The book provides up-to-date and precise explanations of federal income taxes for individuals, partnerships, corporations, estates and trusts, as well as new rules established by key court decisions and the IRS. New developments are conveniently highlighted and explained for quick reference and ease of understanding.
The book contains numerous time-saving features, inclduing a tax calendar, taxpayer-specific return flowcharts, lists of average itemized deductions, selected depreciation tables, rate tables, checklists of income, deduction and medical expense items, and a resource/directory of key government addresses and phone numbers. These features help users to determine quickly and easily how particular tax items and situations should be treated.
The book comes complete with the popular Quick Tax Facts card that can be detached for at-a-glance reference to key tax figures and other facts used in preparing 2002 income tax returns. Also included is a Federal Taxation Refresher Course -- Study Guide/Quizzer -- which allows professionals to earn Continuing Professional Education credit while keeping up-to-date with important tax issues (grading fee additional).
The book is convenently cross-referenced to the Internal Revenue Code, Income Tax Regulations, other tax law sources, and CCH's "Standard Federal Tax Reports" for further research.
The new edition covers:
-- New Tax Developments
-- Tax Rates and Tax Tables
-- Individuals
-- Corporations
-- S Corporations
-- Partnerships
-- Trusts and Estates
-- Exempt Organizations
-- Income
-- Exclusions from Income
-- Business Expenses
-- Non-Business Expenses
-- Losses and Bad Debt
-- Depreciation, Amortization, and Depletion
-- Tax Credits
-- Minimum Tax
-- Tax Accounting
-- Basis for Gain or Loss
-- Sales, Exchanges, and Capital Gains
-- Installment Sales/Deferred Payment Sales
-- Securities Transactions
-- Tax Shelters
-- At-Risk Rules/Passive Loss Rules
-- Retirement Plans
-- Corporate Acquisitions/Reorganizations
-- Taxation of Foreign Activities/Taxpayers
-- Returns and Payment of Tax
-- Withholding and Estimated Taxes
-- Examination of Returns -- Collection of Tax
-- Penalties and Interest
-- Estate, Gift, and Generation-Skipping Tax
