Solution manual for McGraw-Hill’s Taxation of Individuals and Business Entities 2015, 6th edition Brian C. Spilker


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Solution manual for McGraw-Hill’s Taxation of Individuals and Business Entities 2015, 6th edition Brian C. Spilker

Solution manual for McGraw-Hill’s Taxation of Individuals and Business Entities 2015, 6th edition Brian C. Spilker

McGraw-Hill’s Taxation Series continues to provide a unique, innovative, and engaging learning experience for students studying taxation. The breadth of the topical coverage, the storyline approach to presenting the material, the emphasis on the tax and nontax consequences of multiple parties involved in transactions, and the integration of financial and tax accounting topics make this book ideal for the modern tax curriculum.

With over 300 schools adopting the series to date, McGraw-Hill’s Taxation of Individuals and Business Entities resonates with instructors who were in need of a bold and innovative approach to teaching tax. 380 professors have contributed 390 book reviews, in addition to 23 focus groups and symposia. These instructors were impressed with the book’s organization, pedagogy, and unique features that are a testament to the grassroots nature of this book’s development.

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About the Authors
1 An Introduction to Tax
Who Cares about Taxes and Why?
What Qualifies as a Tax?
How to Calculate a Tax
Different Ways to Measure Tax Rates
Tax Rate Structures
Proportional Tax Rate Structure
Progressive Tax Rate Structure
Regressive Tax Rate Structure
Types of Taxes
Federal Taxes
Income Tax
Employment and Unemployment Taxes
Excise Taxes
Transfer Taxes
State and Local Taxes
Income Taxes
Sales and Use Taxes
Property Taxes
Excise Taxes
Implicit Taxes
Evaluating Alternative Tax Systems
Static vs. Dynamic Forecasting
Income vs. Substitution Effects
Horizontal vs. Vertical Equity
Evaluating Tax Systems—The Trade-Off
2 Tax Compliance, the IRS, and Tax Authorities
Taxpayer Filing Requirements
Tax Return Due Date and Extensions
Statute of Limitations
IRS Audit Selection
Types of Audits
After the Audit
Tax Law Sources
Legislative Sources: Congress and the Constitution
Internal Revenue Code
The Legislative Process for Tax Laws
Basic Organization of the Code
Tax Treaties
Judicial Sources: The Courts
Administrative Sources: The U.S. Treasury
Regulations, Revenue Rulings, and Revenue Procedures
Letter Rulings
Tax Research
Step 1: Understand Facts
Step 2: Identify Issues
Step 3: Locate Relevant Authorities
Step 4: Analyze Tax Authorities
Step 5: Document and Communicate the Results
Client Letters
Research Question and Limitations
Tax Professional Responsibilities
Taxpayer and Tax Practitioner Penalties
3 Tax Planning Strategies and Related Limitations
Basic Tax Planning Overview
Timing Strategies
Present Value of Money
The Timing Strategy When Tax Rates Are Constant
The Timing Strategy When Tax Rates Change
Limitations to Timing Strategies
Income-Shifting Strategies
Transactions between Family Members and Limitations
Transactions between Owners and Their Businesses and Limitations
Income Shifting across Jurisdictions and Limitations
Conversion Strategies
Limitations of Conversion Strategies
Additional Limitations to Tax Planning Strategies: Judicial Doctrines
Tax Avoidance versus Tax Evasion
4 Individual Income Tax Overview, Exemptions, and Filing Status
The Individual Income Tax Formula
Gross Income
Character of Income
For AGI Deductions
From AGI Deductions
Income Tax Calculation
Other Taxes
Tax Credits
Tax Prepayments
Personal and Dependency Exemptions
Dependency Requirements
Qualifying Child
Qualifying Relative
Filing Status
Married Filing Jointly and Married Filing Separately
Qualifying Widow or Widower (Surviving Spouse)
Head of Household
Married Individuals Treated as Unmarried (Abandoned Spouse)
Summary of Income Tax Formula
Appendix A: Excerpt from 2013 Tax Table
Appendix B: Dependency Exemption Flowchart
Appendix C: Qualifying Person for Head of Household Filing Status
Appendix D: Determination of Filing Status Flowchart
5 Gross Income and Exclusions
Realization and Recognition of Income
What Is Included in Gross Income?
