Solution Manual Concepts in Federal Taxation 2018 25th Kevin E. Murphy

Solution Manual for Concepts in Federal Taxation 2018 25th Edition by Kevin E. Murphy

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Solution Manual for Concepts in Federal Taxation 2018 25th Edition by Kevin E. Murphy

Table of Contents

Part 1: Conceptual Foundations of the Tax Law
Chapter 1: Federal Income Taxation—An Overview
1-1 Introduction
1-2 Definition and Evaluation of a Tax
1-2a Definition of a Tax
1-2b Standards for Evaluating a Tax
1-2c Tax Rates and Structures
1-3 Major Types of U.S. Taxes
1-3a Income Taxes
1-3b Employment Taxes
1-3c Sales Tax
1-3d Property Taxes
1-3e Other Taxes
1-4 Sources of Federal Income Tax Law
1-5 Federal Income Tax Terminology
1-5a Income
1-5b Deductions
1-5c Income Tax Rates
1-5d Tax Prepayments
1-5e Tax Credits
1-5f Filing Returns
1-6 The Audit and Appeal Process within the IRS
1-6a Tax Return Selection Processes
1-6b Types of Examinations
1-6c Settlement Procedures
1-6d Administrative Appeals
1-7 Individual Income Tax Calculation
1-7a Deductions for Adjusted Gross Income
1-7b Deductions from Adjusted Gross Income
1-7c Personal and Dependency Exemptions
1-8 Tax Planning
1-8a Mechanics of Tax Planning
1-8b Tax Evasion and Tax Avoidance
1-9 Ethical Considerations in Tax Practice
Chapter Summary
Key Terms
Primary Tax Law Sources
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Chapter 2: Income Tax Concepts
2-1 Introduction
2-2 General Concepts
2-2a Ability-to-Pay Concept
2-2b Administrative Convenience Concept
2-2c Arm’s-Length Transaction Concept
2-2d Pay-as-You-Go Concept
2-3 Accounting Concepts
2-3a Entity Concept
2-3b Annual Accounting Period Concept
2-4 Income Concepts
2-4a All-Inclusive Income Concept
2-4b Legislative Grace Concept
2-4c Capital Recovery Concept
2-4d Realization Concept
2-4e Wherewithal-to-Pay Concept
2-5 Deduction Concepts
2-5a Legislative Grace Concept
2-5b Business Purpose Concept
2-5c Capital Recovery Concept
Chapter Summary
Key Terms
Primary Tax Law Sources
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Part 2: Gross Income
Chapter 3: Income Sources
3-1 Introduction
3-2 What Constitutes Income
3-2a Income Is Derived from Labor and Capital
3-2b Income as an Increase in Wealth
3-2c What Constitutes Income: Current View
3-3 Common Income Sources
3-3a Earned Income
3-3b Unearned Income
3-3c Transfers from Others
3-3d Imputed Income
3-4 Capital Gains and Losses—An Introduction
3-4a Capital Gain-and-Loss Netting Procedure
3-4b Tax Treatment of Capital Gains
3-4c Tax Treatment of Dividends
3-4d Tax Treatment of Capital Losses
3-4e Capital Gains and Losses of Conduit Entities
3-5 Effect of Accounting Method
3-5a Cash Method
3-5b Accrual Method
3-5c Hybrid Method
3-5d Exceptions Applicable to All Methods
Chapter Summary
Key Terms
Primary Tax Law Sources
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Chapter 4: Income Exclusions
4-1 Introduction
4-2 Donative Items
4-2a Gifts
4-2b Inheritances
4-2c Life Insurance Proceeds
4-2d Scholarships
4-3 Employment-Related Exclusions
4-3a Foreign-Earned Income
4-3b Payments Made on Behalf of an Employee
4-3c Employer Benefit Plans
4-4 Returns of Human Capital
4-4a Workers’ Compensation
4-4b Damage Payments for Personal Physical Injury or Physical Sickness
4-4c Payments from Health and Accident Policies
4-5 Investment-Related Exclusions
4-5a Municipal Bond Interest
4-5b Stock Dividends
4-5c Discharge of Indebtedness
4-5d Improvements by a Lessee
Chapter Summary
Key Terms
Primary Tax Law Sources
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Integrative Problems
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Part 3: Deductions
Chapter 5: Introduction to Business Expenses
5-1 Introduction
5-2 Reporting Deductions
5-2a Conduit Entity Reporting
5-3 Classification of Deductions
