CCH Federal Taxation Comprehensive Topics 2013 1st Edition Harmelink Test Bank

1. CHAPTER 1: INTRODUCTION TO FEDERAL TAXATION AND UNDERSTANDING THE FEDERAL TAX LAW
2. FUNDAMENTAL ASPECTS OF FEDERAL TAXATION
3. Sources of Revenue
4. Tax Collection and Penalties
5. Taxpayer Obligations
6. Brief History of the Federal Income Tax
7. Federal Tax Legislative Process
8. Tax Reform
9. UNDERLYING RATIONALE OF THE FEDERAL INCOME TAX
10. Objectives of the Tax Law
11. Economic Factors
12. Social Factors
13. Political Factors
14. Tax Policy and Reform Measures
15. BASIC TAX CONCEPTS
16. Essential Tax Terms Defined
17. CHAPTER 2: TAX RESEARCH, PRACTICE, AND PROCEDURE
18. TAX REFERENCE MATERIALS
19. Classification of Materials
20. PRIMARY SOURCE MATERIALS
21. Statutory Authority
22. Administrative Authority
23. Judicial Authority
24. SECONDARY SOURCE MATERIALS
25. Analysis of Tax Law Sources
26. RESEARCH METHODOLOGY
27. Types of Tax Research Situations
28. Research Model
29. TAX ADMINISTRATION
30. Organization of the IRS
31. Representation of Taxpayers
32. Rulings Programs
33. Taxpayer Compliance Assistance
34. TAX PRACTICE AND PROCEDURE
35. Examination of Returns
36. Appeals Process
37. Settlement Agreements
38. Refunds
39. Interest on Under/Overpayments
40. Statute of Limitations
41. Penalties
42. Disclosure of a Position on a Return
43. Ethics Rules for Practitioners
44. CHAPTER 3: INDIVIDUAL TAXATION—AN OVERVIEW
45. Components of the Tax Formula
46. Gross Income
47. Deductions for Adjusted Gross Income
48. Adjusted Gross Income
49. Itemizing v. Standard Deduction
50. Tax Rates
51. Tax Credits and Prepayments
52. Net Tax Due or Refund
53. Classification of Taxpayers
54. PERSONAL EXEMPTIONS
55. Taxpayer and Spouse
56. Dependents
57. FILING STATUS AND REQUIREMENTS
58. Married Individuals Filing Jointly
59. Married Individuals Filing Separately
60. Single Individuals
61. Heads of Households
62. Surviving Spouses
63. Tax Returns of Dependents
64. Filing Requirements
65. Tax Tables
66. Tax Rate Schedules
67. Self-Employment Tax and Medicare Surtaxes
68. CHAPTER 4: GROSS INCOME
69. THE CONCEPT OF INCOME
70. Economic Income
71. The Legal/Tax Concept of Income
72. Accounting Income
73. ECONOMIC BENEFIT, CONSTRUCTIVE RECEIPT, AND ASSIGNMENT OF INCOME DOCTRINES
74. Economic Benefit Doctrine
75. Constructive Receipt Doctrine
76. Assignment of Income Doctrine
77. Community Property Income
78. Tenancy by the Entirety
79. Joint Tenants and Tenants in Common
80. ITEMS INCLUDED IN GROSS INCOME
81. List of Income Items
82. Compensation for Services
83. Compensation v. Gift
84. Jury Duty Pay
85. Prizes and Awards
86. Scholarships and Fellowships
87. Recovery of Tax Benefit Items
88. Gross Income Derived from Business
89. Partnerships and S Corporations
90. Interest
91. Rent and Royalty Income
92. Dividend Income
93. Divorce and Separation
94. Discharge of Debt
95. STOCK OPTION PLANS
96. Restricted Stock Plans
97. Incentive Stock Option (ISO) Plans
98. Employee Stock Purchase Plans
99. Nonstatutory Stock Option Plans
100. CHAPTER 5: GROSS INCOME—EXCLUSIONS
101. COMMON EXCLUSIONS FROM GROSS INCOME
102. Gifts and Inheritances
103. Life Insurance Proceeds
104. Sale of Residence
105. Retirement Income
106. Interest on Government Obligations
107. EMPLOYEE BENEFITS
108. Fringe Benefits
109. Group-Term Life Insurance
110. Annuities
111. Adoption Expenses
112. Compensation for Injuries and Sickness
113. Accident and Health Plans
114. Qualified Long-Term Care Insurance
115. Meals and Lodging
116. Cafeteria Plans
