Principles of Business Taxation (formerly Federal Tax Course)
Authors/Editors: Linda O'Brien, CCH Managing Editor Linda Johnson, Academic Coordinating Editor
ISBN: 978-0-8080-2060-8 Date Published: 3/09
Suggested List Price: $119.00 Net Bookstore Price: $95.20
The CCH Principles of Business Taxation (formerly Federal Tax Course) course approaches the study of taxation from the perspective of the student who will become a business person faced with business decisions that are inevitably affected by tax considerations. This perspective leads to a very different coverage in this textbook -- coverage that is useful for accounting, finance and general business majors. The new edition focuses on the central concepts that build our tax framework and avoids small exceptions and details to ensure that the student can confidently master the critical underpinnings of federal taxation. It abandons minutia that not only affects a very small number of taxpayers, but also tends to change often. In this way, there are no wasted motions and students gain a stronger, more solid understanding of federal tax principles.
Many items that pertain specifically to businesses (for example, inventory valuation issues) usually not discussed in a traditional undergraduate tax textbook are covered in this book. Although so many of the exclusions, deductions, and credits apply equally to individual and corporate taxpayers, this book focuses on the business perspective. An advantage to this approach is that most of the students who take only one course in taxation will learn how businesses are taxed and, in turn, will have a better appreciation for how taxes affect business decisions. Another advantage to this approach is that the topics dovetail into other business, finance and accounting course work.
While the focus is on concepts and how taxes affect business decisions, individual income taxation is not abandoned. After all, many core tax concepts apply to individuals as well as businesses, and the Principles of Business Taxation course is not shy in pointing out such application. The book also includes a special chapter on individuals (sole proprietorships) and one on pass-through entities that tie together the underlying threads concerned with these taxpayers throughout the text.
PART I: OVERVIEW OF TAXES AND THE FEDERAL INCOME TAX SYSTEM
1: Introduction To Taxation
Introduction
Society's Need For Taxes
Who Should Bear The Tax Burden?
Characteristics Of A "Good" Tax
Other Considerations Used In Assessing A Tax
Types Of Taxes
The Importance Of Studying Federal Income Taxes Imposed On Businesses
2: Understanding The Tax Laws
Introduction
Brief History Of Federal Income Tax
Understanding Federal Tax Law
Federal Tax Research
PART II: FEDERAL TAXATION OF BUSINESS INCOME AND DEDUCTIONS
3: Tax Accounting Rules
Introduction
Accounting Periods
Accounting Methods
4: Overview Of The Taxable Income And The Calculation Of Taxes Owed
Gross Income (Income Minus Exclusions)
Taxable Income (Gross Income Minus Deductions)
Taxes Owed (Tax Liability Minus Tax Credits Minus Estimated Payments)
5: Gross Income
Introduction
Gross Income Defined
Gross Profit
Dividend Income
Interest Income
Other Items Of Gross Income
6: Business Deductions: Ordinary And Necessary Business Expenses
Introduction
Elements Of A Business Expense
Interest, Taxes, And Carrying Charges
Research And Experimentation
Manufacturer's Deduction
Bad Debts
Charitable Contributions
7: Business Deductions: Employment-Related Expenses
Introduction
Employee Compensation
Meals And Entertainment
Travel And Transportation
Education
Employment Taxes
PART III: TRANSACTIONS INVOLVING BUSINESS PROPERTY
8: Property Transactions: Depreciation, Depletion And Amortization
Introduction
Overview Of Depreciation
Depreciation Of Personal Property
Depreciation Of Real Property
Depletion
Amortization Of Intangibles
9: Property Transactions: Realized And Recognized Gains And Losses
Introduction
Realized Gains And Losses
Recognized Gains And Losses
10: Property Transactions: Character Of Gain Or Loss
Introduction
Capital Gains And Losses
Section 1231 Gains And Losses
The Netting Process
PART IV: CALCULATING TAX LIABILITY AND TAXES OWED
11: Nols, Amt And The AET
Introduction
Net Operating Losses
Alternative Minimum Tax
Taxes Imposed On Excessive Corporate Accumulations
12: Tax Credits
Introduction
Tax Credits
Foreign Tax Credit
General Business Credit
Disabled Access Credit
PART V: SPECIFIC BUSINESS ENTITY ISSUES
13: Corporate Distributions And Schedules M-1, M-2 And M-3
Introduction
Corporate Distributions
Reconciliation Of Net Income And Taxable Income
14: The Sole Proprietorship
Introduction
Taxable Income Formula
NOLs, Tax Rates And Amt
Employment Issues
Passive Activity Loss And Hobby Loss Rules
15: Flow-Through Entities: Partnerships, LLPs And LLCs
Introduction
Tax And Nontax Aspects Of Flow-Through Entities
Forming A Partnership
Operating The Partnership
Adjustments To Basis Of Partner's Interest
Partnership vs. LLC
16: Flow-Through Entities: S Corporations
Introduction
Advantages And Disadvantages of S Corporation Versus Other Entity Choices
Operating An S Corporation
Special Rules
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Receive a Bonus Teaching Package with a One-Year Subscription to IntelliConnect™ Library FREE When You Adopt the CCH Principles of Business Taxation!