Economic Benefit
Realization Principle
Other Income Concepts
Form of Receipt
Return of Capital Principle
Recovery of Amounts Previously Deducted
When Do Taxpayers Recognize Income?
Accounting Methods
Constructive Receipt
Claim of Right
Who Recognizes the Income?
Assignment of Income
Community Property Systems
Types of Income
Income from Services
Employee Stock Options
Income from Property
Property Dispositions
Capital Gains and Losses
Netting Process for Gains and Losses
Capital Losses on Sales to Related Parties
Wash Sales
Other Sources of Gross Income
Income from Flow-through Entities
Prizes, Awards, and Gambling Winnings
Social Security Benefits
Imputed Income
Discharge of Indebtedness
Exclusion and Deferral Provisions
Common Exclusions
Municipal Interest
Gains on the Sale of Personal Residence
Fringe Benefits
Education-Related Exclusions
Other Educational Subsidies
Exclusions That Mitigate Double Taxation
Gifts and Inheritances
Life Insurance Proceeds
Foreign-Earned Income
Sickness and Injury-Related Exclusions
Workers’ Compensation
Payments Associated with Personal Injury
Health Care Reimbursement
Disability Insurance
Deferral Provisions
Employer-Provided Qualified Retirement Plans
Income Summary
Appendix A: Netting Gains and Losses from 0/15/20 Percent, 25 Percent, and 28 Percent Capital Assets
Effect of 25 Percent and 28 Percent Capital Gains on Tax Liability
Appendix B: 2013 Social Security Worksheet from IRS Publication 915
6 Individual For AGI Deductions
Deductions for AGI—Overview
Deductions Directly Related to Business Activities
Trade or Business Expenses
Rental and Royalty Expenses
Flow-through Entities
Loss Limitation Rules
Tax Basis, At-Risk, and Passive Loss Rules
Tax Basis and At-Risk Rules
Passive Activity Income and Losses
Passive Activity Definition
Income and Loss Categories
Rental Real Estate Exception to the Passive Activity Loss Rules
Loss Limitation Rules—Rental Use of the Home
Rental with Minimal Rental Use
Residence with Significant Rental Use (Vacation Home)
Nonresidence (Rental Property)
Business Use of Home Deduction Limitations
Direct vs. Indirect Expenses
Limitations on Deductibility of Expenses
Deductions Indirectly Related to Business Activities
Individual Retirement Accounts
Traditional IRAs
Roth IRAs
Comparing Traditional and Roth IRAs
Self-employed Retirement Accounts
Moving Expenses
Health Insurance Deduction by Self- Employed Taxpayers
Self-Employment Tax Deduction
Penalty for Early Withdrawal of Savings
Deductions Subsidizing Specific Activities
Deduction for Interest on Qualified Education Loans
Deduction for Qualified Education Expenses
Summary: Deductions for AGI
7 Individual from AGI Deductions
Itemized Deductions
Medical Expenses
Transportation and Travel for Medical Purposes
Hospitals and Long-Term Care Facilities
Medical Expense Deduction Limitation
Charitable Contributions
Contributions of Money
Contributions of Property Other Than Money
Charitable Contribution Deduction Limitations
Casualty and Theft Losses on Personal-Use Assets
Tax Loss from Casualties
Casualty Loss Deduction Floor Limitations
Miscellaneous Itemized Deductions Subject to AGI Floor
Employee Business Expenses
Tax Preparation Fees
Hobby Losses
Limitation on Miscellaneous Itemized Deductions (2 percent of AGI Floor)
Miscellaneous Itemized Deductions Not Subject to AGI Floor
Phase-Out of Itemized Deductions
Summary of Itemized Deductions
The Standard Deduction and Exemptions
Standard Deduction
Bunching Itemized Deductions
Deduction for Personal and Dependency Exemptions
Taxable Income Summary
Appendix A: Calculation of Itemized Deduction Phase-Out for 2014
Appendix B: Personal Exemption Phase-Out Computation for 2014
8 Individual Income Tax Computation and Tax Credits
Regular Federal Income Tax Computation
Tax Rate Schedules
Marriage Penalty or Benefit
Exceptions to the Basic Tax Computation
Preferential Tax Rates for Capital Gains and Dividends
Net Investment Income Tax
Kiddie Tax
Alternative Minimum Tax
Alternative Minimum Tax Formula
Alternative Minimum Taxable Income (AMTI)
AMT Exemption
Tentative Minimum Tax and AMT Computation
General AMT Planning Strategies
