Problems and materials in federal income taxation:
Gespeichert in:
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| Format: | Buch |
| Sprache: | English |
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New York, NY
Aspen Publ. [u.a.]
2008
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| Ausgabe: | 7. ed. |
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXXI, 789 S. |
| ISBN: | 9780735565470 |
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| 100 | 1 | |a Guerin, Sanford M. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Problems and materials in federal income taxation |c Sanford M. Guerin ; Philip F. Postlewaite ; Adam H. Rosenzweig |
| 250 | |a 7. ed. | ||
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Datensatz im Suchindex
| _version_ | 1804137991881359360 |
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| adam_text | CONTENTS PREFACE XXIX ACKNOWLEDGMENTS XXXI CHAPTER 1 INTRODUCTION 1 A.
DEVELOPMENT OF THE INCOME TAX . 1 1. INTRODUCTION 1 2. CONSTITUTIONALITY
OF THE INCOME TAX 2 HELLERMAN V. COMMISSIONER 5 PERRY V. COMMISSIONER 6
B. THE STRUCTURE OF THE TAX LAW 8 1. TAX POLICY: EQUITY AND EFFICIENCY
GOALS 8 JOINT COMMITTEE ON TAXATION, DESCRIPTION AND ANALYSIS OF
PROPOSALS TO REPLACE THE FEDERAL INCOME TAX 9 REPORT OF THE PRESIDENT S
ADVISORY PANEL ON FEDERAL TAX REFORM, SIMPLE, FAIR AND PRO-GROWTH:
PROPOSALS TO FIX AMERICA S TAX SYSTEM 10 2. THE PROGRESSIVE RATE
STRUCTURE 13 PINE, EVERYONE S A CRITIC OF U.S. TAX SYSTEM 14 3.
MACROECONOMIC GROWTH AND INCOME TAXATION 16 TAX INCENTIVE ACT OF 1981 17
C. ILLEGALITY AND ETHICAL CONSIDERATIONS 18 UNITED STATES V. GREENBERG
19 D. APPLYING, INTERPRETING, AND ADMINISTERING THE TAX LAWS 20 1.
ADMINISTRATION OF THE INTERNAL REVENUE CODE 20 SUBCHAPTER H * INTERNAL
REVENUE PRACTICE 21 2. INTERPRETING AND APPLYING THE TAX LAWS 26
AUGUSTYN, RESEARCH IN FEDERAL INCOME TAXATION 27 E. THE TAXING FORMULA
33 XV XVI CONTENTS CHAPTER 2 THE CONCEPT OF GROSS INCOME 37 A.
INTRODUCTION B. FORMS OF GROSS INCOME 1. COMPENSATION FOR SERVICES AND
SALE OF APPRECIATED PROPERTY PROBLEMS 2-1, 2-2 2. INCOME WITHOUT RECEIPT
OF CASH MCCANN V. UNITED STATES NOTE ON UNITED STATES V. GOTCHER
PROBLEMS 2-3 THROUGH 2-6 3. BARTER TRANSACTIONS REV. RUL. 79-24 PROBLEM
2-7 4. UNANTICIPATED GAINS CESARINI V. UNITED STATES PROBLEMS 2-8, 2-9
5. PRIZES AND AWARDS TURNER V. COMMISSIONER PROBLEMS 2-10, 2-11 C. THE
ROLE OF DEBT IN GROSS INCOME 1. WHAT IS DEBT? 2. RECEIPTS SUBJECT TO
CLAIMS ERICKSON POST ACQUISITION, INC. V. COMMISSIONER KREIMER V.
COMMISSIONER PROBLEMS 2-12 THROUGH 2-14 3. DISCHARGE OF INDEBTEDNESS
ZARIN V. COMMISSIONER ROOD V. COMMISSIONER PROBLEM 2-15 D. LIMITATIONS
ON GROSS INCOME 1. RECOVERY OF CAPITAL REV. RUL. 81-277 NOTE ON RETURN
OF HUMAN CAPITAL PROBLEMS 2-16 THROUGH 2-19 2. REALIZATION COTTAGE
SAVINGS ASSOCIATION V. COMMISSIONER NOTE NOTE, REALIZING APPRECIATION
WITHOUT SALE: ACCRUAL TAXATION OF CAPITAL GAINS ON MARKETABLE SECURITIES
PROBLEM 2-20 3. IMPUTED INCOME COMMISSIONER V. DAEHLER PROBLEMS 2-21,
2-22 4. ADMINISTRATIVE EXCEPTIONS TO GROSS INCOME , ANNOUNCEMENT 2002-18
REV. RUL. 98-19 IR-98-56 37 39 39 39 40 41 43 44 44 45 46 46 47 49 50 51
52 52 52 54 55 58 62 63 64 67 69 70 70 71 73 74 75 76 81 81 85 85 87 88
88 89 90 91 CONTENTS XVII E. DISPOSITION OF PROPERTY 91 1. GAINS ON THE
DISPOSITION OF PROPERTY 91 2. SPECIAL ISSUES IN DETERMINING ADJUSTED
BASIS 93 A. TAXABLE EXCHANGES OF PROPERTY 93 PROBLEMS 2-23 THROUGH 2-25
94 B. DEBT INCURRED IN THE ACQUISITION OF PROPERTY 95 CRANE V.
COMMISSIONER 96 PROBLEM 2-26 100 C. DEBT INCURRED AFTER PROPERTY
ACQUISITION 100 3. AMOUNT REALIZED FROM DEBT RELIEF 102 A. NONRECOURSE
INDEBTEDNESS 102 COMMISSIONER V. TUFTS 104 B. RECOURSE INDEBTEDNESS 111
REV. RUL. 90-16 111 PROBLEMS 2-27 THROUGH 2-29 113 4. DISCHARGE OF
INDEBTEDNESS REDUX 114 PRESLAR V. COMMISSIONER 115 C H A P T E R 3 ITEMS
EXCLUDED FROM GROSS INCOME 121 A. OVERVIEW 121 B. GIFTS AND BEQUESTS 122
1. INTRODUCTION 122 OIK V. UNITED STATES 124 NOTE ON GIFT VERSUS
COMPENSATION 127 PROBLEMS 3-1 THROUGH 3-5 128 2. SECTION 1015 *BASIS FOR
PROPERTY RECEIVED AS A GIFT 129 PROBLEM 3-6 131 3. PART SALE/PART GIFT
TRANSACTIONS 131 DIEDRICH V. COMMISSIONER 133 PROBLEM 3-7 136 4. BASIS
OF PROPERTY ACQUIRED BY INHERITANCE OR DEVISE 137 PROBLEM 3-8 138 C.
LIFE INSURANCE PROCEEDS 139 PROBLEM 3-9 140 D. EMPLOYEE BENEFITS 140 1.
INTRODUCTION 140 2. MEALS AND LODGING 141 COMMISSIONER V. KOWALSKI 142
ADAMS V. UNITED STATES 145 PROBLEMS 3-10 THROUGH 3-14 150 3. COSTS FOR
EMPLOYEE LIFE AND HEALTH INSURANCE 151 A. EMPLOYEE LIFE INSURANCE 151 B.
EMPLOYEE HEALTH INSURANCE 151 PROBLEMS 3-15, 3-16 152 XVIII CONTENTS 4.
OTHER EMPLOYEE FRINGE BENEFITS 152 A. INTRODUCTION 152 B. SECTION 132 *
STATUTORY CRITERIA FOR EXCLUDABLE FRINGE BENEFITS 154 REV. RUL. 2006-57
159 PROBLEMS 3-17, 3-18 161 E. CAFETERIA PLANS 162 NOTICE 2005-42 164 F.
COMPENSATION FOR PERSONAL INJURIES AND SICKNESS 166 SMALL BUSINESS JOB
PROTECTION ACT OF 1996 169 PROBLEMS 3-19 THROUGH 3-21 170 G. DISCHARGE
OF INDEBTEDNESS 171 BANKRUPTCY TAX ACT OF 1980 172 REV. RUL. 92-53 174
PROBLEMS 3-22, 3-23 176 H. OTHER MISCELLANEOUS EXCLUSIONS 177 1.
