Concepts in Federal Taxation

Unique book for the first course in taxation takes a more conceptual, less technical approach to federal taxation. Briefer and easier to read, with less rule memorization and technical detail than traditional federal tax books. Students first understand the concepts behind federal taxation, then use these concepts as reference points to study tax issues and implications. An extensive variety of problems includes 2-3 problems for each key concept and over 900 total problems. About 20% of the problems are new to this edition; another 30% have been modified. Chapter 11, Cost Recovery on Property: Depreciation, Depletion, and Amortization, has been completely rewritten to enhance understanding of the Modified Accelerated Cost Recovery System (MACRS). A section on ethics in tax practice (Ch. 1) lays a foundation from which ethical discussion throughout the text can be viewed. Contains the AICPAs Statements on Responsibilities in Tax Practice in an appendix. Includes a full chapter on tax research (Ch. 15) at the end of the text.