Employment and Self-Employment Taxes
Employee FICA Taxes Payable
Self-Employment Taxes
Employee vs. Self-Employed (Independent Contractor)
Employee vs. Independent Contractor Comparison
Tax Credits
Nonrefundable Personal Credits
Child Tax Credit
Child and Dependent Care Credit
Education Credits
Refundable Personal Credits
Earned Income Credit
Other Refundable Personal Credits
Business Tax Credits
Foreign Tax Credit
Tax Credit Summary
Credit Application Sequence
Taxpayer Prepayments and Filing Requirements
Underpayment Penalties
Filing Requirements
Late Filing Penalty
Late Payment Penalty
Tax Summary
9 Business Income, Deductions, and Accounting Methods
Business Gross Income
Business Deductions
Ordinary and Necessary
Reasonable in Amount
Limitations on Business Deductions
Expenditures against Public Policy
Political Contributions and Lobbying Costs
Capital Expenditures
Expenses Associated with the Production of Tax-Exempt Income
Personal Expenditures
Mixed-Motive Expenditures
Meals and Entertainment
Travel and Transportation
Property Use
Record Keeping and Other Requirements
Specific Business Deductions
Domestic Production Activities Deduction
Losses on Dispositions of Business Property
Business Casualty Losses
Accounting Periods
Accounting Methods
Financial and Tax Accounting Methods
Overall Accounting Method
Cash Method
Accrual Method
Accrual Income
All-Events Test for Income
Taxation of Advance Payments of Income (Unearned Income)
Unearned Service Revenue
Advance Payment for Goods
Uniform Capitalization
Inventory Cost-Flow Methods
Accrual Deductions
All-Events Test for Deductions
Economic Performance
Bad Debt Expense
Limitations on Accruals to Related Parties
Comparison of Accrual and Cash Methods
Adopting an Accounting Method
Changing Accounting Methods
Tax Consequences of Changing Accounting Method
10 Property Acquisition and Cost Recovery
Cost Recovery and Basis for Cost Recovery
Basis for Cost Recovery
Personal Property Depreciation
Depreciation Method
Depreciation Recovery Period
Depreciation Conventions
Calculating Depreciation for Personal Property
Applying the Half-Year Convention
Applying the Mid-Quarter Convention
Real Property
Applicable Method
Applicable Convention
Depreciation Tables
Special Rules Relating to Cost Recovery
Immediate Expensing
Listed Property
Luxury Automobiles
Depreciation for the Alternative Minimum Tax
Depreciation Summary
Section 197 Intangibles
Organizational Expenditures and Start-Up Costs
Research and Experimentation Expenditures
Patents and Copyrights
Amortizable Intangible Asset Summary
Appendix: MACRS Tables
11 Property Dispositions
Amount Realized
Determination of Adjusted Basis
Inherited Property
Property Converted from Personal Use to Business Use
Realized Gain or Loss on Disposition
Recognized Gain or Loss on Disposition
Character of Gain or Loss
Ordinary Assets
Capital Assets
§1231 Assets
Depreciation Recapture
§1245 Property
Scenario 1: Gain Created Solely through Cost Recovery Deductions
Scenario 2: Gain Due to Both Cost Recovery Deductions and Asset Appreciation
Scenario 3: Asset Sold at a Loss
§1250 Depreciation Recapture for Real Property
Other Provisions Affecting the Rate at Which Gains Are Taxed
Unrecaptured §1250 Gain for Individuals
Characterizing Gains on the Sale of Depreciable Property to Related Persons
Calculating Net §1231 Gains or Losses
§1231 Look-Back Rule
Gain or Loss Summary
Nonrecognition Transactions
Like-Kind Exchanges
Definition of Like-Kind Property
Real Property
Personal Property
Property Ineligible for Like-Kind Treatment
Property Use
Timing Requirements for a Like-Kind Exchange
Tax Consequences When Like-Kind Property Is Exchanged Solely for Like-Kind Property
Tax Consequences of Transfers Involving Like-Kind and Non-Like-Kind Property (Boot)
Reporting Like-Kind Exchanges
Involuntary Conversions
Installment Sales
Gains Ineligible for Installment Reporting
Other Nonrecognition Provisions
Related-Party Loss Disallowance Rules
12 Entities Overview
Entity Legal Classification and Nontax Characteristics
Legal Classification
Nontax Characteristics
Responsibility for Liabilities