117. Educational Assistance Plans
118. Tuition Reduction Plans
119. Dependent Care Assistance Programs
120. Military Benefits
121. CHAPTER 6: DEDUCTIONS: GENERAL CONCEPTS AND TRADE OR BUSINESS DEDUCTIONS
122. CATEGORIES OF ALLOWABLE DEDUCTIONS
123. Classification of Tax Deductions
124. Deductions “For” vs. “From” AGI
125. Deductions “For” AGI
126. Deductions “From” AGI—Itemized Deductions
127. TRADE OR BUSINESS DEDUCTIONS
128. Overview—Code Sec. 162
129. General Criteria
130. Expense Must Be Incurred in a Trade or Business Activity
131. Expense Must Be Ordinary and Necessary
132. Expense Must Be Reasonable
133. Expense Must Be Paid or Incurred During the Taxable Year
134. EXPENSES INCURRED FOR THE PRODUCTION OF INCOME
135. Code Sec. 212—Production of Income or Protection of Assets
136. Tax Planning and Compliance Expenses
137. DEDUCTIONS FOR LOSSES
138. Code Sec. 165
139. OTHER ALLOWABLE DEDUCTIONS “FOR” AGI
140. Start-Up and Organizational Costs
141. Business Gifts
142. Transportation Expenses
143. Travel Expenses
144. Student Loan Interest
145. Health Insurance and Health Savings Accounts
146. LIMITATIONS ON THE DEDUCTIBILITY OF EXPENSES
147. Certain Deductions Limited or Disallowed
148. Business Interest Expense
149. Hobby Expenses and Losses
150. Personal Deductions
151. Public Policy Restrictions
152. Lobbying and Political Contributions
153. Meals and Entertainment Expenses
154. Expenses and Interest Relating to Tax-Exempt Income
155. Related Party Transactions
156. Payment of Another Taxpayer’s Obligation
157. Capital Expenditures
158. BUSINESS DEDUCTIONS RELATED TO CAPITAL EXPENDITURES
159. Depreciation of Tangible Property
160. Alternative MACRS System
161. Depreciation of Real Property
162. Code Sec. 179 Election to Expense Certain Depreciable Assets
163. Bonus Depreciation
164. Depreciation of Automobiles
165. Property Converted from Personal to Business Use
166. Amortization
167. Research and Experimental Expenditures
168. Depletion of Natural Resources
169. Substantiation of Tax Deductions
170. CHAPTER 7: DEDUCTIONS: BUSINESS/INVESTMENT LOSSES AND PASSIVE ACTIVITY LOSSES
171. TAX SHELTERS AND AT-RISK RULES
172. Tax Shelters
173. At-Risk Rules
174. PASSIVE ACTIVITY LOSS RULES
175. Application of Rules
176. Classification of Income
177. Disallowance of Passive Losses and Credits
178. Suspended Losses
179. Disposition of a Passive Activity
180. Taxpayers Affected by Passive Losses
181. Material Participation
182. Identifying an Activity
183. Rental Activities
184. Rental Real Estate Activities
185. Change of Activity Status
186. BUSINESS AND INVESTMENT LOSSES
187. Business Casualty and Theft Losses
188. Net Operating Losses (NOLs)
189. Hobby Losses
190. Home Office Expenses
191. Vacation Home Expenses
192. CHAPTER 8: DEDUCTIONS: ITEMIZED DEDUCTIONS
193. MEDICAL EXPENSES
194. Requirements for the Deduction
195. Medical Care Expenses
196. Capital Expenditures
197. Transportation and Lodging Expenses
198. Hospital and Other Institutional Care
199. Medicines and Drugs
200. Medical Insurance Premiums
201. TAXES
202. Summary of Deductible Taxes
203. Property Taxes
204. Income and Sales Taxes
205. INTEREST
206. Requirements for Deduction
207. Personal (Consumer) Interest
208. Qualified Education Loan Interest
209. Qualified Residence Interest
210. Investment Interest
211. Trade or Business Interest
212. Passive Investment Interest
213. Payments for Services
214. Prepaid Interest
215. CHARITABLE CONTRIBUTIONS
216. Qualified Organizations
217. Valuation of Charitable Donations
