Federal Taxation

Topics: Taxation, Tax, Taxation in the United States Pages: 706 (226839 words) Published: September 19, 2013
P R E N T I C E H A L L’ S F E D E R A L TA X AT I O N

2013
Individuals
EDITORS

THOMAS R. POPE
University of Kentucky

KENNETH E. ANDERSON
University of Tennessee

CONTRIBUTING AUTHORS

D. DALE BANDY
University of Central Florida

LEANN LUNA
University of Tennessee

N. ALLEN FORD
University of Kansas

TIMOTHY J. RUPERT
Northeastern University

ROBERT L. GARDNER
Brigham Young University

CHARLENE HENDERSON
Mississippi State University

RICHARD J. JOSEPH
Hult International Business School

MICHAEL S. SCHADEWALD
University of Wisconsin–Milwaukee

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VP, Editorial Director: Sally Yagan AVP/Editor-in-Chief: Donna Battista Acquisitions Editor: Victoria Warneck Product Development Manager: Ashley Santora Editorial Project Manager: Melissa Pellerano Editorial Project Manager: Christina Rumbaugh Editorial Assistant: Jane Avery Director of Marketing: Maggie Moylan Leen Marketing Manager: Alison Haskins Marketing Assistant: Ian Gold Senior Managing Editor: Nancy Fenton Senior Production Project Manager: Roberta Sherman Manufacturing Manager: Evelyn Beaton Manufacturing Buyer: Megan Cochran Cover Designer: Jill Lehan Art Director: Steve Frim Cover Image: Ryan Rodrick Beiler/Shutterstock Permissions Researcher: Jill Dougan Production Media Project Manager: John Cassar Media Product Manager: Sarah Peterson Full-Service Project Management: Diane Kohnen/S4Carlisle Publishing Services Composition: S4Carlisle Publishing Services Printer/Binder: Courier/Kendallville Cover Printer: Lehigh-Phoenix Color/Hagerstown Text Font: 10/12 Sabon Credits: Copyright © 2010. American Institute of Certified Public Accountants, Inc. All rights reserved. Used or adapted with permission. Photo credits: chapter openers Dgrilla/Shutterstock; Mishella/Shutterstock Copyright © 2013, 2012, 2011 Pearson Education, Inc., publishing as Prentice Hall, One Lake Street, Upper Saddle River, New Jersey 07458. All rights reserved. Manufactured in the United States of America. This publication is protected by Copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458. Many of the designations by manufacturers and seller to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps.

10 9 8 7 6 5 4 3 2 1 ISBN-10: 0-13-289137-9 ISBN-13: 978-0-13-289137-0

CONTENTS
PREFACE XIV

C H A P T E R

1

AN INTRODUCTION TO TAXATION 1-1 History of Taxation in the United States 1-2 Early Periods 1-2 Revenue Acts from 1913 to the Present 1-3 Revenue Sources 1-3 Types of Tax Rate Structures 1-4 The Structure of Individual Income Tax Rates 1-4 The Structure of Corporate Tax Rates 1-5 Marginal, Average, and Effective Tax Rates for Taxpayers 1-5 Determination of Taxable Income and Tax Due 1-6 Other Types of Taxes 1-7 State and Local Income and Franchise Taxes 1-7 Wealth Transfer Taxes 1-7 Other Types of Taxes 1-11 Criteria for a Tax Structure 1-11 Equity 1-12 Certainty 1-12 Convenience 1-13 Economy 1-13 Simplicity 1-13 Objectives of the Federal Income Tax Law 1-14 Entities in the Federal Income Tax System 1-16 Taxpaying Entities 1-17 Flow-Through Entities 1-20 Other Entities 1-23 Tax Law Sources 1-24 Enactment of a Tax Law 1-24 Steps in the Legislative Process 1-24 Administration of the Tax Law and Tax...
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