Fundamentals of Taxation for Individuals and Business Entities

A Practical Approach, 2025 Edition

Carnes, Gregory A. / Youngberg, Suzanne

2. Auflage September 2024
1040 Seiten, Softcover
Wiley & Sons Ltd

ISBN: 978-1-394-23942-9

John Wiley & Sons

Probekapitel

Weitere Versionen

An innovative approach to understanding the federal income tax laws and using them to develop tax-efficient strategies for individuals and businesses.

Present the big picture with a practice-based approach to understanding tax laws so students can develop critical thinking and problem-solving skills that prepare them for the real world. Fundamentals of Taxation for Individuals and Business Entities, 2025 Edition introduces a logical foundation for the income tax system so students can understand why a law exists and how to apply the law to practical tax problems. Professional skill-building exercises develop critical thinking and communication skills and the ability to identify and address ethical dilemmas, preparing students to be effective tax professionals.

Part I Introduction to Income Taxation

1 The Professional Practice of Taxation 1-1

2 Fundamentals of the Federal Income Tax System 2-1

3 Tax Authority, Research, Compliance Rules, and Professional Responsibilities 3-1

4 Dependents and Filing Status 4-1

Part II Income

5 Framework for Income Recognition 5-1

6 Income from Personal Activities 6-1

7 Income from Services 7-1

Part II (Ch. 5-7): Comprehensive Tax Return Problem

Part III Deductions

8 Framework for Deductions 8-1

9 Deductions for AGI and Itemized Deductions 9-1

10 Business Expenses 10-1

11 Limitations on Business Losses and Expenses 11-1

Part III (Ch. 8-11): Comprehensive Tax Return Problem

Part IV Taxation of Property Transactions

12 Taxation of Investment Income 12-1

13 Cost Recovery of Property 13-1

14 Taxation of Assets Used in a Trade or Business 14-1

15 Property Transactions: Nonrecognition of Gains and Losses 15-1

Part IV (Ch. 12-15): Comprehensive Tax Return Problem

Part V Other Individual Topics

16 Personal Tax Credits 16-1

17 Alternative Minimum Tax and Other Taxes 17-1

Parts II-V (Ch. 4-17): Comprehensive Tax Return Problem

Part VI CPA Evolution: Core--Tax

18 Business Entity Topics: CPA Exam Core--Taxation and Regulation 18-1

Part VI (Ch. 18): Comprehensive Tax Return Problem

APPENDIX A Tax Formula Items A-1

APPENDIX B Tax Forms B-1

GLOSSARY G-1

INDEX I-1

DR. GREGORY CARNES serves as Dean of the Sanders College of Business and Technology and Raburn Eminent Scholar of Accounting at the University of North Alabama. Dr. Carnes is well known nationally as an academic leader, having served on the boards of numerous academic organizations. Dr. Carnes has authored tax material for CPA Review courses for more than 20 years and has delivered tax training for national accounting firms and approximately 20 accounting state societies. He has published approximately 30 articles in leading academic and professional journals.

SUZANNE YOUNGBERG joined the faculty at Northern Illinois University as a full-time member in 2000 and is currently teaching in the accounting graduate and undergraduate programs. Prior to NIU, she worked for five years in the tax department of a medium-sized public accounting firm and then maintained her own tax practice for 30 years specializing in individual and small business compliance and strategic tax planning. Suzanne received her Bachelor of Science in Accountancy from NIU and her Master of Science in Taxation from DePaul University.

G. Carnes, University of North Alabama, Florence, AL; S. Youngberg, Northern Illinois University, Dekalb, IL