Understanding federal income taxation

목차 (Table of Contents)

• CONTENTS
• Preface = ⅴ
• Chapter 1 INTRODUCTION TO FEDERAL INCOME TAX = 1
• 1.01 A Brief History of Federal Income Tax = 1
• 1.02 Resolution of Tax Issues Through the Judicial Process = 2
• 1.03 Computation of Tax Liability = 5
• 1.04 Conclusion = 16
• Chapter 2 GROSS INCOME CONCEPTS AND LIMITATIONS = 17
• 2.01 The Search For a Definition of Income = 17
• 2.02 Income Realized in Any Form = 20
• 2.03 Realization, Imputed Income and Bargain Purchases = 21
• Chapter 3 THE EFFECT OF AN OBLIGATION TO REPAY = 29
• 3.01 Loans = 20
• 3.02 Claim of Right = 30
• 3.03 Illegal Income = 32
• 3.04 Deposits = 34
• Chapter 4 GAINS DERIVED FROM DEALINGS IN PROPERTY = 37
• 4.01 Computing Gain Derived From Dealings in Property = 37
• 4.02 Tax Cost Basis = 40
• 4.03 Impact of Liabilities = 40
• 4.04 Basis of Property Acquired in Taxable Exchange = 43
• Chapter 5. GIFTS, BEQUESTS AND INHERITANCE = 47
• 5.01 Exclusion of Gifts From Income = 47
• 5.02 Basis of Property Received by Gift, Bequest or Inheritance = 53
• 5.03 Part-Gift, Part-Sale = 60
• Chapter 6 SALE OF A PRINCIPAL RESIDENCE = 63
• 6.01 Sections 1034 and 121 Before the Taxpayer Relief Act of 1997 = 63
• 6.02 Section 121 After the Taxpayer Relief Act of 1997 = 65
• Chapter 7 SCHOLARSHIPS AND PRIZES = 77
• 7.01 Prizes and Awards = 77
• 7.02 Qualified Scholarships = 81
• Chapter 8 LIFE INSURANCE, ANNUITIES, AND INDIVIDUAL RETIREMENT ACCOUNTS = 87
• 8.01 Life Insurance = 87
• 8.02 Annuities = 95
• 8.03 Individual Retirement Accounts = 98
• Chapter 9 DISCHARGE OF INDEBTEDNESS = 103
• 9.01 Historical Background = 103
• 9.02 Specific Rules Governing Exclusion = 105
• 9.03 Disputed or Contested Debts = 112
• 9.04 Discharge of Indebtedness as Gift, Compensation, Etc. = 114
• 9.05 Inapplicability of Section 108 to Gain Realized on Transactions Involving Discharge of Indebtedness = 115
• Chapter 10 COMPENSATION FOR PERSONAL INJURY AND SICKNESS = 117
• 10.01 Introduction = 117
• 10.02 Damages = 117
• 10.03 Payment Under Accident and Health Insurance Policies = 131
• 10.04 Previously Deducted Medical Expenses = 133
• 10.05 Workers' Compensation = 134
• 10.06 Certain Disability Pensions = 134
• Chapter 11 FRINGE BENEFITS = 137
• 11.01 Meals and Lodging = 137
• 11.02 Fringe Benefits and Section 132 = 141
• 11.03 Valuation = 151
• Chapter 12 BUSINESS AND PROFIT SEEKING EXPENSES = 153
• 12.01 Business Deductions - Section 162 = 153
• 12.02 Section 212 Deductions = 172
• Chapter 13 CAPITAL EXPENDITURES = 176
• 13.01 Deductible Expense or Capital Expenditure? = 175
• 13.02 Defining Capital Expenditures - INDOPCO = 176
• 13.03 Selected Categories of Capital Expenditures = 178
• 13.04 Purchase or Lease = 190
• Chapter 14 DEPRECIATION = 193
• 14.01 Depreciation = 193
• 14.02 Computing the Depreciation Deduction = 203
• 14.03 Amortization of Intangibles - Section 197 = 205
• 14.04 Relationship Between Basis and Depreciation = 205
• 14.05 The Relationship of Debt to Depreciation = 208
• Chapter 15 LOSSES AND BAD DEBTS = 215
• 15.01 Losses = 215
• 15.02 Bad Debts = 222
• 15.03 Bad Debts and Losses : The Interplay Between Sections 166 and 165 = 227
• Chapter 16 TRAVEL EXPENSES = 229
• 16.01 Commuting = 229
• 16.02 Other Transportation Expenses = 233
• 16.03 Expenses for Meals and Lodging While in Travel Status = 234
• 16.04 Where is the Taxpayer's "Home" for Section 162(a)(2) Purposes? = 236
• 16.05 Other Considerations = 240
• Chapter 17 ENTERTAINMENT AND BUSINESS MEALS = 245
• 17.01 Business or Pleasure? = 245
• 17.02 Entertainment Activities = 249
• 17.03 Entertainment Facilities = 252