218. Limitations on Charitable Contributions
219. Filing and Substantiation Requirements
220. PERSONAL CASUALTY LOSSES
221. Casualty Losses
222. Rent and Royalty Expenses
223. Wagering Losses
224. Unrecovered Investment in Annuity
225. Qualified Business Income Deduction
226. CHAPTER 9: TAX CREDITS, PREPAYMENTS, AND ALTERNATIVE MINIMUM TAX
227. NONREFUNDABLE TAX CREDITS
228. Types of Credits
229. Household and Dependent Care Credit
230. Elderly and Disabled Persons Credit
231. American Opportunity Tax and Lifetime Learning Credits
232. Child Tax Credit
233. Credit for Qualified Retirement Savings
234. Adoption Assistance Credit
235. Foreign Tax Credit
236. General Business Credit
237. REFUNDABLE TAX CREDITS
238. Withholding of Tax on Wages Credit
239. Social Security Tax Refunds Credit
240. Earned Income Credit
241. Withholding of Tax at Source Credit
242. Gasoline and Special Fuels Tax Credit
243. Estimated Tax Payments Credit
244. ALTERNATIVE MINIMUM TAX
245. Imposition of Tax
246. Adjustments to Taxable Income
247. Tax Preference Items
248. Exemption Amount
249. Tax Credits
250. Carryover of Credit
251. Alternative Minimum Tax Planning
252. CHAPTER 10: PROPERTY TRANSACTIONS: DETERMINATION OF BASIS AND GAINS AND LOSSES
253. FACTORS IN DETERMINING GAIN OR LOSS
254. Definition of Realized Gain or Loss
255. Amount Realized
256. Adjusted Basis
257. Holding Period
258. Recognition and Nonrecognition of Gain or Loss
259. DETERMINATION OF BASIS
260. Cost
261. Basis Allocation
262. Stock Dividends
263. Stock Rights
264. Fair Market Value
265. Property Acquired by Gift
266. Property Acquired from Decedent
267. Stock Transactions
268. Personal-Use Property Conversion
269. Related Parties
270. Installment Reporting
271. CHAPTER 11: PROPERTY TRANSACTIONS: NONRECOGNITION OF GAINS AND LOSSES
272. SALE OF A PERSONAL RESIDENCE
273. The General Rules
274. Principal Residence
275. Special Provisions
276. Definitions Related to Residence
277. LIKE-KIND EXCHANGES
278. Definition
279. Qualifying Property
280. Receipt of Boot
281. Giving Boot
282. Assumption of Liabilities
283. Basis of Acquired Property
284. Holding Period
285. Three-Party Exchanges
286. INVOLUNTARY CONVERSIONS
287. Definition of an Involuntary Conversion
288. Involuntary Conversion Rules for Property Damaged in Disaster
289. Replacement Property—Mandatory Rules
290. Replacement Property—Elective Rules
291. Severance Damages
292. Qualifying Replacement Property
293. Condemnation of Real Property—Special Rule
294. Time Limit
295. Reporting Requirements
296. Depreciation Rules
297. OTHER TRANSACTIONS INVOLVING NONRECOGNITION
298. Corporate and Partnership Exchanges
299. Stock-for-Stock Exchanges
300. Insurance Contract Exchanges
301. U.S. Obligations Exchanges
302. Reacquisitions of Real Property
303. CHAPTER 12: PROPERTY TRANSACTIONS: TREATMENT OF CAPITAL AND SECTION 1231 ASSETS
304. SPECIAL RULES AND LIMITATIONS ON TRANSACTIONS
305. Background
306. Capital Asset Definition
307. SPECIAL SITUATIONS IN CAPITAL v. ORDINARY TREATMENT
308. Inventory
309. Sale of a Business
310. Patents
311. Franchises
312. Lease Cancellation Payments
313. Options
314. HOLDING PERIOD
315. Computation of Holding Period
316. Special Rules for Holding Period
317. INDIVIDUAL TAXPAYERS
318. Determination of Taxable Income
319. Capital Loss Carryovers
320. Corporate Taxpayers Distinguished
321. SPECIAL PROVISIONS FOR CERTAIN INVESTMENTS
322. Nonbusiness Bad Debts
323. Worthless Securities
324. Small Business Stock
325. Gains on Small Business Stock