TAX-EXEMPT INTEREST 177 2. SOCIAL SECURITY . 178 GOLDIN V. BAKER 178
PROBLEM 3-24 181 3. SALE OF PRINCIPAL RESIDENCE 181 JOINT COMMITTEE ON
TAXATION, GENERAL EXPLANATION OF * TAX LEGISLATION ENACTED IN 1997 181
PROBLEM 3-25 183 I. POLICY CONSIDERATIONS 184 1. TEMPORARY VERSUS
PERMANENT EXCLUSIONS: THE RELATIONSHIP OF DEBT, GROSS INCOME, AND BASIS
184 BAILEY V. COMMISSIONER 185 2. PROTECTING THE TAX BASE 187 BITTKER, A
COMPREHENSIVE TAX BASE AS A GOAL OF INCOME TAX REFORM 187 C H A P T E
R 4 CHOOSING THE PROPER TAXPAYER 197 A. ASSIGNMENT OF INCOME * SERVICES
197 1. THE CONCEPT OF INCOME SPLITTING 197 2. SHIFTING INCOME WITHIN THE
FAMILY BY GRATUITOUS TRANSFER 200 TESCHNER V. COMMISSIONER 200 3.
SHIFTING INCOME WITHIN THE FAMILY BY COMPENSATORY ARRANGEMENT 205
FRITSCHLE V. COMMISSIONER 205 4. SHIFTING INCOME TO A RELATED
CORPORATION 207 JOHNSON V. COMMISSIONER 207 PROBLEMS 4-1 THROUGH 4-3 210
B. ASSIGNMENT OF INCOME * PROPERTY 211 1. APPRECIATED PROPERTY
TRANSFERRED BY GIFT 211 CONTENTS XIX 2. TRANSFERS OF INCOME FROM
PROPERTY 212 HELVERING V. HORST 212 3. PROPERTY AND INCOME TRANSFERS
COMPARED 215 4. SUBSTANCE VERSUS FORM ANALYSIS 216 FERGUSON V.
COMMISSIONER 217 5. DIVIDENDS ON STOCK 221 6. ASSIGNMENTS OF INCOME FOR
CONSIDERATION 222 ESTATE OF STRANAHAN V. COMMISSIONER 222 7. STATUTORY
RESPONSE: THE KIDDIE TAX 224 PROBLEMS 4-4, 4-5 226 C. BELOW-MARKET AND
INTEREST-FREE LOANS 227 1. INTEREST-FREE LOANS AS AN INCOME-SHIFTING
DEVICE 227 JOINT COMMITTEE ON TAXATION, EXPLANATION OF THE TAX REFORM
ACT OF 1984 229 2. THE MECHANICS OF §7872 235 KTA-TATOR, INC. V.
COMMISSIONER 238 PROBLEMS 4-6 THROUGH 4-8 240 D. DIVORCE AND ALIMONY
241 1. ALIMONY VERSUS PROPERTY SETTLEMENTS 241 2. STATUTORY REQUIREMENTS
243 3. PROPERTY TRANSFERS BETWEEN SPOUSES 245 REV. RUL. 2002-22 245
PROBLEM 4-9 247 CHAPTER 5 TIMING OF GROSS INCOME 249 A. GENERAL
PRINCIPLES 249 1. ANNUAL ACCOUNTING PERIOD 249 PROBLEMS 5-1, 5-2 251 2.
TAX ACCOUNTING METHOD 251 3. RELIEF PROVISIONS 252 B. CASH METHOD OF
ACCOUNTING 252 1. CASH EQUIVALENCY 253 A. PAYMENTS FOR SERVICES 253
KAHLER V. COMMISSIONER 253 B. PROMISE TO PAY FUTURE INCOME 255 COWDEN V.
COMMISSIONER 255 PROBLEM 5-3 257 2. ACTUAL VERSUS CONSTRUCTIVE RECEIPT
257 MIELE V. COMMISSIONER 259 3. CONTRACTUAL AGREEMENTS POSTPONING
RECEIPT 261 REED V. COMMISSIONER 262 PROBLEMS 5-4, 5-5 270 4. PROMISES
TO PAY IN THE FUTURE: DEFERRED COMPENSATION 271 REV. RUL. 60-31 271
MINOR V. UNITED STATES 275 XX CONTENTS NOTE ON INDEFINITE DEFERRED
COMPENSATION 277 PROBLEM 5-6 278 5. SECTION 83: PROPERTY RECEIVED FOR
SERVICES PERFORMED 278 ALVES V. COMMISSIONER 280 PROBLEM 5-7 283 C.
ACCRUAL METHOD OF ACCOUNTING 284 1. ALL EVENTS TEST 284 2. FIXED RIGHTS
TO RECEIPT 284 FLAMINGO RESORT V. UNITED STATES 285 3. TIMING OF
INCLUSION OF VARIOUS FORMS OF INCOME 287 A. INTEREST INCOME 287 B.
DIVIDEND INCOME 288 C. SALES IN THE COURSE OF A TRADE OR BUSINESS 288 D.
PREPAYMENT FOR SERVICES 289 RCA V. UNITED STATES, 499 F. SUPP. 507
(S.D.N.Y. 1980) 289 RCA V. UNITED STATES, 664 F.2D 881 (2D CIR. 1981)
296 NOTE * 298 PROBLEMS 5-8 THROUGH 5-12 299 4. MANDATORY ACCRUAL
METHOD: ORIGINAL ISSUE DISCOUNT 300 A. INTRODUCTION 300 B. THE OID RULES
301 I. ISSUE PRICE 302 II. STATED REDEMPTION PRICE AT MATURITY 302
III. ACCRUAL OF DAILY PORTIONS 303 PROBLEM 5-13 303 D. JUDICIAL
EXCEPTIONS POSTPONING INCLUSION 304 1. SECURITY DEPOSITS 304
COMMISSIONER V. INDIANAPOLIS POWER & LIGHT CO. 305 PROBLEM 5-14 309 2.
OPTION TO PURCHASE REAL PROPERTY 310 KITCHIN V. COMMISSIONER 311 NOTE
312 PROBLEM 5-15 313 E. DEFERRED PAYMENT SALES OF PROPERTY 313 1. CLOSED
TRANSACTION REPORTING 314 2. OPEN TRANSACTION REPORTING 316 BURNET V.
LOGAN 316 PROBLEM 5-16 317 3. INSTALLMENT REPORTING 318 ESTATE OF
SILVERMAN V. COMMISSIONER 321 PROBLEMS 5-17 THROUGH 5-19 325 NOTE ON
DISPOSITION OF INSTALLMENT OBLIGATIONS 327 ( UNITED SURGICAL STEEL CO.
V. COMMISSIONER 328 NOTE ON PLEDGES OF INSTALLMENT OBLIGATIONS 330
PROBLEM 5-20 331 NOTE ON INSTALLMENT SALES OF ENCUMBERED PROPERTY 331
PROBLEMS 5-21 THROUGH 5-23 333 F. NONRECOGNITION OF GROSS INCOME 334 1.
LIKE-KIND EXCHANGES 335 CONTENTS XXI MOORE V. COMMISSIONER 336 NOTE ON
DEFERRED MULTIPARTY EXCHANGES 339 REV. RUL. 90-34 340 NOTE ON THE BASIS
OF ACQUIRED PROPERTY 342 REV. RUL. 79-44 344 NOTE 347 INSTALLMENT SALES
REVISION ACT OF 1980 347 PROBLEMS 5-24 THROUGH 5-26 349 2. INVOLUNTARY
CONVERSIONS 350 LIANT RECORD V. COMMISSIONER 352 REV. RUL. 76-319 354
PROBLEM 5-27 354 C H A P T E R 6 DEDUCTIONS FOR TRADE OR BUSINESS
EXPENSES 357 A. DEDUCTIONS * IN GENERAL 357 B. ADJUSTED GROSS INCOME 358
C. STATUTORY REQUIREMENTS FOR BUSINESS DEDUCTIONS 360 1. ORDINARY AND
NECESSARY 360 TREBILCOCK V. COMMISSIONER 361 NOTE 363 PROBLEMS 6-1
THROUGH 6-4 * 364 2. INCURRED IN A TRADE OR BUSINESS 364 COMMISSIONER V.
GROETZINGER 365 NOTE 371 PROBLEM 6-5 372 3. CURRENT EXPENSE VERSUS
CAPITAL EXPENDITURE 372 COMMISSIONER V. IDAHO POWER CO. 374 REV. RUL.
92-80 379 NOTE ON CAPITALIZATION OF INVENTORY 380 PROBLEMS 6-6, 6-7 380
D. SPECIFIC CATEGORIES OF BUSINESS EXPENSES 381 1. BUSINESS-RELATED
TRAVEL 381 A. COMMUTING EXPENSES 382 PROBLEMS 6-8 THROUGH 6-10 384 B.
