McGraw-Hill’s Taxation Series continues to provide a unique, innovative, and engaging learning experience for students studying taxation. The breadth of the topical coverage, the storyline approach to presenting the material, the emphasis on the tax and nontax consequences of multiple parties involved in transactions, and the integration of financial and tax accounting topics make this book ideal for the modern tax curriculum.
With over 275 schools adopting the 4th edition, McGraw-Hill’s Taxation of Individuals and Business Entities resonates with instructors who were in need of a bold and innovative approach to teaching tax. 350 professors have contributed 370 book reviews, in addition to 20 focus groups and symposia. These instructors were impressed on the book’s organization, pedagogy, and unique features that are a testament to the grassroots nature of this book’s development.
LEARNSMART! New for the 2014 edition! LearnSmart adaptive self-study technology within Connect Accounting helps students make the best use of their study time. LearnSmart provides a seamless combination of practice, assessment, and remediation for every concept in the textbook. LearnSmart’s intelligent software adapts to students by supplying questions on a new concept when they are ready to learn it. With LearnSmart, students will spend less time on topics they understand and practice more on those they have yet to master.
Intelligence Response Technology (IRT) in Connect: IRT is a redesigned student interface for our end-of-chapter assessment content. The benefits include improved answer acceptance to reduce students’ frustration with formatting issues (such as rounding). Also, select questions have been redesigned to test students’ knowledge more fully. They now include tables for students to work through rather than requiring that all calculations be done offline.
The book has been completely updated for all new tax law, rate changes, and 2012 tax forms. The book is current through February 2013. Other updates beyond September can be found on the book’s Online Learning Center, www.mhhe.com/spilker2014.
Relevant content changes have been integrated throughout the text. These notable changes include:
All tax forms have been updated for the latest available tax form as of January 2013. In addition, chapter content throughout the text has been updated to reflect tax law changes through January 2013.
In Chapter 2, chapter has been updated for tax law changes.
Chapter 3 has clarified potential non-tax issues involved with timing strategy and updated chapter for legislative changes.
In Chapter 4, the title has been modified to Individual Income Tax Overview, Personal and Dependency Exemptions, and Filing Status.
In Chapter 5, the authors revised discussion of dividends, meals and lodging provided for the employer’s convenience, and health care reimbursement.
In Chapter 6, revised discussion of moving expense deduction, medical expense deduction, mortgage interest deduction, and charitable contribution deduction.
Chapter 7 includes revised discussion of Alternative Minimum Tax, employee FICA taxes payable, and Self-Employment tax.
Chapter 9 has been updated for legislative changes and added discussion on repair regulations issued in December of 2011.
Chapters 10 and 11 have been updated for legislative changes.
In Chapter 13, the authors have created flowcharts for determining the amount of deductible contributions to traditional IRA’s. Other updated information on IRA’s has been included such as problem requirements for determining amount of spousal IRA contribution and new problems on taxpayer’s maximum contribution to IRAs in the aggregate.
Chapter 14 includes information about appropriate depreciation method and depreciable lives for rental property and for home offices.
Storyline Approach: Each chapter begins with a storyline that introduces a set of characters or a business entity facing specific tax-related situations. Each chapter’s examples are related to the storyline, giving students the opportunities to learn a set of client information and apply that data to a series of situations.
Conversational Writing Style: The authors took special care to write a textbook that fosters a friendly dialogue between the text and each individual student. The tone of the presentation is intentionally conversational – creating the impression of speaking with the student, as opposed to teaching to the student.
TaxACT for Business Entities: We will now offer both TaxACT’s Individual tax prep software, and their Entities bundle, which includes forms 1065, 1120 and 1120S as add-on products. This bundle combines TaxACT’s 2010 Preparer’s 1040 with the 2010 Preparer’s Business 3-Pack to offer preparer solutions for personal and business use.
Ethics Boxes: Ethics boxes were added to each chapter. These vignettes present a taxpayer facing an ethical question related to the material covered in the chapter. Students are encouraged to consider the many ethical questions raised by taxation law; these boxes are designed to start a conversation in the classroom about ethics in tax.
Superior Organization of Related Topics: Taxation of Individuals & Business Entities takes a fresh approach to taxation by grouping related topics together in theme chapters, including separate chapters on home ownership, compensation, investments, and retirement savings & deferred compensation.
Real World Focus: Students learn best when they see how concepts are applied in the real world. For that reason, real-world examples and articles are included in “Taxes from the Real World” boxes throughout the book. These vignettes demonstrate current issues in taxation and show the relevance of tax issues in all areas of business.
Better Examples: The examples used throughout the chapter relate directly to the storyline presented at the beginning of each chapter, so students become familiar with one fact set and learn how to apply those facts to different scenarios. In addition to providing in-context examples, we provide “What-If” scenarios within many examples to illustrate how variations in the facts might or might not change the answers.
Wide Variety Of Assignment Material: Research Problems are special problems throughout the end of the chapter’s assignment material. These require students to do both basic and more complex research on topics outside of the scope of the book. Each Research Problem includes an icon to differentiate it from regular problems. Planning Problems are another unique set of problems, also located at the end of the chapter’s assignment material. These require students to test their tax planning skills after covering the chapter’s topics. Each Planning Problem includes an icon to differentiate it from regular problems. Comprehensive and Tax Return Problems address multiple concepts in a single problem. Comprehensive problems are ideal for cumulative topics ; for this reason, they are located at the end of all chapters. In the end of book Appendix C, we include Tax Return Problems that cover multiple chapters.
Focus on Accuracy: Two new accuracy checkers were hired to review all manuscript and solutions (Patrice Johnson, University of Georgia; Cherie Hennig, UNC-Wilmington). These two users of the first edition know the ins and outs of the book, and contributed many valuable comments for the authors.
Author-Written Supplements to Ensure Quality and Consistency: The authors write all of the supplements for Taxation, including the Testbank, Solutions Manual, PowerPoints® and Instructor’s Manual. Each supplement has been reviewed by the author team to ensure consistency with the text material and accuracy. With the author’s personal involvement in each supplement, you can be assured that Taxation’s supplements are the same high quality as the book.
Table of Contents
Part I: Intro to Taxation
1. An Introduction to Tax
2. Tax Compliance, the IRS, and Tax Authorities
3. Tax Planning Strategies and Related Limitations
Part II: Basic Individual Taxation
4. Individual Income Tax Overview, Exemptions, and Filing Status
5. Gross Income and Exclusions
6. Individual Deductions
7. Individual Income Tax Computation and Tax Credits
Part III: Business and Investment–Related Transactions
8. Business Income, Deductions, and Accounting Methods
9. Property Acquisition and Cost Recovery
10. Property Dispositions
Part IV: Specialized Topics
13. Retirement Savings and Deferred Compensation
14. Tax Consequences of Home Ownership
Appendix A: Tax Forms
Appendix B: Tax Terms Glossary
Appendix C: Comprehensive Tax Return Problems
Appendix D: Code Indices
Appendix E: Table of Cases Cited
LearnSmart Access Card for McGraw-Hill's Taxation of Individuals 2014 Edition ISBN: 1259225674 Author(s): SPILKER
TaxAct Software for Fundamentals of Taxation 2013 Edition ISBN: 0077632001 Author(s): CRUZ