326. Dealers in Securities
327. Subdivided Real Estate
328. SECTION 1231 ASSETS AND PROCEDURE
329. Background
330. Definition of Section 1231 Assets
331. Computational Procedures
332. Personal Casualty and Theft Gains and Losses
333. DEPRECIATION RECAPTURE—SECTION 1245
334. Purpose of Rules
335. Definition of Section 1245 Property
336. Computational Procedures
337. Depreciation Methods
338. ACRS or MACRS Property
339. Summary: Section 1245 Recapture
340. DEPRECIATION RECAPTURE—SECTION 1250
341. Definition of Section 1250 Property
342. Purpose of Rules
343. Nonresidential Real Property—Pre-1981 Acquisitions
344. Nonresidential Real Property—ACRS
345. Nonresidential Real Property—MACRS
346. Residential Real Property—Pre-1981 Acquisitions
347. Residential Real Property—ACRS
348. Residential Real Property—MACRS
349. Low-Income Housing—Pre-1987 Acquisitions
350. Summary: Section 1250 Recapture
351. RECAPTURE RULES IN OTHER EVENTS
352. Gifts and Inheritances
353. Like-Kind Exchanges and Involuntary Conversions
354. Charitable Contributions
355. Installment Sales
356. CHAPTER 13: TAX ACCOUNTING
357. TAXABLE INCOME AND TAX LIABILITY FOR VARIOUS ENTITIES
358. Recapitulation of Taxable Income and Tax Liability
359. ACCOUNTING PERIODS
360. The Tax Year
361. Election of the Tax Year
362. CHANGE OF ACCOUNTING PERIODS
363. IRS Permission or Consent
364. Exceptions to Permission Requirements
365. Short Tax Years
366. Accounting Period Tax Planning
367. Special Rules—The Tax Year
368. ACCOUNTING METHODS
369. Overall Methods
370. Cash Method
371. Limitations on Use of Cash Method
372. Special Rules—Cash Method
373. Accrual Method
374. Accrual Method Tax Planning
375. Separate Sources of Income
376. Hybrid Methods
377. Tangible Property Regulations
378. CHANGE OF ACCOUNTING METHODS
379. IRS Permission or Consent
380. Adjustment—Voluntary/Required Change
381. Time and Form of Application
382. Accounting Method Tax Planning
383. Timeliness
384. INVENTORIES
385. Use of Inventories
386. Valuation of Inventory
387. Cost Methods
388. Uniform Capitalization Rules
389. Lower-of-Cost-or-Market (LCM) Method
390. Valuation of Inventory Items
391. Dollar-Value LIFO Method
392. Simplified Dollar-Value LIFO Method
393. Estimates of Inventory Shrinkage
394. LONG-TERM CONTRACTS
395. Alternative Accounting Methods
396. Comparison of the Methods
397. Capitalization of Expenses
398. Special Rules
399. INSTALLMENT SALES
400. Use of Installment Method
401. Computation of Gain
402. Electing Out of Installment Reporting
403. Dispositions of Installment Obligations
404. Repossessions
405. Interest on Deferred Payment Sales
406. Advantages and Disadvantages of Installment Method
407. CHAPTER 14: TAXATION OF CORPORATIONS—BASIC CONCEPTS
408. ENTITY CHOICE
409. Specific Entities
410. Definition of a Corporation
411. ORGANIZATION OF AND TRANSFERS TO A CORPORATION
412. Use of Corporate Form
413. General Requirements
414. Transfers of Property
415. Transfers for Stock (Requirement #2)
416. Control of the Corporation (Requirement #3)
417. Receipt of Boot
418. Transfers of Liabilities
419. Basis Determination
420. Recapture Rules
421. Section 351 Transfer or Taxable Exchange
422. Reporting Requirements
423. CORPORATE CAPITAL STRUCTURE
424. Equity in the Capital Structure
425. Debt in the Capital Structure
426. Section 1244 Stock
427. Section 1202 Stock
428. DETERMINATION OF CORPORATE TAXABLE INCOME
429. General Rules
430. Accounting Periods
431. Accounting Methods
432. Capital Gains and Losses
433. Depreciation Recapture
