TEST BANK for South-Western Federal Taxation 2022: Essentials of Taxation: Individuals and Business Entities. 25th Edition by Annette Nellen, Andrew D. Cuccia, Mark Persellin and James C. Young. All Chapters 1-22.
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TEST BANK for South-Western Federal Taxation 2022: Essentials of Taxation: Individuals and Business Entities. 25th Edition by Annette Nellen, Andrew D. Cuccia, Mark Persellin and James C. Young. All Chapters 1-22.

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595
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8.25 MB
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Finance
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TEST BANKS
About this ebook
The TEST BANK for South-Western Federal Taxation 2022: Essentials of Taxation: Individuals and Business Entities (25th Edition) by Annette Nellen, Andrew D. Cuccia, and Mark Persellin provides a concise, high-level overview of the U.S. federal tax system. It balances coverage between individual taxpayers and corporate/flow-through business entities. [1, 2, 3]
The core topics covered in this edition are organized into six distinct parts: [1]
Part 1: The World of Taxation
  • Introduction to Taxation: History, structure, and types of U.S. taxes (income, employment, property, sales, and excise).
  • Working with the Tax Law: Sources of statutory, administrative, and judicial tax authorities; executing basic tax research.
  • Taxes in the Financial Statements: Conceptual foundation of corporate income tax reporting, including accounting for income taxes under GAAP (ASC 740). [1, 2]
Part 2: Structure of the Federal Income Tax
  • Gross Income Framework: Broad concepts of gross income, exclusions, and basic inclusions for individuals and businesses.
  • Deductions and Losses: General rules for business and personal expenses, trade or business deductions, and limitations on losses.
Part 3: Property Transactions
  • Basis Determination: Cost basis, adjusted basis, and tracking property values.
  • Gain and Loss Recognition: Rules for calculating and timing realized versus recognized gains and losses.
  • Capital Gains and Section 1231: Taxation of capital assets and specialized rules for assets used in a trade or business.
Part 4: Taxation of Individuals
  • Individual Tax Formula: Computing adjusted gross income (AGI), standard versus itemized deductions, and dependent rules.
  • Tax Credits: Available credits such as the Child Tax Credit, Earned Income Credit, and education credits.
Part 5: Business Entities
  • Corporations (C Corps): Formation, operational taxation, filing obligations, and distributions.
  • Flow-Through Entities: Taxation of partnerships, S corporations, limited liability companies (LLCs), and sole proprietorships.
  • Estates and Trusts: Foundational overview of fiduciary taxation and income shifting mechanisms. [1, 2]
Part 6: Special Business Topics / Additional Tax Topics
  • Multistate Corporate Taxation: Overview of state allocation and apportionment rules.
  • International Taxation: Core mechanics of taxing cross-border transactions and foreign source income.
Core Legislative Integration & Features
  • Tax Cuts and Jobs Act (TCJA): Integrated coverage of the TCJA rules and subsequent treasury guidance.
  • 2021 Tax Updates: Incorporates tax developments up to 2021.
  • Becker CPA Questions: Includes sample review questions to prepare for professional accounting exams. [1, 2]

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South-Western-Federal-Taxation-2022-Essentials-of-Taxation-Individuals-and-Business-Entities.pdf 8.25 MB

Topics

and sole proprietorships. apital Gains and Section 1231 Basis Determination: Cost basis adjusted basis Business Entities Corporations (C Corps): Formation Computing adjusted gross income (AGI) Deductions and Losses: General rules for business and personal expenses Estates and Trusts: Foundational overview of fiduciary taxation Flow-Through Entities: Taxation of partnerships foundation of corporate income tax reporting Gain and Loss Recognition: Rules for calculating and timing realized versus recognized gains and losses Gross Income Framework: Broad concepts of gross income Integrated coverage of the TCJA rules and subsequent treasury guidance. International Taxation: Core mechanics of taxing cross-border transactions and foreign source income. Multistate Corporate Taxation: Overview of state allocation and apportionment rules. S corporations limited liability companies (LLCs) Special Business Topics / Additional Tax Topics standard versus itemized deductions Structure of the Federal Income Tax Tax Cuts and Jobs Act (TCJA) Taxation of Individuals Individual Tax Formula Taxes in the Financial Statements The World of Taxation Introduction to Taxation Working with the Tax Law
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