Written by nationally recognized tax educators, this acclaimed three-volume series provides a hands-on, definitive guide to federal income taxation concepts and applications. For the "2001 edition there is a web-site offering great resources and huge $$avings for on-line student supplements available with the books, and the accounting hotline offers immediate service for faculty. (PHFT: Corp - See ANDERSON)
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PREFACE OBJECTIVES AND USE
This text is designed for use in a first course in federal taxation for undergraduate accounting and business students. The text materials have been updated to reflect recent legislative, judicial, and administrative changes in the tax law through January 1, 2000.
A companion volume, Prentice Hall's Federal Taxation, 2001: Corporations, Partnerships, Estates, and Trusts, is published for use in the second course in federal taxation. A combined two-semester volume, Prentice Hall's Federal Taxation, 2001: Comprehensive, joins 14 chapters of the Individuals volume with 14 chapters of the Corporations, Partnerships, Estates, and Trusts volume. Either the Individuals text or the Comprehensive volume may be used with a one-term survey course for undergraduate or graduate students.
Our objective is to provide a readable format with a high level of technical content. We accomplish this through a process of continuous review, improvement, and clarification of the text, examples, and problem material. If you find what you believe is an error, please provide the item to one of the editors along with your comments. We maintain this level of content by focusing on primary topics and relegating minor exceptions to footnotes. FEATURES The 2001 Edition of Prentice Hall's Federal Taxation continues to include an online Multistate Income Taxation chapter. This chapter provides tax instructors with a vehicle to introduce students to a topic of increasing importance among tax practitioners. It provides an overview of state and local tax systems, as well as a more in-depth discussion of state income tax issues such as nexus, corporate filing options, the definition of state taxable income, allocation and apportionment, and state taxation of S Corporations, partnerships and limited liability companies. A complete set of assignment material is available with the chapter in addition to links to related Internet resources. Instructors and students may download the chapter, free of charge, from the web site that accompanies the book prenball/phtax. Chapter 15: Tax Research. This chapter has been extensively updated to (1) provide more information on the steps in the research process and (2) explain the role of computers in tax research. A special supplement called How To Do Tax Research is available from the website at prenhall/phtax. This downloadable supplement further enhances coverage by explaining how to electronically research a problem based on an actual case. A careful choice of topics. Users have found favor with the choice of topics and the extent of detail presented throughout the text. They are particularly pleased with our balance between exhaustive detail and too little detail for topics such as tax research, passive activity losses, and the alternative minimum tax. Unique chapter organization. The Individuals volume differs from other texts on the market with its early coverage of property transactions, two chapters on the taxation of business entities, and a highly acclaimed chapter on tax planning using the Scholes and Wolfson approach. Clear examples. Users regularly praise the clarity and number of examples in this text. Margin notes. Students appreciate learning about more than just tax rules so we developed a series of comments in the margin to enrich their learning experience.
Key Points emphasize areas where students require repetition and reinforcement.
Typical Misconceptions identify concepts that students are likely to misunderstand and help them correct their thinking before they take a wrong approach.
Real World Examples provide facts and anecdotes about actual companies and real-life strategies.
Additional Comments elaborate on material presented in the text. Self-Study Questions provide an in-text study guide. Each question is accompanied by a full solution.
Historical Notes offer a comprehensive understanding of concepts by examining them in their historical context.
Ethical Points focus on ethical questions that confront the tax practitioner, and are designated with an ethics icon.
Topic Reviews. Each chapter contains several topic reviews to help students organize their understanding of the material and aid in preparing for exams. Many of these reviews are in tabular form for easy reference. Tax Planning Considerations. For the forward-looking part of the tax profession, students need to learn how to offer tax-saving advice for their clients. Our Tax Planning Considerations offer this insight once the basics of the rules have been established. Compliance and Procedural Considerations. Forms, procedures, and timing are addressed in the Compliance and Procedural Consideration section at the end of each chapter. Footnotes. An important component of "learning to learn" is knowing where to turn for authoritative information. We collected important references to the tax authorities in the footnotes for students to use as sources. A full complement of assignment material. The typical format for each chapter includes: discussion questions, issue identification questions, problems, comprehensive problems, tax form/return preparation problems, case study problems, and tax research problems. Tax return problems that can be solved using TaxCut software are marked with an icon. Oral and written communications. More emphasis is being placed on oral and written communication skills by the various accounting professional organizations (e.g., the American Institute of CPAs and the Accounting Education Change Commission). The case study problems at the end of each chapter are designed to meet this need by requiring students to consider a number of alternatives and present a written or oral solution to the problem. None of these case studies require the student to research the tax law. Expanded coverage of ethics. Most chapters contain boxes labeled "What Would You Do in This Situation?" and a reprinting of the AICPA's Statements on Responsibilities in Tax Practice appears in an appendix expands our coverage of ethics. The boxes include many controversies that are as yet unresolved or currently being considered by the courts. They represent choices that may put the practitioner at odds with the client, and are grounded on ethical parameters discussed in various standards, codes of conduct, or Treasury