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ISBN-10 ‏ : ‎ 007763179X
ISBN-13 ‏ : ‎ 978-0077631796
Author: Brian Spilker (Author), Benjamin Ayers (Author), John Robinson (Author), Edmund Outslay (Author)

McGraw-Hill’s Taxation Series continues to provide a unique, innovative, and engaging learning experience for students studying taxation. The breadth of the topical coverage, the storyline approach to presenting the material, the emphasis on the tax and nontax consequences of multiple parties involved in transactions, and the integration of financial and tax accounting topics make this book ideal for the modern tax curriculum.

With over 275 schools adopting the 4th edition, McGraw-Hill’s Taxation of Individuals and Business Entities resonates with instructors who were in need of a bold and innovative approach to teaching tax. 350 professors have contributed 370 book reviews, in addition to 20 focus groups and symposia. These instructors were impressed on the book’s organization, pedagogy, and unique features that are a testament to the grassroots nature of this book’s development.

Chapter 1: An Introduction to Tax
Chapter 1 Introduction
Who Cares About Taxes and Why?
What Qualifies as a Tax?
How to Calculate a Tax
Different Ways to Measure Tax Rates
Tax Rate Structures
Proportional Tax Rate Structure
Progressive Tax Rate Structure
Regressive Tax Rate Structure
Types of Taxes
Federal Taxes
State and Local Taxes
Implicit Taxes
Evaluating Alternative Tax Systems
Sufficiency
Equity
Certainty
Convenience
Economy
Evaluating Tax Systems—The Trade-Offs
Conclusion
Chapter 1: Summary
Chapter 1: Key Terms
Chapter 1: Discussion Questions
Chapter 1: Problems
Chapter 2: Tax Compliance, the IRS, and Tax Authorities
Chapter 2 Introduction
Taxpayer Filing Requirements
Tax Return Due Date and Extensions
Statute of Limitations
IRS Audit Selection
Types of Audits
Tax Law Sources
Legislative Sources: Congress and the Constitution
Judicial Sources: The Courts
Administrative Sources: The U.S. Treasury
Tax Research
Step 1: Understand Facts
Step 2: Identify Issues
Step 3: Locate Relevant Authorities
Step 4: Analyze Tax Authorities
Step 5: Document and Communicate the Results
Tax Professional Responsibilities
Taxpayer and Tax Return Preparer Penalties
Conclusion
Chapter 2: Summary
Chapter 2: Key Terms
Chapter 2: Discussion Questions
Chapter 2: Problems
Chapter 3: Tax Planning Strategies and Related Limitations
Chapter 3 Introduction
Basic Tax Planning Overview
Timing Strategies
Present Value of Money
The Timing Strategy When Tax Rates Are Constant
The Timing Strategy When Tax Rates Change
Income-Shifting Strategies
Transactions between Family Members and Limitations
Transactions between Owners and Their Businesses and Limitations
Income Shifting across Jurisdictions and Limitations
Conversion Strategies
Limitations of Conversion Strategies
Additional Limitations to Tax Planning Strategies: Judicially Based Doctrines
Tax Avoidance versus Tax Evasion
Conclusion
Chapter 3: Summary
Chapter 3: Key Terms
Chapter 3: Discussion Questions
Chapter 3: Problems
Chapter 4: Individual Income Tax Overview, Dependents, and Filing Status
Chapter 4 Introduction
The Individual Income Tax Formula
Gross Income
Character of Income
Deductions
Income Tax Calculation
Other Taxes
Tax Credits
Tax Prepayments
Dependents of the Taxpayer
Dependency Requirements
Filing Status
Married Filing Jointly and Married Filing Separately
Qualifying Widow or Widower (Surviving Spouse)
Single
Head of Household
Summary of Income Tax Formula
Conclusion
Appendix A: Dependency Exemption Flowchart (Part I)
Appendix B: Qualifying Person for Head of Household Filing Status Flowchart
Appendix C: Determination of Filing Status Flowchart
Chapter 4: Summary
Chapter 4: Key Terms
Chapter 4: Discussion Questions
Chapter 4: Problems
Chapter 4: Comprehensive Problems
Chapter 5: Gross Income and Exclusions
Chapter 5 Introduction
Realization and Recognition of Income
What Is Included in Gross Income?
Other Income Concepts
When Do Taxpayers Recognize Income?
Who Recognizes the Income?
Types of Income
Income from Services
Income from Property
Other Sources of Gross Income
Exclusion Provisions
Common Exclusions
Education-Related Exclusions
Exclusions That Mitigate Double Taxation
Sickness and Injury-Related Exclusions
Deferral Provisions
