Preparing you for the long term, SOUTH-WESTERN FEDERAL TAXATION: INDIVIDUAL INCOME TAXES offers many opportunities to sharpen critical-thinking and writing skills. Internet exercises tie directly to chapter research cases to give you hands-on experience using online resources to solve tax issues. H&R Block's TaxCut« software comes with each new copy of this text to provide you with an additional tax preparation tool!

Preparing accountants for the long term, this text provides ways to sharpen critical-thinking and writing skills. Internet exercises tie directly to chapter research cases to give tax preparers hands-on experience using online resources to solve tax issues. Includes a CD-ROM with H&R Block's TaxCut software.

'William H. Hoffman, Jr. earned a B.A. and J.D. degrees from the University of Michigan and M.B.A. and Ph.D. degrees from The University of Texas. He is a licensed CPA and attorney in Texas. His teaching experience includes: The University of Texas (1957-1961), Louisiana State University (1961-1967), and the University of Houston (1967 to present). Professor Hoffman has addressed many tax institutes and conferences and has published extensively in professional journals. His articles appear in The Journal of Taxation, The Tax Adviser, Taxes - The Tax Magazine, The Journal of Accountancy, The Accounting Review, and Taxation for Accountants.James E. Smith is the John S. Quinn Professor of Accounting at the College of William and Mary. He has been a member of the accounting faculty for over 30 years. He received his Ph.D. from the University of Arizona. Professor Smith has served as a discussion leader for Continuing Professional Education programs for the American Institute of Certified Public Accountants (AICPA), Federal Tax Workshops, and various state CPA societies. He has conducted programs in more than 40 states for about 25,000 CPAs. He has been the recipient of the AICPA\'s Outstanding Discussion Leader Award and the American Taxation Association/Arthur Andersen Teaching Innovation Award. Among his other awards are the Virginia Society of CPAs\' Outstanding Accounting Educator Award and the James Madison University\'s Outstanding Accounting Educator Award. He was the president of the Administrators of Accounting Programs Group (AAPG) in 1991 & 1992. He was the faculty adviser for the William and Mary teams that received first place in the Andersen Tax Challenge in 1994, 1995, 1997, 2000, and 2001, and in the Deloitte Tax Case Study Competition in 2002, 2004, 2005, and 2006.Eugene Willis is the Arthur Andersen Alumni Professor of Accountancy at the University of Illinois, Urbana-Champaign. He joined the Illinois faculty in 1975 after receiving his Ph.D. from the University of Cincinnati. He has published articles in leading academic and professional journals, including The Accounting Review, The Journal of the American Taxation Association, The Journal of Accountancy, and The Journal of Taxation. Professor Willis is co-director of the National Tax Education Program, a continuing education program co-sponsored by the American Institute of CPAs and the University of Illinois.'

Part I: INTRODUCTION AND BASIC TAX MODEL. 1. An Introduction to Taxation and Understanding the Federal Tax Law. 2. Working with the Tax Law. 3. Tax Determination; Personal and Dependency Exemptions; An Overview of Property Transactions. Part II: GROSS INCOME. 4. Gross Income: Concepts and Inclusions. 5. Gross Income: Exclusions. Part III: DEDUCTIONS. 6. Deductions and Losses: In General. 7. Deductions and Losses: Certain Business Expenses and Losses. 8. Depreciation, Cost Recovery, Amortization, and Depletion. 9. Deductions: Employee and Self-Employed-Related Expenses. 10. Deductions and Losses: Certain Itemized Deductions. 11. Investor Losses. Part IV: SPECIAL TAX COMPUTATION METHODS, PAYMENT PROCEDURES, AND TAX CREDITS. 12. Alternative Minimum Tax. 13. Tax Credits and Payment Procedures. Part V: PROPERTY TRANSACTIONS. 14. Property Transactions: Determination of Gain or Loss and Basis Consideration. 15. Property Transactions: Nontaxable Exchanges. 16. Property Transactions: Capital Gains and Losses. 17. Property Transactions: Section 1231 and Recapture Provisions. Part VI: ACCOUNTING PERIODS, ACCOUNTING METHODS, AND DEFERRED COMPENSATION. 18. Accounting Periods and Methods. 19. Deferred Compensation. Part VII: CORPORATIONS AND PARTNERSHIPS. 20. Corporations and Partnerships. Appendix A: Tax Rate Schedule and Tables. Appendix B: Tax Forms. Appendix C: Glossary of Tax Terms. Appendix D: Table of Code Sections Cited; Table of Regulations Cited; Table of Revenue. Procedures and Revenue Rulings Cited. Appendix E: Citator Example. Appendix F: Comprehensive Tax Return Problems. Subject Index.