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Principles of Business Taxation (2019)

Principles of Business Taxation (2019)

  • Author:
  • Publisher: CCH U.S.
  • ISBN: 9780808049043
  • Published In: April 2018
  • Format: Hardback , 760 pages
  • Jurisdiction: U.S. ? Disclaimer:
    Countri(es) stated herein are used as reference only

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  • Description 
  • Contents 
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    The CCH Principles of Business Taxation (2019) course approaches the study of taxation from the perspective of the student who will become a business person faced with decisions that are inevitably affected by tax considerations. This perspective leads to a very different coverage in this textbook -- coverage that is useful for accounting, finance and general business majors. The new edition focuses on the central concepts that build our tax framework and avoids small exceptions. Students studying with this book will confidently master the critical underpinnings of federal taxation and gain a stronger, more solid understanding of federal tax principles.

    Many items that pertain specifically to businesses (for example, inventory valuation issues) usually not discussed in a traditional undergraduate tax textbook are covered in this book. Although so many of the exclusions, deductions, and credits apply equally to individual and corporate taxpayers, this book focuses on the business perspective. An advantage to this approach is that most of the students who take only one course in taxation will learn how businesses are taxed and, in turn, will have a better appreciation for how taxes affect business decisions. Another advantage to this approach is that the topics dovetail into other business, finance and accounting course work.

    The focus is on concepts and how taxes affect business decisions. This includes various business entities including closely held business, pass-through entities and sole proprietorships.

    Principles of Business Taxation is revised annually by a panel of expert tax practitioners and educators. All chapters are reviewed as well as the ancillary materials and new test bank questions are added with each annual edition.

    PART I: OVERVIEW OF TAXES AND THE FEDERAL INCOME TAX SYSTEM

    • Part I of the textbook introduces students to the concept of taxes to gain a better appreciation for why taxes exist and how taxes allow governments to provide goods and services. The discussion involves equity considerations, and introduces the "ability to pay" and "wherewithal to pay" concepts, among others. After providing students with a survey of the various taxes that governments impose, the federal income tax is discussed in detail, since it is the focus of this book. An overview of the taxable income formulas is provided, as well as a discussion of the concept of flow-through entities as a business structure. This discussion sets the groundwork for the rest of the book. The second half of this Part discusses sources of U.S. federal income tax laws -- the Internal Revenue Code, Treasury regulations and case law. In addition to introducing students to the various types of tax authority, the "hierarchy" of these sources is discussed along with a strong consideration of tax planning, which is crucial for successful business operation and tax research.

    PART II: FEDERAL TAXATION OF BUSINESS INCOME AND DEDUCTIONS

    • Part II illustrates how businesses calculate taxable income starting with a discussion of accounting periods and methods, a more detailed overview of taxable income and how taxes are owed or refunded. The focus then shifts to a discussion of which items of income are taxed and which expenditures can be deducted against taxable income.

    PART III: TRANSACTIONS INVOLVING BUSINESS PROPERTY

    • Part III provides a substantive discussion of the tax consequences of owning property, such as depreciation, gain/loss on disposal, and the rules pertaining to property transactions. A comparison of the financial accounting depreciation methods and tax laws is emphasized in the chapter.