TRAVEL AWAY FROM HOME 384 UNITED STATES V. CORRELL 384 BISSONNETTE V.
COMMISSIONER 387 C. BUSINESS/PLEASURE TRAVEL 390 PROBLEM 6-11 392 D. THE
TAX HOME DOCTRINE 393 REV. RUL. 93-86 , 394 HANTZIS V. COMMISSIONER 396
NOTE 401 PROBLEMS 6-12, 6-13 403 2. ENTERTAINMENT EXPENSES 404 XXII
CONTENTS A. GENERAL REQUIREMENTS FOR THE DEDUCTION 404 WALLISER V.
COMMISSIONER 405 B. ENTERTAINMENT FACILITIES 410 C. SUBSTANTIATION
REQUIREMENTS AND THE 50-PERCENT LIMITATION 410 PROBLEMS 6-14 THROUGH
6-16 412 3. BUSINESS MEALS 413 WILL, MORALITY AND THE MARTINI LUNCH
413 NOTE 415 A. REQUIREMENTS FOR THE DEDUCTION 416 MOSS V. COMMISSIONER
417 B. AMOUNT OF THE DEDUCTION 419 PROBLEM 6-17 420 4. EDUCATION
EXPENSES 420 A. EDUCATION VERSUS PERSONAL EXPENSES 420 PROBLEMS 6-18
THROUGH 6-20 422 B. MINIMUM EDUCATION REQUIREMENTS 422 WASSENAAR V.
COMMISSIONER * 423 NOTE 425 C. NEW TRADE OR BUSINESS LIMITATION 426
PROBLEMS 6-21 THROUGH 6-23 427 5. LEGAL EXPENSES 428 UNITES STATES V.
GILMORE 428 NOTE 431 PROBLEMS 6-24 THROUGH 6-26 432 E. DEPRECIATION AND
COST RECOVERY 432 1. THE CONCEPT OF DEPRECIATION 433 2. THE ACCELERATED
COST RECOVERY SYSTEM 436 TAX REFORM ACT OF 1986 436 NOTE 438 SIMON V.
COMMISSIONER 440 3. MIXED-USE ASSETS *§280F 446 BRYANT V. COMMISSIONER
447 4. AMORTIZATION OF INTANGIBLE ASSETS 448 FRONTIER CHEVROLET COMPANY
V. COMMISSIONER 449 PROBLEMS 6-27, 6-28 451 F. LIMITATIONS ON BUSINESS
EXPENSES 451 1. BUSINESS USE OF PERSONAL RESIDENCE * HOME OFFICES 452
GENERAL EXPLANATION OF TAX LEGISLATION ENACTED IN 1997 453 PROBLEMS 6-29
THROUGH 6-31 455 2. ILLEGALITY AND PUBLIC POLICY 455 TUCKER V.
COMMISSIONER 456 PROBLEM 6-32 458 C H A P T E R 7 CAPITAL GAINS AND
LOSSES 461 A. INTRODUCTION 461 CONTENTS XXIII 1. BACKGROUND 461 JOINT
COMMITTEE ON TAXATION, TAX TREATMENT OF CAPITAL GAINS AND LOSSES 463 2.
OVERVIEW OF CAPITAL GAIN AND LOSS ANALYSIS 466 B. MECHANICS OF CAPITAL
GAIN AND LOSS 466 1. STATUTORY OVERVIEW 466 2. DEFINITIONS AND NETTING
RULES 467 3. CAPITAL LOSS DEDUCTION 467 4. CARRYOVER OF CAPITAL LOSSES
468 5. CAPITAL GAIN EXCLUSION 468 PROBLEMS 7-1 THROUGH 7-3 469 C.
DEFINITION OF A CAPITAL ASSET 470 1. STATUTORY ANALYSIS 470 2. PROPERTY
HELD PRIMARILY FOR SALE 471 UNITED STATES V. WINTHROP 473 NOTE ON
LIQUIDATION OF INVESTMENT DOCTRINE 477 SUBURBAN REALTY CO. V. UNITED
STATES 477 3. NONSTATUTORY ANALYSIS 486 CORN PRODUCTS REFINING. CO. V.
COMMISSIONER 487 ARKANSAS BEST CORP. V. COMMISSIONER 489 PROBLEMS 7-4
THROUGH 7-6 494 D. SALE OR EXCHANGE REQUIREMENT 495 MIDDLETON V.
COMMISSIONER 497 PROBLEM 7-7 499 E. HOLDING PERIOD 500 1. COMPUTING
THE HOLDING PERIOD 500 2. TACKED AND SPLIT HOLDING PERIODS 501 CITIZENS
NATIONAL BANK OF WACO V. UNITED STATES 502 PROBLEMS 7-8 THROUGH 7-13 505
F. SECTION 1231*PROPERTY USED IN A TRADE OR BUSINESS 506 INTERNATIONAL
SHOE MACHINE CORP. V. UNITED STATES 509 PROBLEMS 7-14 THROUGH 7-16 512
G. ASSIGNMENT OF INCOME 512 LATTERA V. COMMISSIONER 517 PROBLEM 7-17 520
H. RECAPTURE OF DEPRECIATION 521 1. GENERAL PRINCIPLES 521 LEGISLATIVE
HISTORY OF §1245 (GAIN FROM THE DISPOSITION OF CERTAIN DEPRECIABLE
PROPERTY) 523 2. INSTALLMENT SALES 524 PROBLEMS 7-18, 7-19 525 I. SALE
OF BUSINESS 526 WILLIAMS V. MCGOWAN 527 PROBLEM 7-20 529 J. SECTION 1237
* STATUTORY IMMUNITY FOR SUBDIVIDED REAL PROPERTY 529 POINTER V.
COMMISSIONER 530 PROBLEM 7-21 532 K. ORIGINAL ISSUE DISCOUNT AND IMPUTED
INTEREST 533 XXIV CONTENTS 1. STATUTORY FRAMEWORK 534 JOINT COMMITTEE ON
TAXATION, STAFF PAMPHLET DESCRIBING TAX TREATMENT OF IMPUTED INTEREST ON
DEFERRED PAYMENT SALES OF PROPERTY 535 2. APPLYING THE NEW REGIME 538
PROBLEMS 7-22 THROUGH 7-25 539 L. POLICY CONSIDERATIONS 539 JOINT
COMMITTEE ON TAXATION, TAX TREATMENT OF CAPITAL GAINS AND LOSSES 540 C H
A P T E R 8 INVESTMENT AND PERSONAL DEDUCTIONS 545 A. INTRODUCTION 545
B. INVESTMENT ACTIVITY 547 1. PRODUCTION OF INCOME EXPENSES 547 2.
PERSONAL VERSUS INVESTMENT EXPENSE * 549 REV. RUL. 84-113 549 NOTE 551
3. CAPITAL EXPENDITURE LIMITATION 552 REV. RUL. 86-71 552 NOTE ON
LEGAL EXPENSES AND PRE-OPENING COSTS 554 PROBLEMS 8-1, 8-2 555 C. HOBBY
LOSSES 556 1. MECHANICS 556 2. PROFIT MOTIVE DEFINED 558 DREICERV.
COMMISSIONER, 665 F.2D 1292 (D.C. CIR. 1981) 560 DREICER V.
COMMISSIONER, 78 T.C. 642 (1982) 562 PROBLEMS 8-3, 8-4 563 3. VACATION
HOME RENTALS 564 BOLTON V. COMMISSIONER 567 NOTE 574 PROBLEMS 8-5
THROUGH 8-7 * 574 D. INVESTMENT-PERSONAL DEDUCTIONS 575 1. BAD DEBTS 575
UNITED STATES V. GENERES 577 PROBLEMS 8-8 THROUGH 8-11 580 2. INTEREST
EXPENSE 581 USLU V. COMMISSIONER 581 PAU V. COMMISSIONER 584 NOTE ON
§§265(A)(2) AND 221 586 PROBLEMS 8-12, 8-13 587 3. TAXES 588 REV. RUL.
79-180 590 PROBLEMS 8-14, 8-15 591 E. PERSONAL DEDUCTIONS 591 1.
CASUALTY LOSSES 591 CONTENTS XXV REV. RUL. 72-592 REV. RUL. 79-174 POPA
V. COMMISSIONER NOTE ON OTHER ASPECTS OF CASUALTY LOSS DEDUCTION
PROBLEMS 8-16 THROUGH 8-19 2. CHARITABLE CONTRIBUTIONS HERNANDEZ V.
