South-Western Federal Taxation Comprehensive Volume

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Study Guide


South-Western Federal Taxation
   Comprehensive Volume
                                    2009 EDITION

                      Eugene Willis, Ph.D., CPA
                  University of Illinois, Urbana-Champaign


         William H. Hoffman, Jr., J.D., Ph.D., CPA
                                 University of Houston


                  David M. Maloney, Ph.D., CPA
                                 University of Virginia

                   William A. Raabe, Ph.D., CPA
                              The Ohio State University




                                      Prepared by

                      David M. Maloney, Ph.D., CPA
                                    University of Virginia



                      William A. Raabe, Ph.D., CPA
                                 The Ohio State University




  Australia  Brazil  Japan  Korea  Mexico  Singapore  Spain  United Kingdom  United States
  Study Guide to accompany South-                2009, 2008 South-Western, a part of Cengage Learning
  Western Federal Taxation:
  Comprehensive Volume, 2009 Edition
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Printed in the United States of America
1 2 3 4 5 6 7 12 11 10 09 08
                                                 CONTENTS

             PREFACE ........................................................................................................ v

Chapter 1    AN INTRODUCTION TO TAXATION ............................................................ 1-1

Chapter 2    WORKING WITH THE TAX LAW .................................................................. 2-1

Chapter 3    TAX DETERMINATION; PERSONAL AND DEPENDENCY
             EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS ............ 3-1

Chapter 4    GROSS INCOME: CONCEPTS AND INCLUSIONS .................................... 4-1

Chapter 5    GROSS INCOME: EXCLUSIONS ................................................................ 5-1

Chapter 6    DEDUCTIONS AND LOSSES: IN GENERAL .............................................. 6-1

Chapter 7    DEDUCTIONS AND LOSSES: CERTAIN BUSINESS EXPENSES
             AND LOSSES................................................................................................ 7-1

Chapter 8    DEPRECIATION, COST RECOVERY, AMORTIZATION,
             AND DEPLETION.......................................................................................... 8-1

Chapter 9    DEDUCTIONS: EMPLOYEE AND SELF-EMPLOYED-RELATED
             EXPENSES ................................................................................................... 9-1

Chapter 10   DEDUCTIONS AND LOSSES: CERTAIN ITEMIZED DEDUCTIONS ........ 10-1

Chapter 11   INVESTOR LOSSES................................................................................... 11-1

Chapter 12   TAX CREDITS AND PAYMENTS................................................................ 12-1

Chapter 13   PROPERTY TRANSACTIONS: DETERMINATION OF GAIN OR LOSS,
             BASIS CONSIDERATIONS, AND NONTAXABLE EXCHANGES............... 13-1

Chapter 14   PROPERTY TRANSACTIONS: CAPITAL GAINS AND LOSSES,
             SECTION 1231, AND RECAPTURE PROVISIONS.................................... 14-1

Chapter 15   ALTERNATIVE MINIMUM TAX ................................................................... 15-1

Chapter 16   ACCOUNTING PERIODS AND METHODS ................................................ 16-1

Chapter 17   CORPORATIONS: INTRODUCTION AND OPERATING RULES.......... ...17-1

Chapter 18   CORPORATIONS: ORGANIZATION AND CAPITAL STRUCTURE.......... 18-1




                                                            iii
Chapter 19   CORPORATIONS: DISTRIBUTIONS NOT IN COMPLETE
             LIQUIDATION.............................................................................................. 19-1

Chapter 20   CORPORATIONS: DISTRIBUTIONS IN COMPLETE
             LIQUIDATION AND AN OVERVIEW OF CORPORATE
             REORGANIZATIONS.................................................................................. 20-1

Chapter 21   PARTNERSHIPS......................................................................................... 21-1

Chapter 22   S CORPORATIONS .................................................................................... 22-1

Chapter 23   EXEMPT ENTITIES..................................................................................... 23-1

Chapter 24   MULTISTATE CORPORATE TAXATION.................................................... 24-1

Chapter 25   TAXATION OF INTERNATIONAL TRANSACTIONS .................................. 25-1

Chapter 26   TAX PRACTICE AND ETHICS.................................................................... 26-1

Chapter 27   THE FEDERAL GIFT AND ESTATE TAXES............................................... 27-1

Chapter 28   INCOME TAXATION OF TRUSTS AND ESTATES .................................... 28-1




                                                           iv
                                            PREFACE

This Study Guide accompanies the 2009 edition of West Federal Taxation: Comprehensive Volume.
The textbook is designed for a thorough one- or two-semester undergraduate or graduate course in
federal taxation. Thus, because the scope of the text is quite broad, you will be required to digest a
large amount of fairly complex information in a short period of time.

In recognition of the difficulty of such a task, this Study Guide was created. It offers you an
additional review of the content of the text chapters in outline form, to allow a rapid perusal.
Moreover, additional problems and exercises are contained in the Study Guide for review. These
exercises are presented in a self-evaluation format, with the suggested solutions directly following
the problem statements, so that you can receive immediate feedback as to the accuracy of your
answers. In addition, to aid further study, the reference is provided for each solution to the
appropriate section within the text where the relevant material is discussed. These problems take a
number of different formats, including true and false, fill-in-the-blank, multiple choice, and short
answers. We believe that this arrangement will maximize your understanding of the text material in a
reasonable period of time.

It is important that you use this Study Guide as an aid to mastering the material in the textbook, and
not as a replacement for it. We suggest that you incorporate the Study Guide into your regular study
routine, perhaps by reviewing the Chapter Highlights after reading the text, and then working the
Study Guide problems before attempting those assigned in the text.

We wish you the best of luck in your study of federal taxation and hope that this Study Guide will
prove beneficial!




                                                                    David M. Maloney
                                                                    William A. Raabe
                                                                    March 2008




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