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Federal Taxation: Basic Principles (2023)

Federal Taxation: Basic Principles (2023)

Author: Ephraim P. Smith; Philip J. Harmelink; James R. Hasselback
Publisher: CCH U.S.
ISBN: 9780808057222
Published In: April 2022
Format: Hardback , 888 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
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Author

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Federal Taxation: Basic Principles is a popular first-level tax course textbook that provides a clear concise explanation of the fundamental tax concepts covering both tax planning and compliance. Basic Principles strikes a perfect balance between the AICPA model curriculum (focusing on business tax) and the demands favored by most teachers (covering the fundamentals and building toward the complex). The book is also a favorite in distant learning, because of its clarity and direct approach, and it is also used in special programs like CFP courses.

Basic Principles covers the core tax concepts and principles, including individual taxation, gross income, deductions, credits, property transactions, accounting methods and periods, deferred compensation, retirement plans, partnerships, corporations, trusts and estates, and tax planning for individuals.

It is written by an editorial board of tax teachers that includes members who are currently active in the American Accounting Association, American Taxation Association, the National Tax Challenge, CFP education, CPE lectures, CPA preparation and other programs, so you can be assured that the text is allied with real-world educational outcomes.

Basic Principles includes 18 Chapters and special support materials at the end of the volume as follows:

Chapter 1 Introduction to Federal Taxation and Understanding the Federal Tax Law
Chapter 2 Tax Research, Practice and Procedure
Chapter 3 Individual Taxation--An Overview
Chapter 4 Gross Income
Chapter 5 Gross Income--Exclusions
Chapter 6 Deductions: General Concepts and Trade or Business Deductions
Chapter 7 Deductions: Business/Investment Losses and Passive Activity Losses
Chapter 8 Deductions: Itemized Deductions
Chapter 9 Tax Credits, Prepayments and Special Methods
Chapter 10 Property Transactions: Determination of Basis and Gains and Losses
Chapter 11 Property Transactions: Nonrecognition of Gains and Losses
Chapter 12 Property Transactions: Treatment of Capital and Section 1231 Assets
Chapter 13 Tax Accounting
Chapter 14 Deferred Compensation and Education Savings Plans
Chapter 15 Tax Planning for Individuals
Chapter 16 Partnerships,Corporations and S Corporations
Chapter 17 Federal Estate Tax, Federal Gift Tax and Generation-Skipping Transfer Tax
Chapter 18 Income Taxation of Trusts and Estates

Appendix
Glossary of Tax Terms
Finding Lists
Table of Cases
Topical Index

Dr. Ephraim P. Smith, PhD, MS assumed the role of executive vice chancellor and chief academic officer for the CSU system in July 2010. From 1998 through 2010, Smith served as the vice president for academic affairs for California State University, Fullerton where he was responsible for managing more than 3,000 faculty and 300 staff members, as well as eight colleges, contracts and grants, institutional research, outreach, admissions, and international partnerships.

From 1990 to 1998, Smith was dean of CSUF's School of Business and Economics where he administered a complete array of graduate and undergraduate programs with a student enrollment of more than 6,500. While serving in this role, he was responsible for establishing a number of business centers and partnerships, as well as an accelerated MBA program.

Prior to joining Cal State Fullerton, Smith was dean of the James J. Nance College of Business Administration at Cleveland State University from 1975 to 1990. He was responsible for the development of graduate programs, including a doctoral program, as well as administering a full spectrum of undergraduate programs.

Smith was also a faculty member and chair of the Department of Accounting at the University of Rhode Island, as well as dean of the School of Business at Shippensburg State College.

Smith earned a B.S. in accounting from Providence College, an M.S. in accounting from the University of Massachusetts, and a Ph.D. in accounting from the University of Illinois.

Dr. Philip J. Harmelink, PhD, CPA is the Ernst & Young Professor of Accounting at the University of New Orleans. He has also served on numerous committees of the American Accounting Association, the American Taxation Association, the Federation of Schools of Accountancy and the Accounting Programs Leadership Group. Author or coauthor of more than 90 articles that have appeared in Journal of Accounting Research, Journal of the American Taxation Association, Taxes, The Tax Advisor, Taxation for Accountants, The CPA Journal, and other journals.

As the Professor of Taxation at Clarion University, Dr. James (Jim) Hasselback, PhD has dedicated considerable time and leadership to the accounting community as editor of the Hasselback Accounting Faculty Directory, published for the past 30 years, and acknowledged as the authoritative source of data about accounting faculty. Dr. Hasselback has published papers in a number of professional and academic journals, including The Accounting Review, The Tax Advisor, Financial Management, Journal of Real Estate Taxation, and the American Business Law Journal.