COMMISSIONER REV. RUL. 83-104 NOTE ON MECHANICS AND LIMITATIONS REV.
RUL. 81-163 PROBLEMS 8-20 THOUGH 8-24 3. MEDICAL EXPENSES REV. RUL.
75-187 REV. RUL. 75-319 REV. RUL. 97-9 NOTE ON COSMETIC SURGERY REV.
RUL. 2003-57 PROBLEM 8-25 4. CLOTHING EXPENSES PEVSNER V. COMMISSIONER
PROBLEMS 8-26, 8-27 F. FLOOR ON MISCELLANEOUS DEDUCTIONS AND OVERALL
LIMITATION ON ITEMIZED DEDUCTIONS PROBLEMS 8-28, 8-29 G. THE STANDARD
DEDUCTION PROBLEMS 8-30, 8-31 H. POLICY ISSUES SURREY, TAX INCENTIVES AS
A DEVICE FOR IMPLEMENTING GOVERNMENT POLICY: A COMPARISON WITH DIRECT
GOVERNMENT EXPENDITURES 593 594 595 599 600 601 602 606 609 610 611 612
613 613 614 615 616 617 618 618 620 621 622 623 623 624 624 C H A P T E
R 9 TIMING OF DEDUCTIONS AND TAX SHELTERS 633 A. INTRODUCTION 633 B.
CASH METHOD ACCOUNTING 635 1. PAYMENT VERSUS PROMISE TO PAY 635 CHAPMAN
V. UNITED STATES 637 REV. RUL. 78-38 638 2. THE CAPITAL EXPENDITURE
LIMITATION 639 PROBLEMS 9-1 THROUGH 9-3 640 C. ACCRUAL METHOD ACCOUNTING
641 1. REASONABLE ACCURACY TEST 642 2. ALL EVENTS TEST 642 CHRYSLER
CORPORATION V. COMMISSIONER 643 3. ECONOMIC PERFORMANCE REQUIREMENT 646
XXVI CONTENTS JOINT COMMITTEE ON TAXATION, GENERAL EXPLANATION OF THE
REVENUE PROVISIONS OF THE DEFICIT REDUCTION ACT OF 1984 646 REV. RUL.
2007-3 649 PROBLEM 9-4 651 4. CONTESTED LIABILITIES 652 PROBLEMS 9-5
THROUGH 9-8 653 D. REPAYMENTS OF ITEMS PREVIOUSLY INCLUDED IN INCOME 654
1. CLAIM OF RIGHT DOCTRINE 654 UNITED STATES V. LEWIS 654 2. APPLICATION
OF §1341 655 3. THE ARROWSMITH DOCTRINE 657 ARROWSMITH V. COMMISSIONER
657 PROBLEMS 9-9 THROUGH 9-11 658 E. TAX SHELTERS 659 1. OVERVIEW 659
STAFF OF JOINT COMMITTEE ON TAXATION, BACKGROUND ON TAX SHELTERS . 660
THE PROBLEM OF CORPORATE TAX SHELTERS DISCUSSION, ANALYSIS AND
LEGISLATIVE PROPOSALS DEPARTMENT OF THE TREASURY 662 2. JUDICIAL
RESTRICTIONS ON TAX SHELTERS 665 KNETSCH V. UNITED STATES 666 ESTATE OF
FRANKLIN V. COMMISSIONER 668 BRANNEN V. COMMISSIONER 670 RICE S TOYOTA
WORLD V. COMMISSIONER 677 3. STATUTORY ANTI-TAX SHELTER PROVISIONS 683
A. AT RISK LIMITATIONS 683 B. APPLICATION OF §465 TO REAL ESTATE
TRANSACTIONS 685 C. PASSIVE ACTIVITY LIMITATIONS 686 D. DETERMINATION OF
ACTIVITY INCOME 691 E. TREATMENT OF PASSIVE ACTIVITY LOSSES 692 F.
DISPOSITIONS OF PASSIVE ACTIVITIES 694 PROBLEMS 9-12 THROUGH 9-14 695 4.
OTHER STATUTORY ANTI-ABUSE PROVISIONS 695 A. SALES OR EXCHANGES BETWEEN
RELATED PARTIES 695 ME WILLIAMS V. COMMISSIONER 697 NOTE 700 B. WASH
SALES OF STOCK 701 ESTATE OF ESTROFFV. COMMISSIONER 701 NOTE 704
PROBLEMS 9-15, 9-16 705 C. INVESTMENT INTEREST LIMITATIONS 705 PROBLEM
9-17 706 F. ETHICAL ISSUES 706 JOINT COMMITTEE ON TAXATION, BACKGROUND
AND PRESENT LAW RELATING TO TAX SHELTERS 707 TREASURY DEPARTMENT
CIRCULAR NO. 230 711 JUDISCH V. UNITED STATES 713 CONTENTS XXVII CHAPTER
10 COMPUTING TAX LIABILITY 719 A. B. C. D. E. OVERVIEW PERSONAL
EXEMPTIONS 1. THE TAXPAYER EXEMPTION 2. THE SPOUSAL EXEMPTION 3.
DEPENDENCY EXEMPTIONS SHAPIRO V. COMMISSIONER NOTE ON SUPPORT
REQUIREMENTS IN SPECIFIED SETTINGS PROBLEMS 10-1 THROUGH 10-4 RATES AND
RETURNS 1. POLICY CONSIDERATIONS JOINT COMMITTEE ON TAXATION, ANALYSIS
OF PROPOSALS RELATING TO COMPREHENSIVE TAX REFORM 2. FILING STATUS REV.
RUL. 84-89 PROBLEMS 10-5, 10-6 3. THE MARRIAGE PENALTY DRUKER V.
COMMISSIONER BOYTER V. COMMISSIONER 4. NET CAPITAL GAIN RATE
DIFFERENTIAL WEISS V. COMMISSIONER PROBLEM 10-7 5. TAX RATES BITTKER,
EFFECTIVE TAX RATES: FACT OR FANCY? 6. ALTERNATIVE MINIMUM TAX NATIONAL
TAXPAYER ADVOCATE 2003 ANNUAL REPORT TO CONGRESS KLAASEN V. COMMISSIONER
TAX CREDITS 1. INTRODUCTION 2. CHILD CARE CREDIT PROBLEM 10-8 3. CHILD
TAX CREDIT PROBLEM 10-9 4. EARNED INCOME CREDIT PROBLEM 10-10 THE
FUTURE? 719 720 720 721 721 722 724 726 728 728 729 735 738 740 740 742
745 748 748 749 749 749 757 758 762 765 765 766 767 767 767 768 770 770
JOINT COMMITTEE ON TAXATION, STUDY OF THE OVERALL STATE OF THE FEDERAL
TAX SYSTEM AND RECOMMENDATIONS FOR SIMPLIFICATION, PURSUANT TO SECTION
8022(3)(B) OF THE INTERNAL REVENUE CODE OF 1986 771 TABLE OF CASES 777
TABLE OF REVENUE RULINGS AND PROCEDURES 783 INDEX 785
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CONTENTS PREFACE XXIX ACKNOWLEDGMENTS XXXI CHAPTER 1 INTRODUCTION 1 A.
DEVELOPMENT OF THE INCOME TAX . 1 1. INTRODUCTION 1 2. CONSTITUTIONALITY
OF THE INCOME TAX 2 HELLERMAN V. COMMISSIONER 5 PERRY V. COMMISSIONER 6
B. THE STRUCTURE OF THE TAX LAW 8 1. TAX POLICY: EQUITY AND EFFICIENCY
GOALS 8 JOINT COMMITTEE ON TAXATION, DESCRIPTION AND ANALYSIS OF
PROPOSALS TO REPLACE THE FEDERAL INCOME TAX 9 REPORT OF THE PRESIDENT'S
ADVISORY PANEL ON FEDERAL TAX REFORM, SIMPLE, FAIR AND PRO-GROWTH:
PROPOSALS TO FIX AMERICA'S TAX SYSTEM 10 2. THE PROGRESSIVE RATE
STRUCTURE 13 PINE, EVERYONE'S A CRITIC OF U.S. TAX SYSTEM 14 3.