5-3a Profit-Motivated Expenditures
5-3b Trade or Business or Production-of-Income Expenses?
5-3c Rental Activity
5-3d Personal Expenditures
5-3e Mixed Business and Personal Expenditures
5-4 Tests for Deductibility
5-4a Ordinary, Necessary, and Reasonable in Amount
5-4b Not a Personal Expense
5-4c Not a Capital Expenditure
5-4d Not Frustrate Public Policy
5-4e Not Related to Tax-Exempt Income
5-4f Expenditure Must Be for Taxpayer’s Benefit
5-5 Limited Mixed-Use Expenses
5-5a Hobby Expenses
5-5b Vacation Home Expenses
5-5c Home Office Expenses
5-6 Timing of Deductions—Effect of Accounting Method
5-6a Cash Method
5-6b Accrual Method
5-6c Related Party Accrued Expenses
5-6d Financial and Taxable Income Differences
Chapter Summary
Key Terms
Primary Tax Law Sources
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Comprehensive Problem
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Chapter 6: Business Expenses
6-1 Introduction
6-2 Business Expenses
6-2a Entertainment, Auto, Travel, Gift, and Education Expenses
6-2b Compensation of Employees
6-2c Bad Debts
6-2d Other Business Expenses
6-2e Qualified Production Activities Deduction
6-3 Individual Deductions for Adjusted Gross Income
6-3a Reimbursed Employee Business Expenses
6-3b Deductions for Self-Employed Taxpayers
6-3c Retirement Plan Contribution Deductions
6-3d Deduction for Higher Education Expenses
6-3e Interest on Education Loans
6-3f Moving Expenses
Chapter Summary
Key Terms
Primary Tax Law Sources
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Integrative Problem
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Chapter 7: Losses—Deductions and Limitations
7-1 Introduction
7-2 Annual Losses
7-3 Net Operating Losses
7-4 Tax-Shelter Losses: An Overview
7-4a The At-Risk Rules
7-4b Passive Activity Losses
7-5 Transaction Losses
7-5a Trade or Business Losses
7-5b Investment-Related Losses
Chapter Summary
Key Terms
Primary Tax Law Sources
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Comprehensive Problem
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Chapter 8: Taxation of Individuals
8-1 Introduction
8-2 Personal and Dependency Exemptions
8-2a Dependency Requirements
8-3 Filing Status
8-3a Married, Filing Jointly
8-3b Married, Filing Separately
8-3c Single
8-3d Head of Household
8-4 Deductions from Adjusted Gross Income
8-4a Standard Deduction
8-4b Itemized Deductions
8-5 Itemized Deductions and Exemptions – Reductions by High-Income Taxpayers
8-6 Exemption and Standard Deduction Restrictions on Dependents
8-7 Calculating Tax Liability
8-7a Tax on Unearned Income of a Minor Child
8-7b Income Tax Credits
8-8 Filing Requirements
Chapter Summary
Key Terms
Primary Tax Law Sources
Discussion Questions
Problems
Issue Identification Problems
Technology Applications
Integrative Problems
Discussion Cases
Tax Planning Cases
Ethics Discussion Case
Appendix to Chapter 8
8A-1 Schedule EIC (Earned Income Credit) 2016 Earned Income Credit Table
Part 4: Property Transactions
Chapter 9: Acquisitions of Property
9-1 Introduction
9-2 Classes of Property
9-3 The Property Investment Cycle
9-3a Adjusted Basis
9-3b Basis in Conduit Entities
9-3c Property Dispositions
9-4 Initial Basis
9-5 Purchase of Assets
9-5a Determining the Amount Invested
9-5b Basis of a Bargain Purchase
9-5c Purchase of Multiple Assets
9-5d Purchase of a Business
9-5e Constructed Assets
9-6 Specially Valued Property Acquisitions
9-7 Basis of Property Acquired by Gift
9-7a General Rule for Gift Basis
9-7b Split Basis Rule for Loss Property
9-7c Holding Period
9-8 Basis of Property Acquired by Inheritance
9-8a Primary Valuation Date
9-8b Alternate Valuation Date
9-8c Distribution Date
9-8d Other Considerations
9-9 Personal Use Property Converted to Business Use
9-9a General Rule for Basis
9-9b Split Basis Rule
9-10 Basis in Securities
9-10a Stock Dividends
9-10b Wash Sale