporate Accumulations PART II ADVANCED CORPORATE TAX TOPICS 7 Corporate Reorganizations 8 Consolidated Tax Returns

PART III FLOW-THROUGH ENTITIES 9 Taxation of Partnerships and Partners 10 Partnership Distributions, Dispositions of Partnership Interests, and Partnership Terminations 11 S Corporations PART IV MULTIJURISDICTIONAL TAXATION 12 International Taxation 13 State and Local Taxation PART V FAMILY TAX PLANNING 14 Estate and Gift Taxation 15 Income Taxation of Estates and Trusts 16 Family Tax Planning Part VI TAX RESEARCH AND TAX PRACTICE 17 Sources and Applications of Federal Tax Law 18 Tax Practice and Procedure


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Online Homework for Taxation ApliaTM is an online interactive homework solution that improves learning by increasing student effort and engagement. Aplia for tax ensures that students stay on top of their coursework with regularly scheduled homework assignments. The Aplia assignments are derived

Engage. Prepare. Educate.

from select end-of-chapter problems from the textbook, encouraging students to apply what they learn. Aplia offers many benefits: n Comprehensive material reinforces tax concepts through real-world examples.

n Course ideas are emphasized through regular practice that helps students consider all aspects of a tax scenario. n Detailed feedback and explanations show students the full solution as well as how the solution was arrived upon. n Grades are automatically recorded in the instructor’s Aplia gradebook. n Full-color eBook allows students to easily reference core course content while completing homework. n Included test bank allows you to assess student comprehension in test or quiz format.

To explore the benefits Aplia offers, visit www.aplia.com/tax.

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Online Solutions and Professional Resources for Taxation CPAexcel™ The South-Western Taxation team is pleased to announce our exciting new partnership with CPAexcel! n AICPA Exam Questions and Formats Students will have access to the same CPA Review course tax content that thousands of CPA candidates use to prepare for the actual CPA Exam. This includes access to hundreds of past exam questions and simulations using the AICPA exam-identical formats. n CPAexcel has a documented pass rate of 85%! Since 1998, CPAexcel CPA Review has delivered the knowledge and instructional expertise of the world’s top team of CPA review professors to CPA Exam candidates worldwide. n Video Lectures on Individual Tax Topics Students can follow along with Professor Greg Carnes, Ph.D., CPA from University of North Alabama, as he covers the key tax concepts on the CPA Exam. n Instant Feedback with Self-Scoring Exams and Performance Metrics Students can view exam results for every lesson, including correct/incorrect answers and rationales. To see how well they are progressing and how consistently they perform, students can track their progress over the last five exams. Prepare your students for success on the on the CPA Exam! CPAexcelTM is offered with each new copy of the South-Western Federal Taxation, Murphy/Higgins, and Pratt/Kulsrud texts—at no additional costs to students!

Checkpoint® Student Edition from Thomson Reuters 3 Simple Ways Checkpoint Helps You Make Sense of All Those Taxes:

n Intuitive Web-based design makes it fast and simple to find what

n A comprehensive collection of primary tax law, cases, and rulings

n Checkpoint has built-in productivity tools such as calculators to make research more efficient

you need. along with analytical insight you simply cannot find anywhere else. —a resource more tax pros use than any other. Checkpoint® is offered with each new copy of the South-Western Federal Taxation and Murphy/Higgins texts—at no additional cost to students!

H&R Block At Home™ Give your students experience doing taxes with a computerized system: n A step-by-step interview guides students through a customized process.

n Accurate calculations and 100% satisfaction—guaranteed. n Worry-free Audit Support™ and tax advice from an H&R Block tax professional.

H&R Block At HomeTM is offered with each new copy of the South-Western Federal Taxation, Murphy/Higgins, Whittenburg/Altus-Buller, and Pratt/Kulsrud texts—at no additional cost to students!


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WebTutor™ on WebCT® & Blackboard® Jumpstart your course with customizable, rich, text-specific content within your Course Management System. WebTutor offers a wide array of web

TM

quizzes, activities, exercises, and web links. Robust communication tools— such as a course calendar, asynchronous discussion, real-time chat, a whiteboard, and an integrated e-mail system—make it easy to stay connected to the course. Whether you want to enhance your class or put an entire course online, WebTutor delivers. Visit www.cengage.com/webtutor to learn more.

Buy the Way You Want and Save Save your students time and money. Tell them about CengageBrain.com to access Cengage Learning content and empower them to choose the format and savings that suits them best...and a better chance to succeed in your class. Students can buy printed materials, eBooks, and digital resources directly through Cengage Learning and save at CengageBrain.com.

Cengage Learning Custom Solutions Whether you need print, digital, or hybrid course materials, Cengage Learning Custom Solutions can help you create your perfect learning solution. Draw from the extensive library of texts and collections, add or create your own original work, or add cases to match your learning and course objectives. Learn more about all our services at www.cengage.com/custom.

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Source Code: 12P-TX0008

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