MACROECONOMIC GROWTH AND INCOME TAXATION 16 TAX INCENTIVE ACT OF 1981 17
C. ILLEGALITY AND ETHICAL CONSIDERATIONS 18 UNITED STATES V. GREENBERG
19 D. APPLYING, INTERPRETING, AND ADMINISTERING THE TAX LAWS 20 1.
ADMINISTRATION OF THE INTERNAL REVENUE CODE 20 SUBCHAPTER H * INTERNAL
REVENUE PRACTICE 21 2. INTERPRETING AND APPLYING THE TAX LAWS 26
AUGUSTYN, RESEARCH IN FEDERAL INCOME TAXATION 27 E. THE TAXING FORMULA
33 XV XVI CONTENTS CHAPTER 2 THE CONCEPT OF GROSS INCOME 37 A.
INTRODUCTION B. FORMS OF GROSS INCOME 1. COMPENSATION FOR SERVICES AND
SALE OF APPRECIATED PROPERTY PROBLEMS 2-1, 2-2 2. INCOME WITHOUT RECEIPT
OF CASH MCCANN V. UNITED STATES NOTE ON UNITED STATES V. GOTCHER
PROBLEMS 2-3 THROUGH 2-6 3. BARTER TRANSACTIONS REV. RUL. 79-24 PROBLEM
2-7 4. UNANTICIPATED GAINS CESARINI V. UNITED STATES PROBLEMS 2-8, 2-9
5. PRIZES AND AWARDS TURNER V. COMMISSIONER PROBLEMS 2-10, 2-11 C. THE
ROLE OF DEBT IN GROSS INCOME 1. WHAT IS DEBT? 2. RECEIPTS SUBJECT TO
CLAIMS ERICKSON POST ACQUISITION, INC. V. COMMISSIONER KREIMER V.
COMMISSIONER PROBLEMS 2-12 THROUGH 2-14 3. DISCHARGE OF INDEBTEDNESS
ZARIN V. COMMISSIONER ROOD V. COMMISSIONER PROBLEM 2-15 D. LIMITATIONS
ON GROSS INCOME 1. RECOVERY OF CAPITAL REV. RUL. 81-277 NOTE ON RETURN
OF HUMAN CAPITAL PROBLEMS 2-16 THROUGH 2-19 2. REALIZATION COTTAGE
SAVINGS ASSOCIATION V. COMMISSIONER NOTE NOTE, REALIZING APPRECIATION
WITHOUT SALE: ACCRUAL TAXATION OF CAPITAL GAINS ON MARKETABLE SECURITIES
PROBLEM 2-20 3. IMPUTED INCOME COMMISSIONER V. DAEHLER PROBLEMS 2-21,
2-22 4. ADMINISTRATIVE EXCEPTIONS TO GROSS INCOME , ANNOUNCEMENT 2002-18
REV. RUL. 98-19 IR-98-56 37 39 39 39 40 41 43 44 44 45 46 46 47 49 50 51
52 52 52 54 55 58 62 63 64 67 69 70 70 71 73 74 75 76 81 81 85 85 87 88
88 89 90 91 CONTENTS XVII E. DISPOSITION OF PROPERTY 91 1. GAINS ON THE
DISPOSITION OF PROPERTY 91 2. SPECIAL ISSUES IN DETERMINING ADJUSTED
BASIS 93 A. TAXABLE EXCHANGES OF PROPERTY 93 PROBLEMS 2-23 THROUGH 2-25
94 B. DEBT INCURRED IN THE ACQUISITION OF PROPERTY 95 CRANE V.
COMMISSIONER 96 PROBLEM 2-26 100 C. DEBT INCURRED AFTER PROPERTY
ACQUISITION 100 3. AMOUNT REALIZED FROM DEBT RELIEF 102 A. NONRECOURSE
INDEBTEDNESS 102 COMMISSIONER V. TUFTS 104 B. RECOURSE INDEBTEDNESS 111
REV. RUL. 90-16 111 PROBLEMS 2-27 THROUGH 2-29 113 4. DISCHARGE OF
INDEBTEDNESS REDUX 114 PRESLAR V. COMMISSIONER 115 C H A P T E R 3 ITEMS
EXCLUDED FROM GROSS INCOME 121 A. OVERVIEW 121 B. GIFTS AND BEQUESTS 122
1. INTRODUCTION 122 OIK V. UNITED STATES 124 NOTE ON GIFT VERSUS
COMPENSATION 127 PROBLEMS 3-1 THROUGH 3-5 128 2. SECTION 1015 *BASIS FOR
PROPERTY RECEIVED AS A GIFT 129 PROBLEM 3-6 131 3. PART SALE/PART GIFT
TRANSACTIONS 131 DIEDRICH V. COMMISSIONER 133 PROBLEM 3-7 136 4. BASIS
OF PROPERTY ACQUIRED BY INHERITANCE OR DEVISE 137 PROBLEM 3-8 138 C.
LIFE INSURANCE PROCEEDS 139 PROBLEM 3-9 140 D. EMPLOYEE BENEFITS 140 1.
INTRODUCTION 140 2. MEALS AND LODGING 141 COMMISSIONER V. KOWALSKI 142
ADAMS V. UNITED STATES 145 PROBLEMS 3-10 THROUGH 3-14 150 3. COSTS FOR
EMPLOYEE LIFE AND HEALTH INSURANCE 151 A. EMPLOYEE LIFE INSURANCE 151 B.
EMPLOYEE HEALTH INSURANCE 151 PROBLEMS 3-15, 3-16 152 XVIII CONTENTS 4.
OTHER EMPLOYEE FRINGE BENEFITS 152 A. INTRODUCTION 152 B. SECTION 132 *
STATUTORY CRITERIA FOR EXCLUDABLE FRINGE BENEFITS 154 REV. RUL. 2006-57
159 PROBLEMS 3-17, 3-18 161 E. CAFETERIA PLANS 162 NOTICE 2005-42 164 F.
COMPENSATION FOR PERSONAL INJURIES AND SICKNESS 166 SMALL BUSINESS JOB
PROTECTION ACT OF 1996 169 PROBLEMS 3-19 THROUGH 3-21 170 G. DISCHARGE
OF INDEBTEDNESS 171 BANKRUPTCY TAX ACT OF 1980 172 REV. RUL. 92-53 174
PROBLEMS 3-22, 3-23 176 H. OTHER MISCELLANEOUS EXCLUSIONS 177 1.
TAX-EXEMPT INTEREST 177 2. SOCIAL SECURITY ' . 178 GOLDIN V. BAKER 178
PROBLEM 3-24 181 3. SALE OF PRINCIPAL RESIDENCE 181 JOINT COMMITTEE ON
TAXATION, GENERAL EXPLANATION OF * TAX LEGISLATION ENACTED IN 1997 181
PROBLEM 3-25 183 I. POLICY CONSIDERATIONS 184 1. TEMPORARY VERSUS
PERMANENT EXCLUSIONS: THE RELATIONSHIP OF DEBT, GROSS INCOME, AND BASIS
184 BAILEY V. COMMISSIONER 185 2. PROTECTING THE TAX BASE 187 BITTKER, A
"COMPREHENSIVE TAX BASE" AS A GOAL OF INCOME TAX REFORM 187 C H A P T E
R 4 CHOOSING THE PROPER TAXPAYER 197 A. ASSIGNMENT OF INCOME * SERVICES
197 1. THE CONCEPT OF INCOME SPLITTING 197 2. SHIFTING INCOME WITHIN THE
FAMILY BY GRATUITOUS TRANSFER 200 TESCHNER V. COMMISSIONER 200 3.
SHIFTING INCOME WITHIN THE FAMILY BY COMPENSATORY ARRANGEMENT 205
FRITSCHLE V. COMMISSIONER 205 4. SHIFTING INCOME TO A RELATED
CORPORATION 207 JOHNSON V. COMMISSIONER 207 PROBLEMS 4-1 THROUGH 4-3 210
B. ASSIGNMENT OF INCOME * PROPERTY 211 1. APPRECIATED PROPERTY
TRANSFERRED BY GIFT 211 CONTENTS XIX 2. TRANSFERS OF INCOME FROM
PROPERTY 212 HELVERING V. HORST 212 3. PROPERTY AND INCOME TRANSFERS
COMPARED 215 4. SUBSTANCE VERSUS FORM ANALYSIS 216 FERGUSON V.
