By Kevin Murphy, Mark Higgins
Murphy and Higgins' options IN FEDERAL TAXATION 2011 deals scholars a greater approach to examine tax Â- via a conceptual procedure. rather than memorizing the advanced and infrequently intimidating tax codes, rules, exceptions, and skills, this method offers taxation as a small variety of unifying recommendations. as soon as scholars comprehend those suggestions, they could practice them to a variety of tax ideas and to easy facets of daily financial existence. this easy procedure balances tax ideas with the interior profit Code to arrange scholars for fast luck on CPA examination tax simulations and of their careers. broad examples relate tax ideas to accepted company eventualities utilizing an interesting dialogue and solution structure. additionally, Murphy and Higgins' recommendations IN FEDERAL TAXATION 2011 gives you extra workouts than the other textual content of its sort for the perform scholars desire. each one new reproduction of this article is packaged with H&R Block At Home(TM) software program, CheckpointÂ® scholar version from Thomson Reuters, and CPA ExcelÂ® to supply your scholars with extra specialist event!
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Extra resources for Concepts in Federal Taxation 2011
However, determining the amount of tax due may not be so simple. When planning an investment that will extend over several tax years, the ability to predict with some degree of certainty how the results of the investment will be taxed is important to the investment decision. Frequent changes in the tax law create uncertainty for the tax planner. In addition to these legislative amendments to the tax law, the IRS and the courts issue a constant stream of decisions and interpretations on tax issues, which results in a tax law that is in a continual state of refinement.
CHAPTER 1 Federal Income Taxation—An Overview INCOME TAX COMPUTATIONAL FRAMEWORK Income ‘‘Broadly Defined’’ (includes income from all sources) Minus: Equals: Excluded income Gross income Minus: Equals: Deductions and exemptions Taxable income Â Equals: Tax rate (schedule of rates) Income tax Minus: Tax credits Equals: Tax prepayments Tax (refund) due with return gross income. Common income exclusions include inheritances, gifts, and interest on certain municipal bonds. Exclusions are discussed in Chapter 4.
May not be copied, scanned, or duplicated, in whole or in part. 4 Part I Conceptual Foundations of the Tax Law D i s c u s s i o n : Each payer of the tax receives a direct benefit—a new sewer line. Therefore, the 1% tax payment is considered a payment to the government unit to reimburse it for improvements to the taxpayer’s property. The taxpayers would treat the payment as an investment in their property and not as a tax. The 1% tax in this case is a special assessment for local benefits. An assessment differs from a tax in that an assessment is levied only on a specific group of taxpayers who receive the benefit of the assessment.
Concepts in Federal Taxation 2011 by Kevin Murphy, Mark Higgins