Test Bank For Income Tax Fundamentals 40th Edition by Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill Copyright 2022 Chapter 1-15
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About this ebook
Test Bank For Income Tax Fundamentals (2022 Edition / 40th Edition) by Gerald E. Whittenburg, Martha Altus-Buller, and Steven Gill covers individual federal income tax preparation, tax laws, deductions, credits, and basic business and corporate taxation. [1]
The book uses a hands-on, "forms-based" workbook format designed to teach readers how to fill out the IRS Form 1040 and its supporting schedules.
Core Topics by Chapter
- Chapter 1: The Individual Income Tax Return – History and objectives of the U.S. tax system, the basic individual tax formula, filing requirements, filing statuses, qualifying dependents, standard deductions, and electronic filing.
- Chapter 2: Gross Income and Exclusions – Defining gross income, reporting salaries and wages, interest, dividends, and identifying legally excludable items (such as gifts, inheritances, and life insurance proceeds).
- Chapter 3: Business Income and Expenses (Part I) – Introduction to Schedule C, reporting trade or business income, and recognizing ordinary and necessary business expenses.
- Chapter 4: Business Income and Expenses (Part II) / Additional Income – Advanced business deductions, passive activity loss rules, and the Qualified Business Income (QBI) deduction.
- Chapter 5: Itemized Deductions and Other Incentives – Standard vs. itemized deductions on Schedule A, including medical expenses, state and local taxes (SALT), interest, and charitable contributions.
- Chapter 6: Credits and Special Taxes / Accounting Periods – Tax credits (like the Child Tax Credit and Education Credits), Alternative Minimum Tax (AMT), and tax accounting periods and methods.
- Chapter 7: Accounting Periods, Methods, and Depreciation – Modified Accelerated Cost Recovery System (MACRS), Section 179 expensing, and listing depreciation rules.
- Chapter 8: Capital Gains and Losses – Sales and exchanges of property, calculating realized and recognized gains/losses, and determining tax treatments for capital assets (Schedule D).
- Chapter 9: Withholding, Estimated Payments, and Payroll Taxes – Employee withholding (Form W-4), estimated tax payments for self-employed individuals, and Federal Insurance Contributions Act (FICA) taxes.
- Chapter 10: Partnership Taxation – Flow-through taxation entities, forming a partnership, calculating partner basis, and utilizing Schedule K-1.
- Chapter 11: The Corporate Income Tax – Fundamentals of C corporations and S corporations, Form 1120 structure, and corporate tax rates.
- Chapter 12: Tax Administration and Tax Planning – IRS audit processes, interest and penalties, electronic tax research, and basic tax avoidance vs. tax evasion planning concepts. [1, 2]
Practical Learning Elements Included
- Tax Software Integration: Step-by-step navigation using professional Intuit ProConnect Tax Online software.
- Real-World Source Documents: End-of-chapter problems utilizing authentic W-2s, 1099s, and actual client-style source materials. [1]
File included
Test-Bank-For-Income-Tax-Fundamentals-40th-Edition-by-Gerald-E.-Whittenburg-Martha-Altus-Buller-Steven-Gill-Copyright-2022-Chapter-1-15.pdf
2.23 MB
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