434. Net Operating Loss
435. Charitable Contributions
436. Related Taxpayers—Losses and Expenses
437. Organizational Expenditures
438. Start-Up Expenditures
439. Dividends-Received Deduction
440. Executive Compensation
441. DETERMINATION OF CORPORATE INCOME TAX LIABILITY
442. Computation of Tax Liability
443. Corporate Income Tax Rates
444. Controlled Groups of Corporations
445. Consolidated Returns
446. Corporate Tax Returns
447. Income Taxes and Financial Accounting
448. CHAPTER 15: CORPORATE NONLIQUIDATING DISTRIBUTIONS
449. DISTRIBUTIONS WITH RESPECT TO STOCK
450. Dividend Distributions
451. Earnings and Profits (E&P)
452. Cash Distributions
453. Property Distributions
454. Constructive Distribution
455. Stock Distribution
456. Stock Rights
457. STOCK REDEMPTIONS
458. Classifications for Tax Treatment
459. Sale or Exchange Treatment
460. Constructive Ownership Rules
461. Redemptions Not Equivalent to Dividends
462. Substantially Disproportionate Redemptions
463. Complete Termination of Shareholder’s Interest
464. Redemptions in Partial Liquidation
465. Redemptions to Pay Death Taxes
466. Redeeming Corporation’s Tax Consequences
467. Redemptions Through Related Corporations
468. Preferred Stock Bailouts
469. Distributions by Closely-Held Corporations
470. CHAPTER 16: CORPORATE DISTRIBUTIONS IN COMPLETE LIQUIDATIONS
471. COMPLETE LIQUIDATIONS
472. Reasons for Liquidation
473. Liquidation Status Requirements
474. Summary of Liquidation Rules
475. EFFECT OF COMPLETE LIQUIDATION ON CORPORATIONS
476. Gain or Loss Recognition
477. Liabilities
478. Loss Recognition
479. Expenses of Liquidation
480. Reporting Requirements
481. EFFECT OF COMPLETE LIQUIDATION ON SHAREHOLDERS
482. Distributions of Property
483. Basis of Property Received in Liquidation
484. Distributions of Installment Obligations
485. Contingent Liabilities
486. Corporate Debts to Shareholders
487. Liquidation-Reincorporation
488. LIQUIDATION OF SUBSIDIARIES
489. Special Rules
490. Nonrecognition Rules of Section 332
491. Parent’s Indebtedness to Subsidiary
492. Insolvent Subsidiary
493. Minority Shareholders
494. Parent’s Basis for Property
495. Nonrecognition Rules of Section 337
496. Distributions to Minority Shareholders
497. Subsidiary’s Indebtedness to Parent
498. STOCK PURCHASES TREATED AS ASSET ACQUISITIONS
499. Purpose of Election
500. Stock Purchase Requirement
501. Requirements for Election
502. Old Target Corporation
503. Advantages of Election
504. New Target Corporation
505. Allocation of Basis
506. Consequences of No Election
507. Special Rule
508. CHAPTER 17: CORPORATE REORGANIZATIONS
509. TYPES OF CORPORATE REORGANIZATIONS
510. Statutory Definitions
511. General Requirements
512. Type A Reorganizations
513. Receipt of Boot
514. Character of Recognized Gain
515. Type B Reorganizations
516. Type C Reorganizations
517. Type D Reorganizations
518. Gain Recognized in Divisive Transactions
519. Type E Reorganizations
520. Type F Reorganizations
521. Type G Reorganizations
522. CONSIDERATIONS FOR NONRECOGNITION TREATMENT
523. Reorganization as an Alternative to Liquidation
524. Use of Subsidiaries in Reorganizations
525. Postreorganization Transfers to Subsidiaries
526. CARRYOVER OF TAX ATTRIBUTES
527. Introduction
528. Attribute Carryover Transactions
529. Limitations on Carryovers
530. Net Operating Loss Limitation
531. Ownership Changes—Annual Limitation
532. Earnings and Profits
533. JUDICIAL REQUIREMENTS
534. Introduction
535. Business Purpose
536. Continuity of Proprietary Interest
