CHAPTER 1
FEDERAL INCOME TAXATION - AN OVERVIEW
2019
Edition Topic Status
Questions
1 Adam Smith's system requirements Unchanged
2 How well income tax and employment taxes meet Adam Unchanged
Smith's requirements
3 Proportional, regressive, or proportional tax Unchanged
4 Proportional, regressive, or proportional tax Unchanged
5 Federal income tax as a revenue producer Unchanged
6 Collection of income taxes Unchanged
7 Sales tax versus excise tax Unchanged
8 Collection of sales and excise taxes Unchanged
9 Real property versus personal property taxes Unchanged
10 Gift tax Unchanged
11 Estate tax Unchanged
12 Valuation of gift and estate assets Unchanged
13 Payment of gift and estate taxes Unchanged
14 Primary sources of tax law Unchanged
15 Supreme Court cases Unchanged
16 Federal income tax base Unchanged
17 Exclusion Unchanged
18 Deferral versus exclusion Unchanged
19 Gross income versus income Unchanged
20 Deductibility of expenses Unchanged
21 Expense versus loss Unchanged
1-1
© 2019 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
,1-2
2019
Edition Topic Status
22 Transaction loss versus annual loss Unchanged
23 Legislative grace concept Unchanged
24 Inflation effects on taxes Unchanged
25 Pay-as-you-go collection of taxes Unchanged
26 Tax credits Unchanged
27 Tax credit versus deduction Unchanged
28 Tax credit versus deduction Unchanged
29 Statute of limitations Unchanged
30 Auditing returns Unchanged
31 IRS examinations Unchanged
32 30-day letters Unchanged
33 90-day letters Unchanged
34 Individual versus corporate taxable income Unchanged
35 Deductions for and from AGI Unchanged
36 Standard deduction Unchanged
37 Why study taxes? Unchanged
38 Goal of tax planning Unchanged
39 Tax planning-who benefits Unchanged
Problems
40 What is a tax? Unchanged
41 Definition of a tax - five scenarios Unchanged
42 Calculation of tax and tax rates (marginal, average, Unchanged
effective)
43 Calculation of tax - comparing entities Unchanged
© 2019 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
, 1-3
2019
Edition Topic Status
44 Social Security calculation/tax rate (marginal, average, Unchanged
effective)
45 Progressive, proportional, regressive taxes Unchanged
46-CT Progressive, proportional, regressive taxes Unchanged
47 Social Security tax calculation Unchanged
48 Social Security tax calculation Unchanged
49 Social Security tax calculation/payment by employer Unchanged
50 Self-employment tax calculation Unchanged
51 Social security/self-employment tax Unchanged
52 Classification of income items Unchanged
53 Classification of income items Unchanged
54 What is deductible? Unchanged
55 Classification of deduction items Unchanged
56 Calculation of taxable income/tax liability Unchanged
57 Calculation of taxable income/tax liability Unchanged
58-COMM Effect of deduction FOR/FROM adjusted gross income Unchanged
59-COMM Tax planning Unchanged
60 Gift versus Income Unchanged
61-CT Tax planning Unchanged
62 Tax planning Unchanged
63 Tax planning Unchanged
64-CT Tax planning - income splitting Unchanged
65 Evasion versus avoidance Unchanged
© 2019 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
, 1-4
2019
Edition Topic Status
66 Evasion versus avoidance Unchanged
67-IID Prepaid taxes Unchanged
68-IID Student loan interest Unchanged
69-IID Gift versus sale of stock Unchanged
70-IID Income splitting Unchanged
71 INTERNET Unchanged
72 INTERNET Unchanged
73 Research Problem Unchanged
74 Research Problem Unchanged
75 Spreadsheet Problem Unchanged
76-DC-CT Value-added Tax Unchanged
77-DC-CT How inflation adjustments preserve after tax income Unchanged
78-TPC- Actions an owner can take to reduce taxes Unchanged
COMM
79-EDC-CT Statements on Standards for Tax Services (SSTS) to Unchanged
situations in problem 67
© 2019 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