Department circulars. Students are asked to indicate what they would do if they found themselves in the same situation as well as the ethical implications of their actions. The boxes and the Statements on Responsibilities enhance the Ethical Point margin notes and the Case Studies already found in the text. Stop & Think feature. These "speedbumps" ask students to stop and think about a business application of tax, or an extension of the basic material, at various points in the chapter. These are not "boxes," which typically fall outside the running text and can be bypassed. They are part of the text, complete with solutions to show students "how to do it," and identified by the icon you see here in the margin. Issue identification questions. Part of the process of learning involves sorting out important information from unimportant details. In an area as detail-oriented as taxation, developing the ability to identify key issues is of paramount importance. We include questions at the end of each chapter that ask students to focus on the important questions that practitioners face on a daily basis. Improvements in the Test Bank. SUPPLEMENTAL MATERIALS
The text includes a full complement of supplementary materials. Adopters are encouraged to use these materials to enhance their teaching effectiveness and the students' learning experience. The following aids are available for instructor and student use: INSTRUCTOR AIDS Loose-Leaf Edition — All text versions are available in a three-hole punched, shrink-wrapped format. Instructor's Guide — This specially crafted instructor's guide includes sample syllabi, instructor's outlines, a series of interesting court cases to teach, a summary of modifications, deletions, and additions to the end-of-chapter problems, and selected teaching assignments. The instructor's outlines are also available on diskettes and may be downloaded from the faculty resources link at prenhall/phtax. Faculty password and user i.d. may be obtained from your Prentice Hall Representative. Solutions Manual — This volume includes solutions to the discussion questions, problems, and comprehensive problems. The solutions to the tax form/tax return preparation problems, case studies, and the research problems are included in the instructor's guide. The solutions manual is also available on disk and new to this edition: the solutions manual may be downloaded from the faculty resource link at prenhall/phtax. Faculty password and user i.d. may be obtained from your Prentice Hall representative. Test Bank — An extensive array of true-false, multiple choice, essay questions, and calculative problems are included. Prentice Hall Test Manager by ESA, Inc. — This easy-to-use computerized testing program can create exams, evaluate, and track student results. PH Test Manager also provides on-line testing capabilities. Test items are drawn from the test item file. Call-in testing at 1-800-5501701 is also available on this title Monday-Friday, 8:00 a.m.-8:00 p.m., EST. PowerPoint Transparencies — Approximately 300 full color electronic transparencies are available for each book to enrich the teaching experience. Instructors can make additions or modifications to the transparencies prior to using them in class. The PowerPoint transparencies may also be downloaded from the faculty resource link prenball/phtax site. Faculty password and user i.d. may be obtained from your Prentice Hall representative. Web Site — Prentice Hall has created a unique Web site designed to meet the needs of students and faculty. This website prenhall/phtax contains free student resources, free faculty resources, and premium student resources. These resources are described below:
Free Student Resources include:
Tax Law updates
Inflation adjusted figures
Student study tips
These tools are not password protected
A free preview of the study guide allows students to try out the study guide for the first two chapters of each text and access to two cases each from the on-line cases for Individual and Corporations.
Free Faculty Resources include downloadable files for:
Instructor solutions manual
Solutions for on-line tax practice problems
These tools are provided at no charge to adopting faculty members and are password protected (Faculty password and user i.d. may be obtained from your Prentice Hall representative.)
Premium Student Resources: On-line "Study Guide"—Students can check their understanding of chapter topics with a variety of multiple-choice and true/false questions, computational problems, case study problems, and tax return preparation problems. Each quiz includes "hints", immediate scoring, graphical results reporter, explanation of incorrect answers, and the ability to e-mail results to a faculty member or other designated individual. On-line tax cases for Individuals and Corporations
a) "Life of Riley" tax cases require the student to research specific questions in order to complete the tax return for a given individual. Forms are available in a downloadable format.
b) "Endorphin USA" tax cases require the student to research specific questions in order to complete the entire tax return for Endorphin USA as a C corporation, S corporation, or partnership. Forms are available in a downloadable format.
Students wishing to purchase the premium student resources can purchase directly through the Web site by clicking the buy subscription link, or they can order the passcode for online supplements through their bookstore by using ISBN 0-13-026029-0.
TaxCut Software—This software allows you to easily prepare your individual tax return by asking you questions just like a tax professional would and filling in the form for you. TaxCut audits you return before you file, allows you to print IRS-approved forms on your own printer and offers context sensitive IRS instructions. The software is free to professors adopting a Prentice Hall tax text and students can purchase copies for $19.95 directly from Block Financial Corp. by using the coupons found in the book. Tax Analysts' OneDisc CD-ROM—Provides all the tools used by tax professionals to do research—Code, regulations, revenue rulings and procedures, court decisions and more! The software is free to professors adopting a Prentice Hall tax text and students can purchase copies for $19.99 directly from Tax Analysts by using the coupon found in the book.From the Back Cover:
Written by nationally recognized tax educators, this book provides a hands-on, definitive guide to federal income taxation concepts and applications. Chapter on Multistate income taxation. TaxCut Software. Tax Analysts' OneDisc CD-ROM. For accountants and MBAs who wish to brush up on the latest federal income tax concepts and applications.
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