537. Continuity of the Business Enterprise
538. Step Transactions
539. Liquidation and Reincorporation
540. Acquisitions Made to Evade or Avoid Income Tax
541. CHAPTER 18: ACCUMULATED EARNINGS AND PERSONAL HOLDING COMPANY TAXES
542. ACCUMULATED EARNINGS TAX
543. Rate and Nature of Tax
544. Basis for Liability
545. Tax-Avoidance Purpose
546. Reasonable Needs of the Business
547. Computing the Amount of the Accumulated Earnings Tax
548. Accumulated Earnings Credit
549. Dividends-Paid Deduction
550. PERSONAL HOLDING COMPANY TAX
551. Rate and Nature of Tax
552. Reason for the Tax
553. Personal Holding Company Defined
554. Stock Ownership Test
555. Personal Holding Company Income Test
556. Ordinary Gross Income and Adjusted Ordinary Gross Income
557. Personal Holding Company Income
558. Real Estate Companies
559. Calculating the Amount of the Personal Holding Company Tax
560. Dividends-Paid Deduction
561. Miscellaneous Tax Consequences of PHC Classification
562. CHAPTER 19: PARTNERSHIPS—FORMATION AND OPERATION
563. DEFINITION OF A PARTNERSHIP
564. Characteristics of a Partnership
565. PARTNERSHIP REPORTING
566. Partnership Tax Filing
567. PARTNERSHIP ACCOUNTING CONCEPTS
568. Outside Basis
569. Inside Basis
570. Partner’s Interest in a Partnership
571. FORMATION OF A PARTNERSHIP—CONTRIBUTIONS REQUIRING SPECIAL CONSIDERATION
572. Contributions in General
573. Transfers of Property with Precontribution Gain/Loss
574. Transfers of Accounts Receivable for Partnership Interest
575. Transfers of Inventory for Partnership Interest
576. Transfers of Capital Loss Property for a Partnership Interest
577. Transfers of Depreciable Property for a Partnership Interest
578. Personal-Use Property Conversions
579. FORMATION OF A PARTNERSHIP—RECOGNITION OF GAIN OR LOSS
580. Transfers to an Investment Company Partnership
581. Transfer of Services for Partnership Capital Interest
582. Transfer of Services for Ascertainable Partnership Income Interest
583. Disguised Sales
584. Disguised Sales Under the Seven Year Rule
585. Contribution of Encumbered Property
586. Liabilities Assumed by Partnership
587. TAXABLE YEAR OF PARTNER AND PARTNERSHIP
588. Partner’s Year of Inclusion
589. Taxable Year of the Partnership
590. Elections by Partner or Partnership
591. Initial Costs of a Partnership
592. OPERATION OF THE PARTNERSHIP
593. Liability for Tax
594. Gross Income of Partner
595. Allocation of Items
596. PARTNER-PARTNERSHIP TRANSACTIONS
597. Indirect Ownership
598. Transactions Between Partner and Partnership
599. Gain or Loss on Transactions Between Partner and Partnership
600. Guaranteed Payments
601. DEDUCTIBILITY OF LOSSES
602. Loss—Limitations
603. TERMINATION OF PARTNERSHIP
604. Closing of Taxable Year
605. Family Partnerships
606. Bona Fide Partnership Relationship
607. Allocation of Income
608. CHAPTER 20: PARTNERSHIPS—DISTRIBUTIONS, SALES, AND EXCHANGES
609. PARTNERSHIP DISTRIBUTIONS
610. Introduction
611. Current v. Liquidating Distributions
612. PARTNERSHIP CURRENT DISTRIBUTIONS
613. Current Distributions—Cash
614. Current Distributions—Property
615. Current Distributions of Cash and Property
616. Distribution of Multiple Properties
617. The Ordering Rules—Properties from Different Classes
618. Allocating Basis Reductions—Multiple Assets from Same Class
619. PARTNERSHIP LIQUIDATING DISTRIBUTIONS
620. Overview
621. Liquidating Distributions—Recognition of Gain or Loss
622. Liquidating Distributions—Basis of Property Received
623. Liquidating Distributions—Receipt of Multiple Properties