Income Summary
Conclusion
Appendix: 2021 Social Security Worksheet from Form 1040 Instructions
Chapter 5: Summary
Chapter 5: Key Terms
Chapter 5: Discussion Questions
Chapter 5: Problems
Chapter 5: Comprehensive Problems
Chapter 6: Individual Deductions
Chapter 6 Introduction
Deductions for AGI
Deductions Directly Related to Business Activities
Deductions Indirectly Related to Business Activities
Deductions Subsidizing Specific Activities
Summary: Deductions for AGI
Deductions from AGI: Itemized Deductions
Medical Expenses
Taxes
Interest
Charitable Contributions
Special 2021 From AGI Charitable Contribution Deduction for Taxpayers Not Itemizing Deductions
Casualty and Theft Losses on Personal-Use Assets
Other Itemized Deductions
Summary of Itemized Deductions
The Standard Deduction
Standard Deduction
Deduction for Qualified Business Income
Deduction for Qualified Business Income
Limitations
Taxable Income Summary
Conclusion
Chapter 6: Summary
Chapter 6: Key Terms
Chapter 6: Discussion Questions
Chapter 6: Problems
Chapter 6: Comprehensive Problems
Chapter 7: Investments
Chapter 7 Introduction
Investments Overview
Portfolio Income: Interest and Dividends
Interest
Dividends
Portfolio Income: Capital Gains and Losses
Types of Capital Gains and Losses
Limits for Capital Loss Deductions
Balancing Tax Planning Strategies for Capital Assets with Other Goals
Portfolio Income Summary
Investment Interest Expense and Net Investment Income Tax
Net Investment Income Tax
Passive Activity Income and Losses
Passive Activity Definition
Income and Loss Categories
Rental Real Estate Exception to the Passive Activity Loss Rules
Net Investment Income Tax on Net Passive Income
Conclusion
Appendix A: detailed step-by-step guide to the capital gains netting process
Chapter 7: Summary
Chapter 7: Key Terms
Chapter 7: Discussion Questions
Chapter 7: Problems
Chapter 7: Comprehensive Problem
Chapter 8: Individual Income Tax Computation and Tax Credits
Chapter 8 Introduction
Regular Federal Income Tax Computation
Tax Rate Schedules
Marriage Penalty or Benefit
Exceptions to the Basic Tax Computation
Alternative Minimum Tax
Alternative Minimum Tax Formula
Additional Taxes
Employment and Self-Employment Taxes
Tax Credits
Nonrefundable Personal Credits
Refundable Personal Credits
Business Tax Credits
Tax Credit Summary
Credit Application Sequence
Taxpayer Prepayments and Filing Requirements
Prepayments
Filing Requirements
Tax Summary
Conclusion
Chapter 8: Summary
Chapter 8: Key Terms
Chapter 8: Discussion Questions
Chapter 8: Problems
Chapter 8: Comprehensive Problems
Chapter 9: Business Income, Deductions, and Accounting Methods
Chapter 9 Introduction
Business Gross Income
Gross Receipts Test for Determining Small Businesses
Business Deductions
Ordinary and Necessary
Reasonable in Amount
Limitations on Business Deductions
Expenditures against Public Policy
Political Contributions and Lobbying Costs
Capital Expenditures
Expenses Associated with the Production of Tax-Exempt Income
Personal Expenditures
Mixed-Motive Expenditures
Limitation on Business Interest Deductions
Losses on Dispositions of Business Property
Business Casualty Losses
Accounting Periods
Accounting Methods
Financial and Tax Accounting Methods
Overall Accounting Method
Accrual Income
Taxation of Advance Payments of Income (Unearned Income)
Inventories
Accrual Deductions
Comparison of Accrual and Cash Methods
Adopting an Accounting Method
Changing Accounting Methods
Conclusion
Chapter 9: Summary
Chapter 9: Key Terms
Chapter 9: Discussion Questions
Chapter 9: Problems
Chapter 9: Comprehensive Problems
Chapter 10: Property Acquisition and Cost Recovery
Chapter 10 Introduction
Cost Recovery and Tax Basis for Cost Recovery
Basis for Cost Recovery
Depreciation
Personal Property Depreciation
Real Property
Special Rules Relating to Cost Recovery
Depreciation for the Alternative Minimum Tax
Depreciation Summary
Amortization
Section 197 Intangibles
Organizational Expenditures and Start-Up Costs
Research and Experimentation Expenditures
Patents and Copyrights
Amortizable Intangible Asset Summary
Depletion
Conclusion
Appendix A: MACRS Tables
Chapter 10: Summary
Chapter 10: Key Terms
Chapter 10: Discussion Questions
Chapter 10: Problems
Chapter 10: Comprehensive Problems

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