FEDERAL INCOME TAXATION - AN OVERVIEW

Concepts in Federal Taxation 2022, 29e Kevin Murphy, Mark Higgins, Randy Skalberg

(Solution Manual all Chapters)

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CHAPTER 1

FEDERAL INCOME TAXATION - AN OVERVIEW

1-1 © 2021 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.2022 Edition

Topic

Status

Questions 1

Adam Smith's system requirements

Unchanged

• How well income tax and employment taxes meet Adam

Smith's requirements

Unchanged

• Proportional, regressive, or proportional tax

Unchanged

• Proportional, regressive, or proportional tax

Unchanged

• Federal income tax as a revenue producer

Unchanged

• Collection of income taxes

Unchanged

• Sales tax versus excise tax

Unchanged

• Collection of sales and excise taxes

Unchanged

• Real property versus personal property taxes

Unchanged 10 Gift tax

Unchanged 11 Estate tax

Unchanged 12 Valuation of gift and estate assets

Unchanged 13 Payment of gift and estate taxes

Unchanged 14 Primary sources of tax law

Unchanged 15 Supreme Court cases

Unchanged 16 Federal income tax base

Unchanged 17 Exclusion

Unchanged 18 Deferral versus exclusion

Unchanged 19 Gross income versus income

Unchanged 20 Deductibility of expenses

Unchanged 21 Expense versus loss Unchanged 2 / 4

1-2

© 2021 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.2022 Edition

Topic

Status

22 Transaction loss versus annual loss

Unchanged 23 Legislative grace concept

Unchanged 24 Inflation effects on taxes

Unchanged 25 Pay-as-you-go collection of taxes

Unchanged 26 Tax credits

Unchanged 27 Tax credit versus deduction

Unchanged 28 Tax credit versus deduction

Unchanged 29 Statute of limitations

Unchanged 30 Auditing returns Unchanged

31 IRS examinations

Unchanged 32 30-day letters

Unchanged 33

90-day letters Unchanged 34 Individual versus corporate taxable income

Unchanged 35 Deductions for and from AGI

Unchanged 36 Standard deduction

Unchanged 37 Why study taxes?

Unchanged 38 Goal of tax planning

Unchanged 39 Tax planning-who benefits

Unchanged Problems 40

What is a tax?

Unchanged 41 Definition of a tax - five scenarios

Unchanged 42 Calculation of tax and tax rates (marginal, average, effective)

Unchanged 43 Calculation of tax - comparing entities Unchanged 3 / 4

1-3

© 2021 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.2022 Edition

Topic

Status

44 Social Security calculation/tax rate (marginal, average, effective)

Unchanged 45 Progressive, proportional, regressive taxes

Unchanged 46-CT Progressive, proportional, regressive taxes

Unchanged 47 Social Security tax calculation

Unchanged 48 Social Security tax calculation

Unchanged 49 Social Security tax calculation/payment by employer

Unchanged 50 Self-employment tax calculation Unchanged

51 Social security/self-employment tax

Unchanged 52 Classification of income items

Unchanged 53 Classification of income items

Unchanged 54 What is deductible? Unchanged

55 Classification of deduction items

Unchanged 56 Calculation of taxable income/tax liability

Unchanged 57 Calculation of taxable income/tax liability

Unchanged

58-COMM Effect of deduction FOR/FROM adjusted gross income

Unchanged 59-COMM Tax planning

Unchanged 60 Gift versus Income

Unchanged 61-CT Tax planning

Date updates only 62 Tax planning

Date updates only 63 Tax planning

Date updates only 64-CT Tax planning - income splitting

Unchanged

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