COMMISSIONER 217 5. DIVIDENDS ON STOCK 221 6. ASSIGNMENTS OF INCOME FOR
CONSIDERATION 222 ESTATE OF STRANAHAN V. COMMISSIONER 222 7. STATUTORY
RESPONSE: THE "KIDDIE" TAX 224 PROBLEMS 4-4, 4-5 226 C. BELOW-MARKET AND
INTEREST-FREE LOANS 227 1. INTEREST-FREE LOANS AS AN INCOME-SHIFTING
DEVICE 227 JOINT COMMITTEE ON TAXATION, EXPLANATION OF THE TAX REFORM
ACT OF 1984 229 2. THE MECHANICS OF §7872 235 KTA-TATOR, INC. V.
COMMISSIONER 238 PROBLEMS 4-6 THROUGH 4-8 240 D. DIVORCE AND ALIMONY '
241 1. ALIMONY VERSUS PROPERTY SETTLEMENTS 241 2. STATUTORY REQUIREMENTS
243 3. PROPERTY TRANSFERS BETWEEN SPOUSES 245 REV. RUL. 2002-22 ' 245
PROBLEM 4-9 247 CHAPTER 5 TIMING OF GROSS INCOME 249 A. GENERAL
PRINCIPLES 249 1. ANNUAL ACCOUNTING PERIOD 249 PROBLEMS 5-1, 5-2 251 2.
TAX ACCOUNTING METHOD 251 3. RELIEF PROVISIONS 252 B. CASH METHOD OF
ACCOUNTING 252 1. CASH EQUIVALENCY 253 A. PAYMENTS FOR SERVICES 253
KAHLER V. COMMISSIONER 253 B. PROMISE TO PAY FUTURE INCOME 255 COWDEN V.
COMMISSIONER 255 PROBLEM 5-3 257 2. ACTUAL VERSUS CONSTRUCTIVE RECEIPT
257 MIELE V. COMMISSIONER 259 3. CONTRACTUAL AGREEMENTS POSTPONING
RECEIPT 261 REED V. COMMISSIONER 262 PROBLEMS 5-4, 5-5 270 4. PROMISES
TO PAY IN THE FUTURE: DEFERRED COMPENSATION 271 REV. RUL. 60-31 271
MINOR V. UNITED STATES 275 XX CONTENTS NOTE ON INDEFINITE DEFERRED
COMPENSATION 277 PROBLEM 5-6 278 5. SECTION 83: PROPERTY RECEIVED FOR
SERVICES PERFORMED 278 ALVES V. COMMISSIONER 280 PROBLEM 5-7 283 C.
ACCRUAL METHOD OF ACCOUNTING 284 1. ALL EVENTS TEST 284 2. FIXED RIGHTS
TO RECEIPT 284 FLAMINGO RESORT V. UNITED STATES 285 3. TIMING OF
INCLUSION OF VARIOUS FORMS OF INCOME 287 A. INTEREST INCOME 287 B.
DIVIDEND INCOME 288 C. SALES IN THE COURSE OF A TRADE OR BUSINESS 288 D.
PREPAYMENT FOR SERVICES 289 RCA V. UNITED STATES, 499 F. SUPP. 507
(S.D.N.Y. 1980) 289 RCA V. UNITED STATES, 664 F.2D 881 (2D CIR. 1981)
296 NOTE ' * 298 PROBLEMS 5-8 THROUGH 5-12 299 4. MANDATORY ACCRUAL
METHOD: ORIGINAL ISSUE DISCOUNT 300 A. INTRODUCTION 300 B. THE OID RULES
' 301 I. ISSUE PRICE 302 II. STATED REDEMPTION PRICE AT MATURITY 302
III. ACCRUAL OF DAILY PORTIONS 303 PROBLEM 5-13 303 D. JUDICIAL
EXCEPTIONS POSTPONING INCLUSION 304 1. SECURITY DEPOSITS 304
COMMISSIONER V. INDIANAPOLIS POWER & LIGHT CO. 305 PROBLEM 5-14 309 2.
OPTION TO PURCHASE REAL PROPERTY 310 KITCHIN V. COMMISSIONER 311 NOTE
312 PROBLEM 5-15 313 E. DEFERRED PAYMENT SALES OF PROPERTY 313 1. CLOSED
TRANSACTION REPORTING 314 2. OPEN TRANSACTION REPORTING 316 BURNET V.
LOGAN 316 PROBLEM 5-16 317 3. INSTALLMENT REPORTING 318 ESTATE OF
SILVERMAN V. COMMISSIONER 321 PROBLEMS 5-17 THROUGH 5-19 325 NOTE ON
DISPOSITION OF INSTALLMENT OBLIGATIONS 327 ( UNITED SURGICAL STEEL CO.
V. COMMISSIONER 328 NOTE ON PLEDGES OF INSTALLMENT OBLIGATIONS 330
PROBLEM 5-20 331 NOTE ON INSTALLMENT SALES OF ENCUMBERED PROPERTY 331
PROBLEMS 5-21 THROUGH 5-23 333 F. NONRECOGNITION OF GROSS INCOME 334 1.
LIKE-KIND EXCHANGES 335 CONTENTS XXI MOORE V. COMMISSIONER 336 NOTE ON
DEFERRED MULTIPARTY EXCHANGES 339 REV. RUL. 90-34 340 NOTE ON THE BASIS
OF ACQUIRED PROPERTY 342 REV. RUL. 79-44 344 NOTE 347 INSTALLMENT SALES
REVISION ACT OF 1980 347 PROBLEMS 5-24 THROUGH 5-26 349 2. INVOLUNTARY
CONVERSIONS 350 LIANT RECORD V. COMMISSIONER 352 REV. RUL. 76-319 354
PROBLEM 5-27 354 C H A P T E R 6 DEDUCTIONS FOR TRADE OR BUSINESS
EXPENSES 357 A. DEDUCTIONS * IN GENERAL 357 B. ADJUSTED GROSS INCOME 358
C. STATUTORY REQUIREMENTS FOR BUSINESS DEDUCTIONS 360 1. ORDINARY AND
NECESSARY 360 TREBILCOCK V. COMMISSIONER 361 NOTE 363 PROBLEMS 6-1
THROUGH 6-4 * 364 2. INCURRED IN A TRADE OR BUSINESS 364 COMMISSIONER V.
GROETZINGER 365 NOTE 371 PROBLEM 6-5 372 3. CURRENT EXPENSE VERSUS
CAPITAL EXPENDITURE 372 COMMISSIONER V. IDAHO POWER CO. 374 REV. RUL.
92-80 379 NOTE ON CAPITALIZATION OF INVENTORY 380 PROBLEMS 6-6, 6-7 380
D. SPECIFIC CATEGORIES OF BUSINESS EXPENSES 381 1. BUSINESS-RELATED
TRAVEL 381 A. COMMUTING EXPENSES 382 PROBLEMS 6-8 THROUGH 6-10 384 B.
TRAVEL AWAY FROM HOME 384 UNITED STATES V. CORRELL 384 BISSONNETTE V.
COMMISSIONER 387 C. BUSINESS/PLEASURE TRAVEL 390 PROBLEM 6-11 392 D. THE
TAX HOME DOCTRINE 393 REV. RUL. 93-86 , 394 HANTZIS V. COMMISSIONER 396
NOTE 401 PROBLEMS 6-12, 6-13 403 2. ENTERTAINMENT EXPENSES 404 XXII
CONTENTS A. GENERAL REQUIREMENTS FOR THE DEDUCTION 404 WALLISER V.
COMMISSIONER 405 B. ENTERTAINMENT FACILITIES 410 C. SUBSTANTIATION
REQUIREMENTS AND THE 50-PERCENT LIMITATION 410 PROBLEMS 6-14 THROUGH
6-16 412 3. BUSINESS MEALS 413 WILL, MORALITY AND THE "MARTINI LUNCH"
413 NOTE 415 A. REQUIREMENTS FOR THE DEDUCTION 416 MOSS V. COMMISSIONER
417 B. AMOUNT OF THE DEDUCTION 419 PROBLEM 6-17 420 4. EDUCATION
EXPENSES 420 A. EDUCATION VERSUS PERSONAL EXPENSES 420 PROBLEMS 6-18
THROUGH 6-20 422 B. MINIMUM EDUCATION REQUIREMENTS 422 WASSENAAR V.
COMMISSIONER * 423 NOTE " 425 C. NEW TRADE OR BUSINESS LIMITATION 426
PROBLEMS 6-21 THROUGH 6-23 427 5. LEGAL EXPENSES 428 UNITES STATES V.
