Posin and Tobin's Principles of Federal Income Taxation, 7th (Concise Hornbook Series)

By Daniel Q. Posin, Donald B. Tobin

ISBN-13: 9780314161468

Availability: In Stock

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Series: Concise Hornbook Series

Brand: West Law School

Pages: 775

Components: 1 Print

Shelf Space: 2 in.

Free Update Period: 90 days

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$46.00

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Description

Includes analysis of cases and concepts of the leading casebooks, explanations with amplified diagrams and flow charts, and extensive treatment of the time value of money issues. Explores exotic Wall Street techniques employed to avoid capital gains. In clear language, this book explains equity swaps, shorting against the box, swap funds, and DECS. Presents, among other high-profile situations, a case study of how former Treasury Secretary William Simon and his partners made $700 million in profits on the sale of the Avis car rental agency less than two years after they bought it and paid no taxes.

Features

Summary Of Contents

Special Note
Highlights
Chapter
1. History, Policy and Structure
  Sec.
  - 1.01 A Brief History of Income Taxation
  - 1.02 Theoretical Aspects of Income Taxation
  - 1.03 Structure of the Internal Revenue Code
2. Income in General; Compensation for Services
  - 2.01 What Constitutes Income in General: Cesarini, Old Colony Trust, Glenshaw Glass and Drescher
  - 2.02 Fringe Benefits
  - 2.03 Bargain Purchases of Stock or Other Property and Stock Options
  - 2.04 Other Items of Compensation Income
3. Other Items of Income and Exclusions From Income
  - 3.01 Interest
  - 3.02 Original Issue Discount
  - 3.03 Dividends and Other Distributions to Stockholders
  - 3.04 Rents
  - 3.05 Royalties
  - 3.06 Proceeds From Life Insurance
  - 3.07 Annuities
  - 3.08 Gifts and Inheritances
  - 3.09 Prizes, Scholarships and Fellowship Grants
  - 3.10 Discharge of Indebtedness
  - 3.11 Recovery of Damages to the Person or Business
  - 3.12 Alimony and Similar Payments
  - 3.13 Miscellaneous Items of Income and Exclusions From Income
4. Income From Dispositions of Property
  - 4.01 Overview
  - 4.02 The Requirement of a Realization
  - 4.03 Computation of Gain or Loss Realized
  - 4.04 Disallowance of Some Losses and Exclusion of Some Gains
  - 4.05 Recognition of Gain or Loss
  - 4.06 Character of Gain or Loss: Capital Gains
5. Assignment of Income: Who Is Taxed and the Nature of the Tax
  - 5.01 Background
  - 5.02 Gratuitous Assignments of Income: Birth of a Metaphor
  - 5.03 Assignments of Income for Consideration
  - 5.04 Application of Assignment of Income Doctrine
  - 5.05 Assignment of Income Without Tears
6. Business Deductions
  - 6.01 Structural Issues in General
  - 6.02 Deductions Arising Out of Business and Profit Seeking Activity
  - 6.03 Limitations on Deductions
7. Itemized Deductions and Personal Exemptions
  - 7.01 Itemized Deductions
  - 7.02 Floor on Miscellaneous Itemized Deductions
  - 7.03 The Standard Deduction
  - 7.04 Personal and Dependency Exemptions
  - 7.05 Alternative Minimum Tax
8. Tax Planning
  - 8.01 Introduction
  - 8.02 Tax Shelters
  - 8.03 Deferred Payment Sales: Logan
  - 8.04 Deferred Compensation: A Survey
  - 8.05 A Bird’s Eye View of Sophisticated Estate Planning
9. Tax Accounting
  - 9.01 In General
  - 9.02 Transactional Problems
  - 9.03 Accounting Methods
10. Credits
  - 10.01 In General
  - 10.02 Child etc. Care Credit: Smith
  - 10.03 Other Credits
  - 10.04 Speculations on an Investment Tax Credit
  - 10.05 Earned Income Credit (‘‘EIC’’)
  - 10.06 Child Tax Credit
  - 10.07 Hope Scholarship Credit and Lifetime Learning Credit: Recap of Tax Assistance to Education
11. Ethics
  - 11.01 General Comments
  - 11.02 Standards for Advising Taxpayers on Return Positions
  - 11.03 Tax Shelter Rules
  - 11.04 Possible Changes in the Future
  - 11.05 Conclusion

Appendix: The Miraculous Effects of the Time Value of Money
Appendix: Tax Rates After the Jobs and Growth Tax Relief Reconciliation Act of 2003