Details
Table of Contents
Intro; Preface; Chapter I Introduction; A.A Little Angst?; B. Why Tax Is Important; 1. For Everyone; 2. For You; C. Why Taxes?; D. Why Tax Income?; E.A Little Policy: Progressivity and Regressivity; F.A Final Tip; Chapter II A Stroll Through a Tax Return; A. The Facts; B. Deductions vs. Credits; Chapter III What Is Income?; A. Definition; B. Sales Proceeds; C. Other Aspects of Income; 1. Should Illegal Income Be Taxable?; 2. Imputed Income; 3. Expectations; 4. Income to Your Benefit; 5. Debt; a. Borrowing and Repaying; b. Basis and Debt; c. Debt and Amount Realized; d. Tufts
Chapter IV What Is Not Income?A. Gifts and Bequests; 1. What Is a Gift or Bequest?; 2. Basis in Gifted Property; 3. Basis in Bequeathed Property; 4. Tips; B. Life Insurance; C. Fringe Benefits; 1. Section 132; a. No Additional Cost Service 132(a)(1) and 132(b); b. Qualified Employee Discounts 132(a)(2) and 132(c); c. Working Condition Fringes 132(a)(3) and 132(d); d. De Minimus Fringes 132(a)(4) and 132(e); 2. Section 119; D. Scholarships and Fellowships; E. Damages; Chapter V Business Deductions; A. General Introduction; B. Section 162; 1. Must Business Deductions Be Reasonable?
2. Salariesa. In General; b. The Million Dollar Cap; 3. The Public Policy Doctrine and Weed; 4. Causation; Chapter VI Capital Recovery; A. The Matching Principle; 1. Deduct the 1,000,000 in Year 1; 2. Deduct the Loss in Year 25; 3. Spread out the Expense over the Building's Useful Life; B. Depreciation; 1. In General; 2. Mechanics; 3. Depreciation and Basis; C Annuities; Chapter VII Itemized Deductions; A. Medical Expenses; 1. General; 2. Medical Travel; B. Casualty Losses; 1. Personal Casualty Loss; 2. Mechanics; C. Charitable Contributions; 1. What Is a Charitable Contribution?
2. Who Is a Charitable Donee?3. Mechanics; 4. Unrelated Business Income Tax; D. Standard Deduction; Chapter VIII Mixed Motive Expenses; A. Travel Expenses; B. Clothing; C. Meals and Entertainment with Clients; D. Education; 1. In General; 2. Tax Incentives for Education; E. Hobbies; F. The Home Office Deduction; G. Child Care; H. Bad Debts; I. Interest; 1. General; 2. Low Interest and No Interest Loans; Chapter IX Timing; A. Accounting Methods; B. The Annual Accounting System; C. Mistakes; 1. Mistaken Income; 2. Mistaken Deductions; Chapter X Capital Gains and Losses; A. Mechanics
B. What Is a Capital Asset?C. Other Capital Gains Case Law; D. Quasi-Capital Assets; Chapter XI Who Is the Taxpayer?; A. What Is at Stake; B. Assignment of Income; C. Income Splitting with Other Entities-C Corporations; Chapter XII Families; A. Marriage; 1. The Joint Return; 2. Marriage Penalties and Bonuses; 3. Same Sex Marriage; B. Divorce; 1. Alimony; 2. Child Support; 3. Transfers of Appreciated (or Depreciated) Property; 4. Front End Loading; C. Children; 1. Personal and Dependency Exemptions; 2. The Child Tax Credit and the Adoption Expenses Credit; 3. The Kiddie Tax
Chapter IV What Is Not Income?A. Gifts and Bequests; 1. What Is a Gift or Bequest?; 2. Basis in Gifted Property; 3. Basis in Bequeathed Property; 4. Tips; B. Life Insurance; C. Fringe Benefits; 1. Section 132; a. No Additional Cost Service 132(a)(1) and 132(b); b. Qualified Employee Discounts 132(a)(2) and 132(c); c. Working Condition Fringes 132(a)(3) and 132(d); d. De Minimus Fringes 132(a)(4) and 132(e); 2. Section 119; D. Scholarships and Fellowships; E. Damages; Chapter V Business Deductions; A. General Introduction; B. Section 162; 1. Must Business Deductions Be Reasonable?
2. Salariesa. In General; b. The Million Dollar Cap; 3. The Public Policy Doctrine and Weed; 4. Causation; Chapter VI Capital Recovery; A. The Matching Principle; 1. Deduct the 1,000,000 in Year 1; 2. Deduct the Loss in Year 25; 3. Spread out the Expense over the Building's Useful Life; B. Depreciation; 1. In General; 2. Mechanics; 3. Depreciation and Basis; C Annuities; Chapter VII Itemized Deductions; A. Medical Expenses; 1. General; 2. Medical Travel; B. Casualty Losses; 1. Personal Casualty Loss; 2. Mechanics; C. Charitable Contributions; 1. What Is a Charitable Contribution?
2. Who Is a Charitable Donee?3. Mechanics; 4. Unrelated Business Income Tax; D. Standard Deduction; Chapter VIII Mixed Motive Expenses; A. Travel Expenses; B. Clothing; C. Meals and Entertainment with Clients; D. Education; 1. In General; 2. Tax Incentives for Education; E. Hobbies; F. The Home Office Deduction; G. Child Care; H. Bad Debts; I. Interest; 1. General; 2. Low Interest and No Interest Loans; Chapter IX Timing; A. Accounting Methods; B. The Annual Accounting System; C. Mistakes; 1. Mistaken Income; 2. Mistaken Deductions; Chapter X Capital Gains and Losses; A. Mechanics
B. What Is a Capital Asset?C. Other Capital Gains Case Law; D. Quasi-Capital Assets; Chapter XI Who Is the Taxpayer?; A. What Is at Stake; B. Assignment of Income; C. Income Splitting with Other Entities-C Corporations; Chapter XII Families; A. Marriage; 1. The Joint Return; 2. Marriage Penalties and Bonuses; 3. Same Sex Marriage; B. Divorce; 1. Alimony; 2. Child Support; 3. Transfers of Appreciated (or Depreciated) Property; 4. Front End Loading; C. Children; 1. Personal and Dependency Exemptions; 2. The Child Tax Credit and the Adoption Expenses Credit; 3. The Kiddie Tax