Introduction -- Overview of gross income -- Income from performing services -- Gratuitous transfers; transfers between spouses and former spouses -- Gain and loss : basis and amount realized -- Excluded gains -- Life insurance and annuities -- Discharge of indebtedness -- Compensation for injuries or sickness -- Miscellaneous inclusions and exclusions -- Overview of deductions and credits -- Business and income-producing expenses -- Personal expenses -- Losses from discrete events -- Losses from activities -- Taxable year and accounting methods -- Gain and loss : nonrecognition provisions -- Character of gain and loss; depreciation recapture; Section 1239 -- Capital gains and losses -- Filing status and allocating income -- Income-producing entities.
Summary:
"This book is specifically designed for students taking an income tax class for the first time and is written from the perspective of a student. The book explains the meaning of the concepts that students will find in all of the leading casebooks and is intended to supplement those casebooks by explaining cases, code sections, and regulations that are necessary to understanding income tax. The discussion of each topic is designed to provide insight into complicated areas but is not intended to be exhaustive. Instead, this companion book is long enough to be useful but short enough to be helpful in assisting students in understanding the primary concepts in an income tax course. The book begins each chapter with a outline of the topics discussed, a glossary of the fundamental terms used in the chapter, a chapter overview, and numerous examples to illustrative the concepts discussed in the chapter"-- Provided by publisher.
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.