Test Bank for Taxation for Decision Makers, 2020 10th by Dennis-Escoffier

Product details:

• ISBN-10 ‏ : ‎ 1119562104
• ISBN-13 ‏ : ‎ 978-1119562108
• Author:

The new tenth edition covers basic taxation of individuals, corporations, S corporations, partnerships, and fiduciary entities. An emphasis on tax planning helps students understand the effect taxation has on decisions for both individuals and entities. Thoroughly updated for the coming tax year, this textbook covers fundamental areas of taxation and its environment including business and property concepts, property dispositions, business and wealth taxation, and income, expenses, and individual taxes. A wealth of instructor resources includes two solutions manuals—one of which provides solutions to the Research and Tax Return problems—an extensive test bank, and PowerPoint slides. Engaging, highly-readable text enables instructors to assign students out-of-class readings and spend classroom time on more complex topics.

Table contents:

Part I Introduction to Taxation and Its Environment

1 An Introduction to Taxation 2

Setting the Stage—An Introductory Case 3

1.1. An Introduction to Taxes 3

1.1.1. What Is a Tax? 3

1.1.2. Evolution of the Federal Income Tax 4

1.1.3. State and Local Income Taxes 5

1.1.4. Employment Taxes 7

1.1.5. Wealth Taxes 8

1.1.6. Wealth Transfer Taxes 9

1.1.7. Consumption Taxes 10

1.1.8. Tariffs and Duties 12

1.2. Types of Tax Rate Systems 13

1.2.1. The Progressive Tax Rate System 13

1.2.2. Proportional “Flat” Tax Rate 15

1.2.3. Regressive Taxes 15

1.3. Characteristics of a Good Tax 16

1.3.1. Equity 16

1.3.2. Economy 17

1.3.3. Certainty 18

1.3.4. Convenience 18

1.4. The Taxing Units and the Basic Income Tax Model 19

1.4.1. The Basic Tax Model 20

1.4.2. Trusts and Estates 29

1.5. Choice of Business Entity 30

1.5.1. Sole Proprietorships 32

1.5.2. Partnerships 33

1.5.3. C Corporations 36

1.5.4. S Corporations 37

1.5.5. Comparing Business Entity Attributes 38

Revisiting the Introductory Case 40

Summary 40

Key Terms 41

Test Yourself 41

Problem Assignments 42

Answers to Test Yourself 46

2 The Tax Practice Environment 47

Setting the Stage—An Introductory Case 48

2.1. Tax Compliance 48

2.1.1. Filing a Tax Return 48

2.1.2. Selecting Returns for Audit 51

2.1.3. Types of Audits 52

2.1.4. The Appeals Procedure 53

2.1.5. Taxpayer Noncompliance Penalties 54

2.1.6. Collection Procedures 55

2.2. Professional Responsibilities and Ethics 56

2.2.1. Avoidance versus Evasion 56

2.2.2. Tax Preparer Registration 56

2.2.3. Tax Preparer Penalties 56

2.2.4. Tax Professionals’ Dual Responsibilities 57

2.2.5. Sources of Professional Guidance 58

2.3. Tax Planning 61

2.3.1. Cash Flows and Present Value 62

2.3.2. Significance of the Marginal Tax Rate 63

2.3.3. Timing Income and Deductions 63

2.3.4. Income Shifting 66

2.3.5. Changing the Character of Income 67

2.3.6. Other Factors Affecting Tax Planning 68

2.4. Tax Research 71

2.4.1. Gather the Facts and Identify the Issues 72

2.4.2. Locate Relevant Authority 72

2.4.3. Evaluate the Sources of Authority 79

2.4.4. Communicate the Recommendations 86

2.4.5. Keeping Up-to-Date 86

2.4.6. Sample Research Problem 87

Revisiting the Introductory Case 91

Summary 91

Key Terms 92

Test Yourself 92

Problem Assignments 92

Answers to Test Yourself 99

Appendix: Authorities for Sample Research Problem 99

Part II Income, Expenses, and Individual Taxes

3 Determining Gross Income 110

Setting the Stage—An Introductory Case 111

3.1. What Is Income? 111

3.1.1. Taxable versus Gross Income 112

3.1.2. Tax versus Financial Accounting 112

3.1.3. Return of Capital Principle 113

3.2. When Is Income Recognized? 114

3.2.1. The Tax Year 115

3.2.2. Accounting Methods 116

3.3. Who Recognizes the Income? 120

3.3.1. Assignment of Income Doctrine 120

3.3.2. Community Property Laws 120

3.4. Sources of Income 121

3.4.1. Interest Income 121

3.4.2. Dividend Income 126

3.4.3. Annuity Income 128

3.4.4. Transfers from Others 129

3.4.5. Discharge of Indebtedness 134

3.4.6. Tax Benefit Rule 135

3.4.7. System for Reporting Income 135

3.5. Exclusions 136

3.5.1. Gifts and Inheritances 136

3.5.2. Insurance Proceeds 137

3.5.3. Scholarships 139

3.5.4. Other Exclusions 140

3.6. Expanded Topics—Jurisdictional Issues 141

3.6.1. International Issues 141

3.6.2. Taxpayers Subject to U.S. Taxation 141

Revisiting the Introductory Case 144

Summary 144

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