FEDERAL INCOME TAXATION - AN OVERVIEW

CHAPTER 1

FEDERAL INCOME TAXATION - AN OVERVIEW

1-1 © 2020 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.2021 Edition Topic Status Questions

• 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 Concepts in Federal Taxation 2021, 28e Kevin Murphy, Mark Higgins, Randy Skalberg (Solutions Manual All Chapters, 100% Original Verified, A+ Grade)All Chapters/Supplement files download link at the end of this file. 1 / 4

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© 2020 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.2021 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 2 / 4

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© 2020 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.2021 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 3 / 4

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© 2020 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.2021 Edition

Topic

Status 65 Evasion versus avoidance

Date updates only 66 Evasion versus avoidance

Date updates only 67-IID Prepaid taxes

Date updates only 68-IID Student loan interest

Unchanged 69-IID Gift versus sale of stock

Unchanged 70-IID Income splitting Unchanged

71 INTERNET Unchanged

72 INTERNET Unchanged

73 Research Problem Unchanged

74 Research Problem Unchanged

75 Spreadsheet Problem Unchanged

76-DC-CT Value-added Tax

Unchanged 77-DC-CT How inflation adjustments preserve after tax income

Date updates only

78-TPC-

COMM

Actions an owner can take to reduce taxes

Unchanged 79-EDC-CT Statements on Standards for Tax Services (SSTS) to situations in problem 67 Unchanged

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