Adopted at over 100 schools, this casebook provides detailed information on federal income taxation, with specific assignments to the Internal Revenue Code, selected cases, and administrative rulings from the Internal Revenue Service. The revised and updated Nineteenth Edition retains the book’s long standing format and much of its prior materials, but it is updated to reflect recent events including all legislative developments, especially the 2017 Tax Cuts and Jobs Act (Pub. L. 115-97).
The new edition contains coverage of the provisions of the Tax Cuts and Jobs Act, including the following significant changes: (1) rate reductions for individuals, including a significant rate reduction for business income earned in pass-through entities, (2) changes liberalizing the cost recovery system (including §§ 179 and 168(k)), (3) restrictions on the home mortgage interest deduction and deduction for state and local taxes, (4) the elimination of the deduction for most entertainment expenditures, (5) the non-deductibility of miscellaneous itemized deductions and the effect of that change on other areas of deductions, (6) a new limitation on the deductibility of business interest, (7) a new limitation on excess business losses of noncorporate taxpayers, (8) repeal of the rules for alimony and separate maintenance payments after 2018, (9) the significant increase in the standard deduction and elimination of the exemption deduction, (10) changes in the accrual method of accounting, (11) the increase and expansion of the child tax credit, (12) a new 60% limitation applicable to cash gifts to public charities, (13) new rules limiting like-kind exchanges to real property exchanges, (14) “simplification” of the kiddie tax, and (15) increased exemption amounts under the alternative minimum tax which make the tax applicable to fewer individuals.
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