GILMORE 428 NOTE 431 PROBLEMS 6-24 THROUGH 6-26 432 E. DEPRECIATION AND
COST RECOVERY 432 1. THE CONCEPT OF DEPRECIATION 433 2. THE ACCELERATED
COST RECOVERY SYSTEM 436 TAX REFORM ACT OF 1986 436 NOTE 438 SIMON V.
COMMISSIONER 440 3. MIXED-USE ASSETS *§280F 446 BRYANT V. COMMISSIONER
447 4. AMORTIZATION OF INTANGIBLE ASSETS 448 FRONTIER CHEVROLET COMPANY
V. COMMISSIONER 449 PROBLEMS 6-27, 6-28 451 F. LIMITATIONS ON BUSINESS
EXPENSES 451 1. BUSINESS USE OF PERSONAL RESIDENCE * HOME OFFICES 452
GENERAL EXPLANATION OF TAX LEGISLATION ENACTED IN 1997 453 PROBLEMS 6-29
THROUGH 6-31 455 2. ILLEGALITY AND PUBLIC POLICY 455 TUCKER V.
COMMISSIONER 456 PROBLEM 6-32 458 C H A P T E R 7 CAPITAL GAINS AND
LOSSES 461 A. INTRODUCTION 461 CONTENTS XXIII 1. BACKGROUND 461 JOINT
COMMITTEE ON TAXATION, TAX TREATMENT OF CAPITAL GAINS AND LOSSES 463 2.
OVERVIEW OF CAPITAL GAIN AND LOSS ANALYSIS 466 B. MECHANICS OF CAPITAL
GAIN AND LOSS 466 1. STATUTORY OVERVIEW 466 2. DEFINITIONS AND NETTING
RULES 467 3. CAPITAL LOSS DEDUCTION 467 4. CARRYOVER OF CAPITAL LOSSES
468 5. CAPITAL GAIN EXCLUSION 468 PROBLEMS 7-1 THROUGH 7-3 469 C.
DEFINITION OF A CAPITAL ASSET 470 1. STATUTORY ANALYSIS 470 2. PROPERTY
HELD PRIMARILY FOR SALE 471 UNITED STATES V. WINTHROP 473 NOTE ON
LIQUIDATION OF INVESTMENT DOCTRINE 477 SUBURBAN REALTY CO. V. UNITED
STATES 477 3. NONSTATUTORY ANALYSIS 486 CORN PRODUCTS REFINING. CO. V.
COMMISSIONER 487 ARKANSAS BEST CORP. V. COMMISSIONER 489 PROBLEMS 7-4
THROUGH 7-6 494 D. SALE OR EXCHANGE REQUIREMENT 495 MIDDLETON V.
COMMISSIONER ' 497 PROBLEM 7-7 499 E. HOLDING PERIOD 500 1. COMPUTING
THE HOLDING PERIOD 500 2. TACKED AND SPLIT HOLDING PERIODS 501 CITIZENS
NATIONAL BANK OF WACO V. UNITED STATES 502 PROBLEMS 7-8 THROUGH 7-13 505
F. SECTION 1231*PROPERTY USED IN A TRADE OR BUSINESS 506 INTERNATIONAL
SHOE MACHINE CORP. V. UNITED STATES 509 PROBLEMS 7-14 THROUGH 7-16 512
G. ASSIGNMENT OF INCOME 512 LATTERA V. COMMISSIONER 517 PROBLEM 7-17 520
H. RECAPTURE OF DEPRECIATION 521 1. GENERAL PRINCIPLES 521 LEGISLATIVE
HISTORY OF §1245 (GAIN FROM THE DISPOSITION OF CERTAIN DEPRECIABLE
PROPERTY) 523 2. INSTALLMENT SALES 524 PROBLEMS 7-18, 7-19 525 I. SALE
OF BUSINESS 526 WILLIAMS V. MCGOWAN 527 PROBLEM 7-20 529 J. SECTION 1237
* STATUTORY IMMUNITY FOR SUBDIVIDED REAL PROPERTY 529 POINTER V.
COMMISSIONER 530 PROBLEM 7-21 532 K. ORIGINAL ISSUE DISCOUNT AND IMPUTED
INTEREST 533 XXIV CONTENTS 1. STATUTORY FRAMEWORK 534 JOINT COMMITTEE ON
TAXATION, STAFF PAMPHLET DESCRIBING TAX TREATMENT OF IMPUTED INTEREST ON
DEFERRED PAYMENT SALES OF PROPERTY 535 2. APPLYING THE NEW REGIME 538
PROBLEMS 7-22 THROUGH 7-25 539 L. POLICY CONSIDERATIONS 539 JOINT
COMMITTEE ON TAXATION, TAX TREATMENT OF CAPITAL GAINS AND LOSSES 540 C H
A P T E R 8 INVESTMENT AND PERSONAL DEDUCTIONS 545 A. INTRODUCTION 545
B. INVESTMENT ACTIVITY 547 1. PRODUCTION OF INCOME EXPENSES 547 2.
PERSONAL VERSUS INVESTMENT EXPENSE * 549 REV. RUL. 84-113 549 NOTE 551
3. CAPITAL EXPENDITURE LIMITATION 552 REV. RUL. 86-71 ' 552 NOTE ON
LEGAL EXPENSES AND PRE-OPENING COSTS 554 PROBLEMS 8-1, 8-2 555 C. HOBBY
LOSSES 556 1. MECHANICS 556 2. PROFIT MOTIVE DEFINED 558 DREICERV.
COMMISSIONER, 665 F.2D 1292 (D.C. CIR. 1981) 560 DREICER V.
COMMISSIONER, 78 T.C. 642 (1982) 562 PROBLEMS 8-3, 8-4 563 3. VACATION
HOME RENTALS 564 BOLTON V. COMMISSIONER 567 NOTE 574 PROBLEMS 8-5
THROUGH 8-7 * 574 D. INVESTMENT-PERSONAL DEDUCTIONS 575 1. BAD DEBTS 575
UNITED STATES V. GENERES 577 PROBLEMS 8-8 THROUGH 8-11 580 2. INTEREST
EXPENSE 581 USLU V. COMMISSIONER 581 PAU V. COMMISSIONER 584 NOTE ON
§§265(A)(2) AND 221 586 PROBLEMS 8-12, 8-13 587 3. TAXES 588 REV. RUL.
79-180 590 PROBLEMS 8-14, 8-15 591 E. PERSONAL DEDUCTIONS 591 1.
CASUALTY LOSSES 591 CONTENTS XXV REV. RUL. 72-592 REV. RUL. 79-174 POPA
V. COMMISSIONER NOTE ON OTHER ASPECTS OF CASUALTY LOSS DEDUCTION
PROBLEMS 8-16 THROUGH 8-19 2. CHARITABLE CONTRIBUTIONS HERNANDEZ V.
COMMISSIONER REV. RUL. 83-104 NOTE ON MECHANICS AND LIMITATIONS REV.
RUL. 81-163 PROBLEMS 8-20 THOUGH 8-24 3. MEDICAL EXPENSES REV. RUL.
75-187 REV. RUL. 75-319 REV. RUL. 97-9 NOTE ON COSMETIC SURGERY REV.
RUL. 2003-57 PROBLEM 8-25 4. CLOTHING EXPENSES PEVSNER V. COMMISSIONER
PROBLEMS 8-26, 8-27 F. FLOOR ON MISCELLANEOUS DEDUCTIONS AND OVERALL
LIMITATION ON ITEMIZED DEDUCTIONS PROBLEMS 8-28, 8-29 G. THE STANDARD
DEDUCTION PROBLEMS 8-30, 8-31 H. POLICY ISSUES SURREY, TAX INCENTIVES AS
A DEVICE FOR IMPLEMENTING GOVERNMENT POLICY: A COMPARISON WITH DIRECT
GOVERNMENT EXPENDITURES 593 594 595 599 600 601 602 606 609 610 611 612
613 613 614 615 616 617 618 618 620 621 622 623 623 624 624 C H A P T E
R 9 TIMING OF DEDUCTIONS AND TAX SHELTERS 633 A. INTRODUCTION 633 B.