    PART IV: CALCULATING TAX LIABILITY AND TAXES OWED

    • Part IV discusses calculation of tax liability including discussions of net oper
    • PART I: OVERVIEW OF TAXES AND THE FEDERAL INCOME TAX SYSTEM
      • Chapter 1: Introduction to Taxation
        • Why Governments Must Tax
        • Allocating the Tax Burden
        • Deciding on a Tax Structure
        • Major Types of Tax
        • Factors To Consider When Creating a Tax
        • The Importance of Studying Federal Income Taxes Imposed on Businesses
      • Chapter 2: Understanding the Federal Tax Laws
        • Brief History of Federal Income Tax
        • Legislative Process and Sources of Law
        • Legislative Authority
        • Administrative Authority
        • Judicial Authority
        • Federal Tax Research
      • Chapter 3: Tax Accounting Rules
        • Accounting Periods
        • Accounting Methods
    • PART II: FEDERAL TAXATION OF BUSINESS INCOME AND DEDUCTIONS
      • Chapter 4:Federal Income Taxes and Gross Income
        • Calculating Taxable Income
        • Taxable Income (Gross Income Minus Deductions)
        • Taxes Owed (Tax Liability Minus Tax Credits Minus Estimated Payments)
        • Gross Income
        • Exclusions
      • Chapter 5: Business Deductions: Ordinary and Necessary Business Expenses
        • General Requirements for Deductibility
        • Timing
        • Start-Up Costs
        • Interest Expense
        • Taxes
        • Research and Experimentation
        • Dividends
        • Bad Debt
        • Charitable Contributions
      • Chapter 6: Business Deductions: Employment Related Expenses
        • Compensation Paid to Workers
        • Employee Benefits
        • Contributions Made to Employees Retirement Plans
        • Employment Taxes
        • Meals and Entertainment Expenses
        • Travel Expenses
        • Education
      • Chapter 7: Depreciation, Depletion, and Amortization
        • Depreciation
        • Depletion
        • Amortization
    • PART III: TRANSACTIONS INVOLVING BUSINESS PROPERTY
      • Chapter 8: Property Transactions: Realized and Recognized Gains and Losses
        • Realized vs. Recognized Gains and Losses
        • Losses Between Related Parties
        • Wash Sales
        • Qualified Small Business Stock
        • Rollover of Gain on the Sale of Publicly Traded Stock
        • Like-Kind Exchanges
        • Involuntary Conversions
        • Installment Sales
      • Chapter 9: Property Transactions: Character of Gain or Loss
        • Significance of Capital Gains and Losses
        • Generating Capital Gains and Losses
        • Sale or Exchange of Capital Assets
        • Section 1231 Gains and Losses
        • Business Casualty and Theft Gains and Losses
        • Review of Netting Process
        • Long-Term Capital Gains for Individual Taxpayers
    • PART IV: Calculating Tax Liability and Taxes Owed
      • Chapter 10: NOLs, AMT, and Other Business Taxes
        • Net Operating Losses
        • Alternative Minimum Tax
        • Accumulated Earnings Tax
        • Personal Holding Company Tax
      • Chapter 11: Tax Credits
        • Business Tax Credits Aimed at Encouraging Employers to Hire Certain Workers
        • Tax Credits Aimed at Encouraging Conservation of Energy
        • Tax Credits Aimed at Rewarding Research in Certain Areas
        • Tax Credits Aimed at Encouraging Economic Development
        • Foreign Income Tax Credit
    • PART V: Business Entity Issues
      • Chapter 12: Corporate Formation, Distributions and Other Corporate Related Tax Issues
        • Formation of a Corporation
        • Corporate Distributions
        • Reconciliation of Net Income and Taxable Income
      • Chapter 13: Sole Proprietorships, Partnerships, LLPs and LLCs
        • Taxable Income for Individuals Doing Business as a Sole Proprietor
        • Tax and Nontax Aspects of Partnerships
        • Forming a Partnership
        • Impact of Distributions
        • Limited Liability Companies and Limited Liability Partnerships
      • Chapter 14: S Corporations
        • Introduction to S Corporations
        • Advantages and Disadvantages of Operating as an S Corp
        • Allocating S Corporation Items
        • Tax Consequences to Shareholders
        • Adjustment of Shareholder’s Basis in Stock
        • Fringe Benefits for Shareholders
        • Corporate Tax on Excess Passive Investment Income
      • Chapter 15: Tax Planning for Business
        • Objectives of Planning
        • Basic Income Tax Planning
        • Other Tax Planning Issues
        • Family Tax Planning for Closely-Held Businesses
    • PART VI: Taxation of International Transactions
      • Chapter 16: Taxation of International Transactions
        • Inbound Transactions
        • Income Effectively Connected with a U.S. Trade or Business
        • Outbound Transactions
        • Foreign Tax Credit for Individuals
        • Foreign Tax Credit for Corporations
        • Tax Status of Nonresident Aliens and Foreign Corporations
        • Determining Sources of Income and Deductions
  • Geralyn A. Jover-Ledesma, LL.B., LL.M. (Taxation), CPA, is the principal of CPATAX SERVICES, INC., a tax, accounting and consulting firm. Ms. Jover-Ledesma specializes in federal, estate and international taxation. She is a licensed CPA in Illinois. Her practice also includes audit, accounting and wealth planning. She is currently an Adjunct Faculty at Harper College, Illinois.

    Ms. Jover-Ledesma earned her degrees in accounting and law from the University of the Philippines and her master's degree in law in taxation from Chicago-Kent College of Law, Illinois Institute of Technology.

     

     

    Gary L. Maydew, Ph.D, CPA, received his doctorate from the University of Illinois at Champaign-Urbana.

    A retired accounting professor at the College of Business at Iowa State University, Professor Maydew has published several books, including CCH's Agribusiness Accounting and Taxation, and more than 50 articles on taxation.

    His professional experience includes work in public accounting, teaching, consulting and researching small business taxation issues and planning.

     

    Janet L. Grange, J.D., CPA, earned her Juris Doctor degree from the University of Illinois – Champaign-Urbana. She earned her B.S. in Accounting from the University of Illinois - Chicago. Professor Grange is a tenured associate professor of accounting in the College of Business at Chicago State University. She has been teaching accounting at Chicago State University for 23 years. The courses she has taught are Federal Income Tax, Advanced Federal Income Tax, Business Law, Legal Environment of Business, Intermediate Accounting and Financial Accounting. Before teaching at Chicago State University, she worked at Grant Thornton (formerly, Alexander Grant & Co.) and Deloitte and Touche (formerly, Deloitte Haskins & Sells).

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