• 17.04 Substantiation Requirements = 254
• 17.05 Exceptions = 256
• 17.06 Business Meals = 256
• Chapter 18 EDUCATIONAL EXPENSES = 261
• 18.01 Categorization of Educational Expenses = 261
• 18.02 The Skill-Maintenance or Employer-Requirement Tests = 262
• 18.03 The Minimum-Educational-Requirements and New-Trade-or-Business Tests = 264
• 18.04 Travel Expenses = 267
• 18.05 Education Tax Incentives = 267
• Chapter 19 OTHER DEDUCTIBLE PERSONAL EXPENSES = 271
• 19.01 Moving Expenses = 271
• 19.02 Child Care Expenses = 276
• 19.03 Legal Expenses = 278
• 19.04 Clothing Expenses = 280
• Chapter 20 HOBBY LOSSES = 283
• 20.01 Historical Development = 283
• 20.02 Section 183 Activities = 284
• 20.03 Deductions Allowable Under Section 183 = 288
• Chapter 21 HOME OFFICES, VACATION HOMES AND OTHER DUAL USE PROPERTY = 291
• 21.01 Home Office Deductions = 291
• 21.02 Vacation Home Deductions = 300
• 21.03 Other Dual Use Property = 303
• 21.04 Conclusion = 308
• Chapter 22 THE INTEREST DEDUCTION = 309
• 22.01 Deduction of Personal Interest = 309
• 22.02 Investment Interest = 315
• 22.03 What Constitutes Interest? = 318
• 22.04 Timing Issues and Limitations = 319
• Chapter 23 THE DEDUCTION FOR TAXES = 325
• 23.01 Historical Background = 325
• 23.02 Taxes Deductible Under Section 164 = 325
• 23.03 Party Eligible to Claim the Deduction = 327
• 23.04 Special Problems Associated with the Deduction of Real Property Taxes and Assessments = 328
• 23.05 Public Policy Considerations = 332
• Chapter 24 CASUALTY LOSSES = 335
• 24.01 Definitional Questions = 337
• 24.02 Timing of the Loss = 340
• 24.03 Amount of the Loss = 340
• 24.04 Insurance Coverage = 342
• Chapter 25 MEDICAL EXPENSES = 343
• 25.01 Deductibility of Medical Expenses = 344
• 25.02 Medical vs. Personal Expenses = 349
• Chapter 26 CHARITABLE DEDUCTIONS = 351
• 26.01 In General = 351
• 26.02 Requirements for Charitable Deductions = 351
• 26.03 Contribution of Services = 362
• 26.04 Contribution of Appreciated Property = 362
• 26.05 Bargain Sale to Charity = 365
• Chapter 27 LIMITATIONS ON DEDUCTIONS = 367
• 27.01 Section 267 : Losses Between Related Parties = 367
• 27.02 Section 265 : Expenses Related to Tax-Exempt Income = 373
• 27.03 Section 1091 : Wash Sales = 378
• 27.04 Judicial Limitations on Interest Deductions = 380
• Chapter 28 CASH METHOD ACCOUNTING = 385
• 28.01 Income Under the Cash Method = 385
• 28.02 Deductions Under the Cash Method = 400
• Chapter 29 ACCRUAL METHOD ACCOUNTING = 407
• 29.01 The All Events Test = 407
• 29.02 Accrual of Income = 408
• 29.03 Deductions Under the Accrual Method = 416
• 29.04 Choice of Accounting Methods = 424
• Chapter 30 ANNUAL ACCOUNTING = 427
• 30.01 Restoring Amounts Received Under Claim of Right = 427
• 30.02 The Tax Benefit Rule = 432
• 30.03 Net Operating Losses = 437
• Chapter 31 CAPITAL GAINS AND LOSSES = 441
• 31.01 Historical Overview = 441
• 31.02 Current Law : Section 1(h) = 447
• 31.03 Current Law : Application of the Section 1211(b) Limitation on the Deduction of Capital Losses = 456
• 31.04 Definition of Capital Asset = 460
• 31.05 The Sale or Exchange Requirement = 468
• 31.06 The Arrowsmith Rule : Characterization of Certain Gains or Losses Dependent on Prior Tax Treatment of Related Gains or Losses = 470
• 31.07 Holding Period = 472
• Chapter 32 QUASI-CAPITAL ASSETS : SECTION 1231 = 473
• 32.01 Definitions : Section 1231 Transactions = 473
• 32.02 The Preliminary Hotchpot = 476
• 32.03 The Principal Hotchpot = 478
• 32.04 Recapture of Net Ordinary Losses : Section 1231(c) = 481
• Chapter 33 DEPRECIATION RECAPTURE = 485
• 33.01 Section 1245 Recapture = 486
