Full Description
Master today's most current tax concepts and tax law with Young/Persellin/Nellen/Cuccia/Maloney/Lassar/Cripe's SOUTH-WESTERN FEDERAL TAXATION 2026: COMPREHENSIVE, 49th Edition, and accompanying professional tax software. Updates emphasize recent tax changes impacting individuals, corporations, partnerships, estates, trusts and financial statements. Examine updates and reforms to 2025 tax laws as well as emerging developments. Examples, summaries and tax scenarios clarify concepts and help sharpen critical-thinking, writing and research skills. Sample exam questions from Becker C.P.A. Exam Review also help you prepare. Each edition includes access to Intuit® ProConnect, Checkpoint® Edge (Student Edition) from Thomson Reuters and the online learning platform CNOWv2. Prepare for the C.P.A. exam, Enrolled Agent exam or further your career in tax accounting, financial reporting or auditing.
Contents
Part I: INTRODUCTION AND BASIC TAX MODEL.
1. An Introduction to Taxation and Understanding the Federal Tax Law.
2. Working with the Tax Law.
3. Tax Formula and Tax Determination.
Part II: GROSS INCOME.
4. Gross Income: Concepts and Inclusions.
5. Gross Income: Exclusions.
Part III: DEDUCTIONS AND CREDITS.
6. Deductions and Losses: In General.
7. Deductions and Losses: Certain Business Expenses and Losses.
8. Depreciation, Cost Recovery, Amortization, and Depletion.
9. Deductions: Employee and Self-Employed-Related Expenses.
10. Deductions and Losses: Certain Itemized Deductions.
11. Investor Losses.
12. Tax Credits and Payments.
Part IV: PROPERTY TRANSACTIONS.
13. Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges.
14. Property Transactions: Capital Gains and Losses, Section 1231, and Recapture Provisions.
Part V: SPECIAL TAX COMPUTATIONS AND ACCOUNTING PERIODS AND METHODS.
15. The Deduction for Qualified Business Income for Noncorporate Taxpayers.
16. Accounting Periods and Methods.
Part VI: CORPORATIONS.
17. Corporations: Introduction and Operating Rules.
18. Corporations: Organization and Capital Structure.
19. Corporations: Distributions Not in Complete Liquidation.
20. Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations.
Part VII: FLOW-THROUGH ENTITIES.
21. Partnerships: Formation, Operation, and Basis.
22. Partnerships: Distributions, Transfer of Interests, and Terminations.
23. S Corporations.
Part VIII: ADVANCE TAX PRACTICE CONSIDERATIONS.
24. Taxes in the Financial Statements.
25. Exempt Entities.
26. Multistate Corporate Taxation.
27. Taxation of International Transactions.
28. Tax Practice and Ethics.
Part IX: FAMILY TAX PLANNING.
29. The Federal Gift and Estate Taxes.
30. Income Taxation of Trusts and Estates.
Appendix A: Tax Formulas, Tax Rate Schedules, and Tables.
Appendix B: Tax Forms.
Appendix C: Glossary.
Appendix D: Table of Code Sections Cited.
Appendix E: Present Value and Future Value Tables.
Appendix F: Practice Set Assignments - Comprehensive Tax Return Problems.
Index.
Online Appendices.
Depreciation and the Accelerated Cost Recovery System (ACRS).
Affordable Care Act Provisions.