624. Allocating a Basis Increase Among Multiple Properties
625. EFFECT OF LIABILITIES
626. Overview
627. Reductions in the Distributee-Partner’s Share of Partnership Debt
628. Distributions of Property Encumbered by Liabilities
629. DISPROPORTIONATE DISTRIBUTIONS—DISTRIBUTION OF “HOT” ASSETS
630. Overview
631. Triggering Code Sec. 751(b)
632. The Mechanics of Code Sec. 751(b)
633. SALE OF A PARTNER’S INTEREST IN THE PARTNERSHIP
634. Overview—Sale v. Distribution
635. General Consequences
636. Exchange of Partnership Interests Outside the Partnership for Property
637. Partial Sale of Partnership Interest
638. Sale of an Interest in a Partnership with Hot Assets
639. PARTNERSHIP BASIS ADJUSTMENTS
640. Overview—Basis Adjustments in General
641. Code Sec. 743(b) Adjustments—Sale or Transfer of a Partnership Interest
642. Transferee Partner’s Elective Special Basis Adjustment
643. Code Sec. 734(b)—Adjustments Triggered by Partnership Distributions
644. RETIREMENT OR DEATH OF A PARTNER
645. Payments for Retired Partner’s Interest
646. Determining the Partner’s Interest in Partnership Property
647. Income in Respect of a Deceased Partner
648. Deceased Partner’s Final Income Tax Return
649. CHAPTER 21: S CORPORATIONS
650. SELECTING THE SUBCHAPTER S FORM
651. Introduction
652. Eligibility
653. Election
654. Contributions to the Corporation
655. Tax Year of the Corporation
656. S CORPORATION TAXATION
657. Introduction
658. Tax on Built-In Gains
659. Tax on LIFO Recapture
660. Tax on Passive Investment Income
661. General Business Credit Recapture
662. Estimated Tax
663. Penalties for Failure to File
664. TREATMENT OF INCOME, DEDUCTIONS, AND CREDITS
665. Corporate Treatment
666. Shareholder Treatment of Income Items
667. Accumulated Adjustments Account
668. TREATMENT OF CORPORATE DISTRIBUTIONS
669. Tax Consequences
670. Distributions Without Accumulated Earnings and Profits
671. Distributions With Accumulated Earnings and Profits
672. Basis Adjustment
673. TERMINATION OF ELECTION
674. Methods
675. Revocation of Election
676. Ceasing to Be a Small Business Corporation
677. Excessive Passive Investment Income
678. Tax Treatment of Terminations
679. Inadvertent Terminations
680. Re-Election After Termination
681. Post-Termination Distributions
682. OPERATIONAL RULES
683. Cash Method of Accounting
684. Tax Administration Provisions
685. Tax Planning
686. CHAPTER 22: FEDERAL ESTATE TAX, FEDERAL GIFT TAX, AND GENERATION-SKIPPING TRANSFER TAX
687. IMPACT OF ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001, TAX RELIEF ACT OF 2010, AMERICAN TAXPAYER RELIEF ACT OF 2012, AND TAX CUTS AND JOBS ACT OF 2017
688. ASSESSMENT OF THE 2010 TAX RELIEF ACT
689. LEGAL TERMS COMMON TO ESTATES AND TRUSTS
690. COMPUTATION AND PAYMENT OF ESTATE TAX
691. Estate Tax Computation—Summary
692. Applicable Credit Amount
693. Unified Rate Schedule
694. Payment of Tax and Returns
695. Credits Against Tax
696. GROSS ESTATE
697. Property Includible in Gross Estate
698. CONSERVATION EASEMENT
699. Code Section 2031(c) Exclusion
700. Present and Future Interests in Property
701. Gifts Within Three Years of Death
702. Retained Life Estates
703. Reversions
704. Revocable Transfers
705. Annuities
706. Co-Ownerships of Property
707. Powers of Appointment
708. Life Insurance
709. Part-Sale, Part-Gift Transfers
710. VALUATION OF GROSS ESTATE
711. General Principles
712. Specific Properties
713. Listed Securities
714. Closely Held Stock
715. Buy-Sell Agreements
716. Special Use Valuation for Farmland and Closely Held Business Realty
