TEST BANK for Income Tax Fundamentals 2023 41st Edition by Gerald E. Whittenburg, Steven Gill
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About this ebook
TEST BANK for Income Tax Fundamentals 2023 (41st Edition) by Gerald E. Whittenburg and Steven Gill provides a concise, forms-based workbook approach to federal income tax preparation. The book features 12 core chapters that guide you step-by-step through individual taxation, business filings, and corporate structures. [1, 2, 3, 4, 5]
The primary topics and chapters covered in this edition include:
1. The Individual Income Tax Return
- History and social/economic objectives of the U.S. tax system.
- The basic individual tax formula.
- Filing requirements and the five filing statuses.
- Determining qualifying dependents and the standard deduction.
- Practical navigation of IRS Form 1040. [1, 2, 3]
2. Gross Income and Exclusions
- Defining and identifying taxable gross income.
- Statutory exclusions from gross income (e.g., life insurance proceeds, gifts, municipal bond interest).
- Tax treatment of interest, dividends, and retirement distributions. [1, 2, 3, 4]
3. Business Income and Expenses (Part I)
- Principles of sole proprietorship taxation via Schedule C.
- Identification of ordinary, necessary, and reasonable business expenses.
- Basic accounting for inventories and cost of goods sold. [1, 2]
4. Business Income and Expenses (Part II)
- Advanced business deductions and rules.
- Introduction to the Qualified Business Income (QBI) deduction for pass-through entities.
- Passive activity loss limitations and at-risk rules. [1, 2]
5. Itemized Deductions and Other Incentives
- Deductions from Adjusted Gross Income (AGI).
- Itemizing deductions on Schedule A (e.g., medical expenses, state and local taxes, mortgage interest, charitable contributions). [1, 2]
6. Credits and Special Taxes
- Distinction between nonrefundable and refundable tax credits.
- Child Tax Credit, Earned Income Credit (EIC), and education credits.
- The Alternative Minimum Tax (AMT) and other special taxes. [1, 2]
7. Accounting Periods, Methods, and Depreciation
- Selection of tax years (calendar vs. fiscal) and accounting methods (cash vs. accrual).
- MACRS depreciation rules and Section 179 expense elections.
- Amortization of intangible assets. [1, 2, 3]
8. Capital Gains and Losses
- Determining the tax basis of property.
- Rules for reporting capital gains and losses on Schedule D.
- Tax treatment of Section 1231 gains and losses on business property. [1, 2]
9. Withholding, Estimated Payments, and Payroll Taxes
- Employer withholding requirements and Form W-2.
- Estimated tax payment requirements for self-employed individuals.
- Overview of FICA, FUTA, and self-employment payroll taxes. [1, 2]
10. Partnership Taxation
- The conceptual framework of pass-through entities.
- Formation of partnerships and reporting on Form 1065.
- Allocation of income, deductions, and credits to partners via Schedule K-1. [1]
11. The Corporate Income Tax
- Taxation of C corporations using Form 1120.
- Corporate tax rates and calculating taxable corporate income.
- Introduction to S corporation status and Form 1120S. [1, 2]
12. Tax Administration and Tax Planning
- IRS audit selection processes, penalties, and interest interest calculation.
- Basic tax research and tax minimization strategies.
- Ethical guidelines for tax preparers. [1]
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TEST-BANK-for-Income-Tax-Fundamentals-2023-41st-Edition-by-Gerald-E.-Whittenburg-Steven-Gill.pdf
3.09 MB
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