Principles of Business Taxation (2019)

Author(s): Geralyn Jover-Ledesma, David L. Gibberman, CCH Editorial Staff

Published: Apr 27, 2018
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$235



ISBN: 9780808049043
Product Number: 10030173-0009
Volumes: 1
Update Frequency: Annually
760 Pages

The CCH Principles of Business Taxation (2019) course approaches the study of taxation from the perspective of the student who will become a business person faced with decisions that are inevitably affected by tax considerations. This perspective leads to a very different coverage in this textbook -- coverage that is useful for accounting, finance and general business majors. The new edition focuses on the central concepts that build our tax framework and avoids small exceptions. Students studying with this book will confidently master the critical underpinnings of federal taxation and gain a stronger, more solid understanding of federal tax principles.

Many items that pertain specifically to businesses (for example, inventory valuation issues) usually not discussed in a traditional undergraduate tax textbook are covered in this book. Although so many of the exclusions, deductions, and credits apply equally to individual and corporate taxpayers, this book focuses on the business perspective. An advantage to this approach is that most of the students who take only one course in taxation will learn how businesses are taxed and, in turn, will have a better appreciation for how taxes affect business decisions. Another advantage to this approach is that the topics dovetail into other business, finance and accounting course work.

The focus is on concepts and how taxes affect business decisions. This includes various business entities including closely held business, pass-through entities and sole proprietorships.

  • PART I: OVERVIEW OF TAXES AND THE FEDERAL INCOME TAX SYSTEM
    • Part I of the textbook introduces students to the concept of taxes to gain a better appreciation for why taxes exist and how taxes allow governments to provide goods and services. The discussion involves equity considerations, and introduces the "ability to pay" and "wherewithal to pay" concepts, among others. After providing students with a survey of the various taxes that governments impose, the federal income tax is discussed in detail, since it is the focus of this book. An overview of the taxable income formulas is provided, as well as a discussion of the concept of flow-through entities as a business structure. This discussion sets the groundwork for the rest of the book. The second half of this Part discusses sources of U.S. federal income tax laws -- the Internal Revenue Code, Treasury regulations and case law. In addition to introducing students to the various types of tax authority, the "hierarchy" of these sources is discussed along with a strong consideration of tax planning, which is crucial for successful business operation and tax research.
  • PART II: FEDERAL TAXATION OF BUSINESS INCOME AND DEDUCTIONS
    • Part II illustrates how businesses calculate taxable income starting with a discussion of accounting periods and methods, a more detailed overview of taxable income and how taxes are owed or refunded. The focus then shifts to a discussion of which items of income are taxed and which expenditures can be deducted against taxable income.
  • PART III: TRANSACTIONS INVOLVING BUSINESS PROPERTY
    • Part III provides a substantive discussion of the tax consequences of owning property, such as depreciation, gain/loss on disposal, and the rules pertaining to property transactions. A comparison of the financial accounting depreciation methods and tax laws is emphasized in the chapter.
  • PART IV: CALCULATING TAX LIABILITY AND TAXES OWED
    • Part IV discusses calculation of tax liability including discussions of net operating losses, AMT and other business tax liabilities. In addition, chapter 11 addresses the topic of tax credits, which function to reduce taxes owed. This part helps students gain an understanding of how the tax liability is calculated for corporations and for individuals or businesses who operate a business as a sole proprietorship or in the form of a pass-through entity such as a partnership, LLC, LLP or S corporation.
  • PART V: SPECIFIC BUSINESS ENTITY ISSUES
    • Part V discusses the tax laws unique to different business entities. This Part discusses corporate formation, distribution and other corporate tax issues. Part V also discusses the business tax structure and considerations for sole proprietorships and flow-through entities including S corporations. The tax rate structure is examined as well as the reduced tax rates that apply to qualified dividends and net capital gains. Part V also discusses tax planning issues and brings the student information that allows them to understand the significance of tax considerations in the operation of a business.
  • PART VI: TAXATION OF INTERNATIONAL TRANSACTIONS
    • Part VI introduces the student to the operation of U.S. taxation of international transactions. As business becomes increasingly global, virtually all business must consider issues of taxation in international transactions. Part VI addresses the tax structure of inbound transactions, effectively connected income, outbound transactions, foreign tax credits for individuals and business, tax status and more. This Part VI is a sound addition to Principles of Business Taxation and provides the student with a basic understanding of tax consequences affecting businesses involved in international transactions.

Principles of Business Taxation (2018) is now available in an eBook format which you can download to your computer instantly.