• 33.02 Section 179 Recapture = 489
• 33.03 Section 1250 Recapture = 491
• 33.04 Unrecaptured Section 1250 Gain = 493
• 33.05 Section 1239 Ordinary Income = 494
• 33.06 Other Recapture Provisions = 496
• Chapter 34 ASSIGNMENT OF INCOME = 497
• 34.01 The Progressive Rate Structure = 497
• 34.02 Development of Rules Limiting Income-Shifting = 498
• 34.03 Application of the Assignment of Income Rules = 500
• 34.04 The Kiddie Tax = 504
• Chapter 35 BELOW MARKET LOANS = 511
• 35.01 History : Pre-Section 7872 = 511
• 35.02 1984 Tax Reform Act - Rationale for Section 7872 = 515
• 35.03 Operation of Section 7872 = 516
• Chapter 36 TAX CONSEQUENCES OF DIVORCE = 525
• 36.01 Alimony : General Requirements = 525
• 36.02 Child Support = 529
• 36.03 Excess Front-Loading = 532
• 36.04 Alimony Trusts = 537
• 36.05 Dependency Exemption = 537
• 36.06 Filing Status = 539
• 36.07 Property Transfers = 540
• 36.08 Special Rules Regarding Personal Residence - Section 121 = 544
• 36.09 Legal Expenses = 546
• Chapter 37 EFFECT OF DEBT ON BASIS = 549
• 37.01 Crane v. Commissioner = 549
• 37.02 Commissioner v. Tufts = 550
• 37.03 Nonrecourse Borrowing and the Section 108 Insolvency Exclusion = 555
• 37.04 Nonrecourse Borrowing and Appreciated Property = 556
• 37.05 Impact of Contingent Liabilities = 559
• Chapter 38 LIKE KIND EXCHANGES = 561
• 38.01 Continuity of Interest = 562
• 38.02 The Like Kind Requirement = 563
• 38.03 The Holding Requirements = 565
• 38.04 "Solely" for Like Kind Property : The Presence of "Boot" = 568
• 38.05 Treatment of Liabilities = 569
• 38.06 Basis Calculations = 570
• 38.07 Sale or Exchange? = 575
• 38.08 Three-Way Exchanges and Deferred Exchanges = 577
• Chapter 39 INVOLUNTARY CONVERSIONS = 581
• 39.01 General Policy = 581
• 39.02 The Mandatory and Elective Rules of Section 1033 = 582
• 39.03 Involuntary Conversion Events = 583
• 39.04 Similar or Related in Service or Use = 584
• 39.05 Time for Replacement = 590
• 39.06 Partial Recognition of Gain Under Section 1033 = 591
• 39.07 Basis = 592
• 39.08 Holding Period of Replacement Property = 593
• Chapter 40 INSTALLMENT SALES = 595
• 40.01 Statutory Framework = 595
• 40.02 Payments and Liabilities = 597
• 40.03 Recapture Income = 600
• 40.04 Electing Out of the Installment Method = 601
• 40.05 Exclusions = 602
• 40.06 Contingent Payment Sales = 603
• 40.07 Dispositions of Installment Obligations = 605
• 40.08 Second Dispositions by Related Persons = 607
• 40.09 Sales of Depreciable Property to Related Persons = 610
• 40.10 Special Rules for Nondealers = 611
• 40.11 Installment Obligations and Like Kind Exchanges = 613
• Chapter 41 SALE OF A BUSINESS AND SALE-LEASEBACKS = 615
• 41.01 Sale of a Sole Proprietorship = 615
• 41.02 Valuing Goodwill, Going Concern Value and Covenants Not to Compete = 623
• 41.03 Sale-Leaseback = 629
• Chapter 42 AN INTRODUCTION TO ORIGINAL ISSUE DISCOUNT = 633
• 42.01 Original Issue Discount : Introduction = 633
• 42.02 OID : Debt Instruments Issued for Cash = 636
• 42.03 Sales and Exchanges of Property and Section 467 Rental Agreements = 645
• Chapter 43 LIMITATIONS ON TAX SHELTERS = 647
• 43.01 The At Risk Rules - Section 465 = 647
• 43.02 Section 469 - Limitation on Passive Activity Losses and Credits = 654
• Chapter 44 TIRE ALTERNATIVE MINIMUM TAX = 667
• 44.01 Mechanics = 667
• 44.02 Determining Alternative Minimum Taxable Income = 671
• 44.03 Determining Tax Liability = 676
• 44.04 Credits Allowed = 677
• Appendix A NOTE ON MISCELLANEOUS EXCLUSIONS = 679
• Appendix B ADDITIONAL ACCOUNTING CONSIDERATIONS = 685
• Table of Cases = TC-1
• Table of Statutes = TS-1
• Index = I-1