Federal Income Tax: A Guide to the Internal Revenue Code (University Treatise Series)

This book is designed for students taking a course in federal income tax, or for students in an advanced tax course who seek an explanation of an area in the basic income tax system that they had not learned or had forgotten. The authors provide clear concise explanations of the tax principles that underlie the tax system. For example, the doctrines of anticipatory assignment of income, anticipation of income, realization and nonrecognition are discussed in detail. Other important concepts such as substance versus form, economic substance, and the recission doctrine are explained.

While the book does not discuss every statutory provision of the Code, many are examined and explained. For example, the operation of the capital gains provisions, the quasi-capital asset provision of section 1231, the medical expense provision, the nonrecognition provisions of sections 108, 1031 and 1033 are examined in detail. Not only is section 108 examined, but the larger topic of cancellation of indebtedness is discussed. The authors devote significant attention to sections 1031 and 1033 because those provisions are typical of nonrecognition statutes and prepare a student for the complex nonrecognition provisions the student will encounter in an advanced tax course. Depreciation and recaptu(more...)