CASH METHOD ACCOUNTING 635 1. PAYMENT VERSUS PROMISE TO PAY 635 CHAPMAN
V. UNITED STATES 637 REV. RUL. 78-38 638 2. THE CAPITAL EXPENDITURE
LIMITATION 639 PROBLEMS 9-1 THROUGH 9-3 640 C. ACCRUAL METHOD ACCOUNTING
641 1. REASONABLE ACCURACY TEST 642 2. ALL EVENTS TEST 642 CHRYSLER
CORPORATION V. COMMISSIONER 643 3. ECONOMIC PERFORMANCE REQUIREMENT 646
XXVI CONTENTS JOINT COMMITTEE ON TAXATION, GENERAL EXPLANATION OF THE
REVENUE PROVISIONS OF THE DEFICIT REDUCTION ACT OF 1984 646 REV. RUL.
2007-3 649 PROBLEM 9-4 651 4. CONTESTED LIABILITIES 652 PROBLEMS 9-5
THROUGH 9-8 653 D. REPAYMENTS OF ITEMS PREVIOUSLY INCLUDED IN INCOME 654
1. CLAIM OF RIGHT DOCTRINE 654 UNITED STATES V. LEWIS 654 2. APPLICATION
OF §1341 655 3. THE ARROWSMITH DOCTRINE 657 ARROWSMITH V. COMMISSIONER
657 PROBLEMS 9-9 THROUGH 9-11 658 E. TAX SHELTERS 659 1. OVERVIEW 659
STAFF OF JOINT COMMITTEE ON TAXATION, BACKGROUND ON TAX SHELTERS . 660
THE PROBLEM OF CORPORATE TAX SHELTERS DISCUSSION, ANALYSIS AND
LEGISLATIVE PROPOSALS DEPARTMENT OF THE TREASURY 662 2. JUDICIAL
RESTRICTIONS ON TAX SHELTERS 665 KNETSCH V. UNITED STATES 666 ESTATE OF
FRANKLIN V. COMMISSIONER 668 BRANNEN V. COMMISSIONER 670 RICE'S TOYOTA
WORLD V. COMMISSIONER 677 3. STATUTORY ANTI-TAX SHELTER PROVISIONS 683
A. "AT RISK" LIMITATIONS 683 B. APPLICATION OF §465 TO REAL ESTATE
TRANSACTIONS 685 C. PASSIVE ACTIVITY LIMITATIONS 686 D. DETERMINATION OF
ACTIVITY INCOME 691 E. TREATMENT OF PASSIVE ACTIVITY LOSSES 692 F.
DISPOSITIONS OF PASSIVE ACTIVITIES 694 PROBLEMS 9-12 THROUGH 9-14 695 4.
OTHER STATUTORY ANTI-ABUSE PROVISIONS 695 A. SALES OR EXCHANGES BETWEEN
RELATED PARTIES 695 ME WILLIAMS V. COMMISSIONER 697 NOTE 700 B. WASH
SALES OF STOCK 701 ESTATE OF ESTROFFV. COMMISSIONER 701 NOTE 704
PROBLEMS 9-15, 9-16 705 C. INVESTMENT INTEREST LIMITATIONS 705 PROBLEM
9-17 706 F. ETHICAL ISSUES 706 JOINT COMMITTEE ON TAXATION, BACKGROUND
AND PRESENT LAW RELATING TO TAX SHELTERS 707 TREASURY DEPARTMENT
CIRCULAR NO. 230 711 JUDISCH V. UNITED STATES 713 CONTENTS XXVII CHAPTER
10 COMPUTING TAX LIABILITY 719 A. B. C. D. E. OVERVIEW PERSONAL
EXEMPTIONS 1. THE TAXPAYER EXEMPTION 2. THE SPOUSAL EXEMPTION 3.
DEPENDENCY EXEMPTIONS SHAPIRO V. COMMISSIONER NOTE ON SUPPORT
REQUIREMENTS IN SPECIFIED SETTINGS PROBLEMS 10-1 THROUGH 10-4 RATES AND
RETURNS 1. POLICY CONSIDERATIONS JOINT COMMITTEE ON TAXATION, ANALYSIS
OF PROPOSALS RELATING TO COMPREHENSIVE TAX REFORM 2. FILING STATUS REV.
RUL. 84-89 PROBLEMS 10-5, 10-6 3. THE MARRIAGE PENALTY DRUKER V.
COMMISSIONER BOYTER V. COMMISSIONER 4. NET CAPITAL GAIN RATE
DIFFERENTIAL WEISS V. COMMISSIONER PROBLEM 10-7 5. TAX RATES BITTKER,
EFFECTIVE TAX RATES: FACT OR FANCY? 6. ALTERNATIVE MINIMUM TAX NATIONAL
TAXPAYER ADVOCATE 2003 ANNUAL REPORT TO CONGRESS KLAASEN V. COMMISSIONER
TAX CREDITS 1. INTRODUCTION 2. CHILD CARE CREDIT PROBLEM 10-8 3. CHILD
TAX CREDIT PROBLEM 10-9 4. EARNED INCOME CREDIT PROBLEM 10-10 THE
FUTURE? 719 720 720 721 721 722 724 726 728 728 729 735 738 740 740 742
745 748 748 749 749 749 757 758 762 765 765 766 767 767 767 768 770 770
JOINT COMMITTEE ON TAXATION, STUDY OF THE OVERALL STATE OF THE FEDERAL
TAX SYSTEM AND RECOMMENDATIONS FOR SIMPLIFICATION, PURSUANT TO SECTION
8022(3)(B) OF THE INTERNAL REVENUE CODE OF 1986 771 TABLE OF CASES 777
TABLE OF REVENUE RULINGS AND PROCEDURES 783 INDEX 785 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Guerin, Sanford M. Postlewaite, Philip F. Rosenzweig, Adam H. |
| author_GND | (DE-588)135994977 |
| author_facet | Guerin, Sanford M. Postlewaite, Philip F. Rosenzweig, Adam H. |
| author_role | aut aut aut |
| author_sort | Guerin, Sanford M. |
| author_variant | s m g sm smg p f p pf pfp a h r ah ahr |
| building | Verbundindex |
| bvnumber | BV035051758 |
| ctrlnum | (DE-599)BVBBV035051758 |
| edition | 7. ed. |
| format | Book |
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| geographic | USA USA (DE-588)4078704-7 gnd |
| geographic_facet | USA |
| id | DE-604.BV035051758 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T21:56:50Z |
| indexdate | 2024-07-09T21:21:06Z |
| institution | BVB |
| isbn | 9780735565470 |
| language | English |
| lccn | 2008007428 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016720418 |
| open_access_boolean | |
| owner | DE-M382 |
| owner_facet | DE-M382 |
| physical | XXXI, 789 S. |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | Aspen Publ. [u.a.] |
| record_format | marc |
| spelling | Guerin, Sanford M. Verfasser aut Problems and materials in federal income taxation Sanford M. Guerin ; Philip F. Postlewaite ; Adam H. Rosenzweig 7. ed. New York, NY Aspen Publ. [u.a.] 2008 XXXI, 789 S. txt rdacontent n rdamedia nc rdacarrier Recht Income tax Law and legislation United States Cases Einkommensteuerrecht (DE-588)4070699-0 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Einkommensteuerrecht (DE-588)4070699-0 s DE-604 Postlewaite, Philip F. Verfasser aut Rosenzweig, Adam H. Verfasser (DE-588)135994977 aut GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016720418&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Guerin, Sanford M. Postlewaite, Philip F. Rosenzweig, Adam H. Problems and materials in federal income taxation Recht Income tax Law and legislation United States Cases Einkommensteuerrecht (DE-588)4070699-0 gnd |
| subject_GND | (DE-588)4070699-0 (DE-588)4078704-7 |
| title | Problems and materials in federal income taxation |
| title_auth | Problems and materials in federal income taxation |
| title_exact_search | Problems and materials in federal income taxation |
| title_exact_search_txtP | Problems and materials in federal income taxation |
| title_full | Problems and materials in federal income taxation Sanford M. Guerin ; Philip F. Postlewaite ; Adam H. Rosenzweig |
| title_fullStr | Problems and materials in federal income taxation Sanford M. Guerin ; Philip F. Postlewaite ; Adam H. Rosenzweig |
| title_full_unstemmed | Problems and materials in federal income taxation Sanford M. Guerin ; Philip F. Postlewaite ; Adam H. Rosenzweig |
| title_short | Problems and materials in federal income taxation |
| title_sort | problems and materials in federal income taxation |
| topic | Recht Income tax Law and legislation United States Cases Einkommensteuerrecht (DE-588)4070699-0 gnd |
| topic_facet | Recht Income tax Law and legislation United States Cases Einkommensteuerrecht USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016720418&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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