Introduction -- Introduction -- Income in respect of a decedent (IRD). Compensation for services -- Damages and loss recovery -- Tax benefit rule -- Gifts and inheritances -- Cancellation of debt -- Claim of right and illegal income -- Annuities, life insurance, and miscellaneous income -- Adjusted gross income, itemized deductions, the standard deduction, and personal and dependent exemptions -- Installment method -- Joint returns, head of household, and surviving spouse -- Anticipatory assignment of income and the kiddie tax -- Alimony and child support -- Interest expense -- State and local taxes -- Losses -- Medical expenses -- Charitable contributions -- Business and nonbusiness expenses -- Depreciation and amortization -- Miscellaneous credits and deductions -- Realization and recognition -- Capital gains and losses -- Quasi-capital assets, recapture of depreciation, and sale of a business -- Anticipation of income -- Alternative minimum tax -- Income in respect of a decedent (IRD).
Summary:
"The authors provide...explanations of the tax principles that underlie the tax system. For example, the doctrines of anticipatory assignment of income, anticipation of income, realization and nonrecognition are discussed in detail. Other important concepts such as substance versus form, economic substance, and the recission doctrine are explained. While the book does not discuss every statutory provision of the Code, many are examined and explained. For example, the operation of the capital gains provisions, the quasi-capital asset provision of Section 1231, the medical expense provision, the nonrecognition provisions of Sections 108, 1031 and 1033 are examined in detail. Not only is Section 108 examined, but the larger topic of cancellation of indebtedness is discussed. The authors devote significant attention to Sections 1031 and 1033 because those provisions are typical of nonrecognition statutes and prepare a student for the complex nonrecognition provisions the student will encounter in an advanced tax course. Depreciation and recapture of depreciation are examined in detail and their underlying principles are described. In addition to textual discussion of statutes and basic tax concepts and principles, the authors have provided a number of illustrations to show how the various provisions of the code operate. There is discussion of the tax policies that underlie statutory provisions and how the knowledge of those policies can help arrive at a proper construction and application of the statutes. The book incorporates the changes to the code made by the 2017 Tax Cuts and Jobs Act."-- Publisher's website.
This resource is supported by the Institute of Museum and Library Services under the provisions of the Library Services and Technology Act as administered by State Library of Iowa.