  • Table of Contents
  • Principles of Business Taxation (2019)

    Topics and Content

     

    • PART I: OVERVIEW OF TAXES AND THE FEDERAL INCOME TAX SYSTEM
      • Chapter 1: Introduction to Taxation
        • Why Governments Must Tax
        • Allocating the Tax Burden
        • Deciding on a Tax Structure
        • Major Types of Tax
        • Factors To Consider When Creating a Tax
        • The Importance of Studying Federal Income Taxes Imposed on Businesses
      • Chapter 2: Understanding the Federal Tax Laws
        • Brief History of Federal Income Tax
        • Legislative Process and Sources of Law
        • Legislative Authority
        • Administrative Authority
        • Judicial Authority
        • Federal Tax Research
      • Chapter 3: Tax Accounting Rules
        • Accounting Periods
        • Accounting Methods
    • PART II: FEDERAL TAXATION OF BUSINESS INCOME AND DEDUCTIONS
      • Chapter 4:Federal Income Taxes and Gross Income
        • Calculating Taxable Income
        • Taxable Income (Gross Income Minus Deductions)
        • Taxes Owed (Tax Liability Minus Tax Credits Minus Estimated Payments)
        • Gross Income
        • Exclusions
      • Chapter 5: Business Deductions: Ordinary and Necessary Business Expenses
        • General Requirements for Deductibility
        • Timing
        • Start-Up Costs
        • Interest Expense
        • Taxes
        • Research and Experimentation
        • Dividends
        • Bad Debt
        • Charitable Contributions
      • Chapter 6: Business Deductions: Employment Related Expenses
        • Compensation Paid to Workers
        • Employee Benefits
        • Contributions Made to Employees Retirement Plans
        • Employment Taxes
        • Meals and Entertainment Expenses
        • Travel Expenses
        • Education
      • Chapter 7: Depreciation, Depletion, and Amortization
        • Depreciation
        • Depletion
        • Amortization
    • PART III: TRANSACTIONS INVOLVING BUSINESS PROPERTY
      • Chapter 8: Property Transactions: Realized and Recognized Gains and Losses
        • Realized vs. Recognized Gains and Losses
        • Losses Between Related Parties
        • Wash Sales
        • Qualified Small Business Stock
        • Rollover of Gain on the Sale of Publicly Traded Stock
        • Like-Kind Exchanges
        • Involuntary Conversions
        • Installment Sales
      • Chapter 9: Property Transactions: Character of Gain or Loss
        • Significance of Capital Gains and Losses
        • Generating Capital Gains and Losses
        • Sale or Exchange of Capital Assets
        • Section 1231 Gains and Losses
        • Business Casualty and Theft Gains and Losses
        • Review of Netting Process
        • Long-Term Capital Gains for Individual Taxpayers
    • PART IV: Calculating Tax Liability and Taxes Owed
      • Chapter 10: NOLs, AMT, and Other Business Taxes
        • Net Operating Losses
        • Alternative Minimum Tax
        • Accumulated Earnings Tax
        • Personal Holding Company Tax
      • Chapter 11: Tax Credits
        • Business Tax Credits Aimed at Encouraging Employers to Hire Certain Workers
        • Tax Credits Aimed at Encouraging Conservation of Energy
        • Tax Credits Aimed at Rewarding Research in Certain Areas
        • Tax Credits Aimed at Encouraging Economic Development
        • Foreign Income Tax Credit
    • PART V: Business Entity Issues
      • Chapter 12: Corporate Formation, Distributions and Other Corporate Related Tax Issues
        • Formation of a Corporation
        • Corporate Distributions
        • Reconciliation of Net Income and Taxable Income
      • Chapter 13: Sole Proprietorships, Partnerships, LLPs and LLCs
        • Taxable Income for Individuals Doing Business as a Sole Proprietor
        • Tax and Nontax Aspects of Partnerships
        • Forming a Partnership
        • Impact of Distributions
        • Limited Liability Companies and Limited Liability Partnerships
      • Chapter 14: S Corporations
        • Introduction to S Corporations
        • Advantages and Disadvantages of Operating as an S Corp
        • Allocating S Corporation Items
        • Tax Consequences to Shareholders
        • Adjustment of Shareholder’s Basis in Stock
        • Fringe Benefits for Shareholders
        • Corporate Tax on Excess Passive Investment Income
      • Chapter 15: Tax Planning for Business
        • Objectives of Planning
        • Basic Income Tax Planning
        • Other Tax Planning Issues
        • Family Tax Planning for Closely-Held Businesses
    • PART VI: Taxation of International Transactions
      • Chapter 16: Taxation of International Transactions
        • Inbound Transactions
        • Income Effectively Connected with a U.S. Trade or Business
        • Outbound Transactions
        • Foreign Tax Credit for Individuals
        • Foreign Tax Credit for Corporations
        • Tax Status of Nonresident Aliens and Foreign Corporations
        • Determining Sources of Income and Deductions

     

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