Basic Federal Income Tax Book

Acknowledgements Summary of Contents List of Figures List of Statute Summaries Casebook Correlation Capsule Summary 1. Getting Started in Federal Income Tax Chapter Overview A. Introduction - The Big Picture B. The Sources of Federal Income Tax Law C. Tax Ethics-Tax Return Positions and Sanctions D. Reading the Code E. A Few Words on Tax Policy F. Relationship of Income Tax to Other Tax Systems G. Where Are We Going? Review Questions and Answers 2. Identifying Gross Income Chapter Overview A. Where Are We? B. Section 61 C. Definitions of Income D. Items That Are Not Income E. Where Are We Going? Review Questions and Answers 3. Specific Inclusions in Gross Income Chapter Overview A. Where Are We? B. Compensation for Services C. Gross Income from Business D. Gains Derived from Dealings in Property E. Investment Income F. Alimony and Separate Maintenance Payments G. Income from Discharge of Indebtedness H. Several Items Not Usually Crucial in the Basic Tax Course I. Some Odds and Ends - Prizes, Helpful Payments and Embezzlements J. Where Are We Going? Review Questions and Answers 4. Specific Exclusions from Gross Income Chapter Overview A. Where Are We? B. Death Benefits - 101 C. Gifts - 102 D. Interest on State and Local Bonds - 103 E. Compensation for Personal Injury or Sickness - 104 F. Discharge of Indebtedness Income - 108 G. Qualified Scholarships - 117 H. One-Time Exclusion for Gain on Sale of a Principal Residence - 121 I. Employment-Related Exclusions J. Educational Savings Bonds K. Child Support L. Where Are We Going? Review Questions and Answers 5. Deductions-In General Chapter Overview A. Where Are We? B. Role of Deductions C. Common Themes of Deduction Controversies D. Where Are We Going? Review Questions and Answers 6. Personal Deductions Chapter Overview A. Where Are We? B. Above-the-Line and Below-the-Line Deductions C. Alimony D. Moving Expenses E. Certain Retirement Savings F. Losses G. The Choice: Standard or Itemized Deduction H. Interest - 163 I. Taxes - 164 J. Casualty Losses - 165(c)(3) K. Medical Expenses - 213 L. Charitable Contributions - 170 M. Miscellaneous Expenses - 2% Floor N. Personal Exemption - 151 O. Where Are We Going? Review Questions and Answers 7. Business Deductions Chapter Overview A. Where Are We? B. Trade or Business Expenses - 162 C. Capital Recovery for Business Assets D. Other Deductions E. Special Rules for Losses F. Where Are We Going? Review Questions and Answers 8. Mixed Business and Personal Expenses Chapter Overview A. Where Are We? B. Origin Test C. Hobby Losses - 183 D. Section 274 Restrictions E. Home Offices and Vacation Homes - 280A F. 'Luxury' Automobiles and Listed Property - 280F G. Gambling Losses H. Where Are We Going? Review Questions and Answers 9. Transactions in Property Chapter Overview A. Where Are We? B. An Approach to Property Transactions - Figure 9A C. Statutory Analysis - 1001 D. Transfers of Encumbered Property E. Where Are We Gong? Review Questions and Answers 10. Nonrecognition Transactions Chapter Overview A. Where Are We? B. An Approach to the Nonrecognition Provisions C. Like-Kind Exchanges - 1031 D. Involuntary conversions - 1033 E. Rollover of Gain on a Principal Residence - 1034 F. Spousal and Divorce Transfers - 1041 G. Other Nonrecognition Provisions H. Where Are We Going? Review Questions and Answers 11. Timing Issues Chapter Overview A. Where Are We? B. The Annual Accounting Concept C. Methods of Accounting D. Accounting for Inventories E. Installment Method of Reporting Income F. Restricted Property - 83