FEDERAL INCOME TAXATION - AN OVERVIEW
2019
Edition Topic Status
Questions
1 Adam Smith's system requirements Unchanged
2 How well income tax and employment taxes meet Adam Unchanged
Smith's requirements
3 Proportional, regressive, or proportional tax Unchanged
4 Proportional, regressive, or proportional tax Unchanged
5 Federal income tax as a revenue producer Unchanged
6 Collection of income taxes Unchanged
7 Sales tax versus excise tax Unchanged
8 Collection of sales and excise taxes Unchanged
9 Real property versus personal property taxes Unchanged
10 Gift tax Unchanged
11 Estate tax Unchanged
12 Valuation of gift and estate assets Unchanged
13 Payment of gift and estate taxes Unchanged
14 Primary sources of tax law Unchanged
15 Supreme Court cases Unchanged
16 Federal income tax base Unchanged
17 Exclusion Unchanged
18 Deferral versus exclusion Unchanged
19 Gross income versus income Unchanged
20 Deductibility of expenses Unchanged
21 Expense versus loss Unchanged
1-1
© 2019 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
,1-2
2019
Edition Topic Status
22 Transaction loss versus annual loss Unchanged
23 Legislative grace concept Unchanged
24 Inflation effects on taxes Unchanged
25 Pay-as-you-go collection of taxes Unchanged
26 Tax credits Unchanged
27 Tax credit versus deduction Unchanged
28 Tax credit versus deduction Unchanged
29 Statute of limitations Unchanged
30 Auditing returns Unchanged
31 IRS examinations Unchanged
32 30-day letters Unchanged
33 90-day letters Unchanged
34 Individual versus corporate taxable income Unchanged
35 Deductions for and from AGI Unchanged
36 Standard deduction Unchanged
37 Why study taxes? Unchanged
38 Goal of tax planning Unchanged
39 Tax planning-who benefits Unchanged
Problems
40 What is a tax? Unchanged
41 Definition of a tax - five scenarios Unchanged
42 Calculation of tax and tax rates (marginal, average, Unchanged
effective)
43 Calculation of tax - comparing entities Unchanged
© 2019 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
, 1-3
2019
Edition Topic Status
44 Social Security calculation/tax rate (marginal, average, Unchanged
effective)
45 Progressive, proportional, regressive taxes Unchanged
46-CT Progressive, proportional, regressive taxes Unchanged
47 Social Security tax calculation Unchanged
48 Social Security tax calculation Unchanged
49 Social Security tax calculation/payment by employer Unchanged
50 Self-employment tax calculation Unchanged
51 Social security/self-employment tax Unchanged
52 Classification of income items Unchanged
53 Classification of income items Unchanged
54 What is deductible? Unchanged
55 Classification of deduction items Unchanged
56 Calculation of taxable income/tax liability Unchanged
57 Calculation of taxable income/tax liability Unchanged
58-COMM Effect of deduction FOR/FROM adjusted gross income Unchanged
59-COMM Tax planning Unchanged
60 Gift versus Income Unchanged
61-CT Tax planning Unchanged
62 Tax planning Unchanged
63 Tax planning Unchanged
64-CT Tax planning - income splitting Unchanged
65 Evasion versus avoidance Unchanged
© 2019 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
, 1-4
2019
Edition Topic Status
66 Evasion versus avoidance Unchanged
67-IID Prepaid taxes Unchanged
68-IID Student loan interest Unchanged
69-IID Gift versus sale of stock Unchanged
70-IID Income splitting Unchanged
71 INTERNET Unchanged
72 INTERNET Unchanged
73 Research Problem Unchanged
74 Research Problem Unchanged
75 Spreadsheet Problem Unchanged
76-DC-CT Value-added Tax Unchanged
77-DC-CT How inflation adjustments preserve after tax income Unchanged
78-TPC- Actions an owner can take to reduce taxes Unchanged
COMM
79-EDC-CT Statements on Standards for Tax Services (SSTS) to Unchanged
situations in problem 67
© 2019 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