A complete package of teaching and learning aids is available free with the 2009 Edition of CCH's Principles of Business Taxation, when adopted in quantities of 10 or more. Upon request, you can receive, at no additional charge:
Your choice of either a one-year subscription to IntelliConnect™ Library or our two-volume Internal Revenue Code and six-volume Income Tax Regulations bound sets.
A loose-leaf Instructor's Guide, complete with suggested course structures, examination problems and answers, and solutions to end-of-chapter problems.
CCH CLASSROOM ADVANTAGE™ Instructor's Guide, Electronic Testmaker and Slide Presentation CD-ROM, containing PDF files of the loose-leaf Instructor's Guide, customizable exam questions/solutions, Microsoft® PowerPoint® slides to enhance classroom presentations, and Respondus-ready testbank files.
A copy of CCH Federal Tax Study Manual (2009 Edition) featuring summaries and outlines explaining concepts presented in Basic Tax I and Corporate Tax II courses (student purchase optional). Also includes self-study questions and problems (with solutions) covering key concepts of federal taxation.
CCH® Study MATE™
CCH® Study MATE™ is an online learning center for college students. The Study MATE Fundamental Topics library was created to supplement CCH tax textbooks.
This library covers the most important concepts in CCH Federal Taxation:
Comprehensive Topics
CCH Federal Taxation: Basic Principles
Federal Tax Course
Essentials of Federal Income Taxation for Individuals and Business
The courses are not textbook-specific and can even be used with competitor’s textbooks. Adopting schools will be provided with free access to the Fundamentals library for one year. Courses are also available for purchase to non-adopting students. These courses provide college students with an easy online tutor to help them with difficult concepts or test them on their knowledge, and professors can easily assign the courses as homework without having to worry about grading.
To view the courses available visit http://www.cchstudymate.com/. Adopters can obtain an information packet and an access code by sending an e-mail to studymate@cch.com, including their name, school name, mailing address, and the name of the textbook they have adopted. For information on access to Study MATE for non-adopters, send an e-mail message to studymate@cch.com.
CCH provides complimentary examination copies of its textbooks for consideration toward classroom adoption in accredited programs of study. Course information such as course name, term, estimated enrollment, decision date, etc… is requested so we may better serve you
CCH provides complimentary desk copies of its Textbooks and Teaching Packages when a text is ordered for classroom use in a quantity of ten copies or more.
To order Principles of Business Taxation, use the following specifications:
Title:
Principles of Business Taxation
Authors:
Linda O'Brien, CCH Managing Editor Linda Johnson, Acad. Coordinating. Ed.
Prices:
$119.00 List/$92.50 Net (Reflects 20% Bookstore Discount)
Availability:
3/09
Item Number:
0-4787-400
ISBN:
978-0-8080-2060-8
Publisher:
CCH Tax and Accounting
Attn:
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