717. DEDUCTIONS FROM THE GROSS ESTATE
718. Expenses, Debts, and Losses
719. Marital Deduction
720. Charitable Contributions
721. State Death Taxes
722. Disclaimers
723. FEDERAL GIFT TAX
724. Definition of Transfers by Gift
725. Basis of Property Transferred by Gift
726. Present v. Future Interests
727. EXCLUSIONS
728. General Considerations
729. Marital Deduction
730. Charitable Deduction
731. Valuation of Gifts
732. Nontaxable Transfers
733. Co-Ownerships of Property
734. Powers of Appointment
735. Liability for Tax
736. Gift Tax Computation—Summary
737. GENERATION-SKIPPING TRANSFER (GST) TAX
738. Nature and Purpose of Tax
739. Overview
740. Taxable Events
741. Exemptions from Tax
742. Rate of Tax
743. Tax Computations
744. Payment of Tax
745. Credits and Deductions
746. CHAPTER 23: INCOME TAXATION OF TRUSTS AND ESTATES
747. TAXATION OF ESTATES
748. Decedent’s Final Income Tax Return
749. Income and Deductions on Final Return
750. Federal Income Tax Concerns of an Estate
751. Fiduciary Responsibilities
752. Estate Federal Income Tax Return
753. TAXATION OF TRUSTS
754. Nature of Trusts
755. Trust Federal Income Tax Return
756. FEDERAL INCOME TAXATION SCHEME—ESTATES AND TRUSTS
757. Distributable Net Income (DNI) System
758. DNI Computations—Simple Trusts
759. Depreciation and Depletion Deductions
760. DNI Computations—Complex Trusts and Estates
761. Charitable Contributions—Complex Trusts and Estates
762. Tax Return Special Rules
763. Alternative Minimum Tax
764. Gifts, Legacies, and Bequests
765. Property Distributions
766. Termination of Estate or Trust
767. TAXATION OF TRUSTS—SPECIAL RULES
768. Multiple Trusts
769. Grantor Trusts
770. CHAPTER 24: DEFERRED COMPENSATION AND EDUCATION SAVINGS PLANS
771. EMPLOYER-SPONSORED DEFERRED COMPENSATION PLANS: “QUALIFIED” AND “NONQUALIFIED”
772. Qualified Employer-Sponsored Plans
773. Nonqualified Employer-Sponsored Plans
774. QUALIFIED PLAN REQUIREMENTS
775. Nondiscrimination Requirements
776. Limitations on Contributions to a Defined Contribution Plan
777. Required Minimum Distribution (RMD) Rules
778. Early Withdrawal Restrictions
779. Vesting Requirements
780. “Exclusive Benefit of the Employee” Requirement
781. TAX CONSEQUENCES TO EMPLOYER AND EMPLOYEE
782. Contributions and Distributions: Basic Terminology
783. Contributions and Deductions—General Rules
784. Partial Distributions—Computing Tax Liability
785. Rollovers
786. Loans
787. COMMON RETIREMENT PLANS FOR LARGE BUSINESSES
788. 401(k) Plans
789. Roth 401(k) Plans
790. COMMON RETIREMENT PLANS FOR SMALL BUSINESSES
791. Plans for Small Businesses—Basic Concepts
792. Solo 401(k) Plans
793. Simplified Employee Pension (SEP) Plans
794. SIMPLE Plans
795. PERSONAL RETIREMENT PLANS FOR WORKING INDIVIDUALS
796. Common Rules for Traditional and Roth IRAs
797. Specific Rules for Traditional IRAs
798. Rules Specific for Roth IRAs
799. NONQUALIFIED DEFERRED COMPENSATION PLANS
800. Nonqualified Plans—Basic Concepts
801. Rabbi Trusts
802. Incentive Stock Options (ISOs)
803. Nonqualified Stock Options (NSOs)
804. EDUCATION SAVINGS VEHICLES
805. Coverdell Education Savings Accounts
806. 529 Plans
807. APPENDIX
808. TAX TABLE
809. GLOSSARY OF TAX TERMS
810. FINDING LISTS
811. Internal Revenue Code Sections Cited
812. Private Letter Rulings Cited
813. Regulations Sections Cited
814. Proposed Regulations Sections Cited
815. Revenue Procedures Cited
816. Revenue Rulings Cited
817. TABLE OF CASES
818. TOPICAL INDEX
819. Back Cover

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