Rights, Responsibilities, and Legal Arrangement among Owners
Entity Tax Classification
Entity Tax Characteristics
Double Taxation
After-Tax Earnings Distributed
Some or All After-Tax Earnings Retained
Mitigating the Double Tax
Deductibility of Entity Losses
Other Tax Characteristics
Converting to Other Entity Types
13 Corporate Formations and Operations
Transfers of Property to a Corporation
Transactions Subject to Tax Deferral
Shareholders Must Transfer Property
Shareholders Must Receive Stock in the Transferee Corporation in the Exchange
Shareholders Transferring Property Together Must Be in Control of the Transferee Corporation Immedia
Tax Consequences to Shareholders in a Qualifying Section 351 Exchange with No Boot
Tax Consequences to Shareholders in a Qualifying Section 351 Exchange with Boot
Assumption of Shareholder Liabilities by the Transferee Corporation
Tax-Avoidance Transactions
Liabilities in Excess of Basis
Shareholders’ Basis in Stock Received in a Qualifying §351 Exchange
Tax Consequences to the Transferee Corporation in a Qualifying Section 351 Exchange
Issues Related to Incorporating an Ongoing Business
Contributions to Capital
Corporate Taxable Income Formula
Accounting Periods and Methods
Computing Corporate Regular Taxable Income
Book-Tax Differences
Common Permanent Book-Tax Differences
Common Temporary Book-Tax Differences
Corporate-Specific Deductions and Associated Book-Tax Differences
Stock Options
Net Capital Losses
Net Operating Losses
Charitable Contributions
Dividends Received Deduction
Taxable Income Summary
Regular Tax Liability
Controlled Groups
Consolidated Tax Returns
Corporate Tax Return Due Dates and Estimated Taxes
Corporate Alternative Minimum Tax
Preference Items
Depreciation Adjustment
Gain or Loss on Disposition of Depreciable Assets
ACE Adjustment
AMT NOL Deduction (ATNOLD)
Alternative Minimum Taxable Income (AMTI)
AMT Exemption
Alternative Minimum Tax
14 Corporate Nonliquidating and Liquidating Distributions
The Basic Tax Law Framework That Applies to Property Distributions
Computing Earnings and Profits and Determining the Dividend Amount Received by a Shareholder
Overview of the Shareholder Taxation of Corporate Dividends
Definition of a Dividend
Computing Earnings and Profits
Inclusion of Income That Is Excluded from Taxable Income
Disallowance of Certain Expenses That Are Deducted in Computing Taxable Income But Do Not Require an
Deduction of Certain Expenses That Are Excluded from the Computation of Taxable Income But Do Requir
Deferral of Deductions or Acceleration of Income Due to Separate Accounting Methods Required for E&P
Ordering of E&P Distributions
Positive Current E&P and Positive Accumulated E&P
Positive Current E&P and Negative Accumulated E&P
Negative Current E&P and Positive Accumulated E&P
Negative Current E&P and Negative Accumulated E&P
Distributions of Noncash Property to Shareholders
The Tax Consequences to a Corporation Paying Noncash Property as a Dividend
Effect of Noncash Property Distributions on E&P
Effect of Noncash Property Distributions on End of Year Accumulated E&P
Constructive Dividends
The Motivation to Pay Dividends
Stock Dividends
Tax Consequences to Shareholders Receiving a Stock Dividend
Nontaxable Stock Dividends
Taxable Stock Dividends
Stock Redemptions
The Form of a Stock Redemption
Redemptions That Contract the Shareholder’s Stock Ownership Interest
Redemptions That Are Substantially Disproportionate with Respect to the Shareholder
Redemptions in Complete Redemption of all of the Stock of the Corporation Owned by the Shareholder
Redemptions That Are Not Essentially Equivalent to a Dividend
Tax Consequences to the Distributing Corporation
Partial Liquidations
Complete Liquidation of a Corporation
Fully Taxable Complete Liquidation
Tax Consequences to Shareholders
Tax Consequences to Liquidating Corporation
Nontaxable and Partially Taxable Complete Liquidations
Tax Consequences to Shareholders
Tax Consequences to Liquidating Corporation
15 Forming and Operating Partnerships
Flow-through Entities Overview
Aggregate and Entity Concepts
Partnership Formations and Acquisitions of Partnership Interests
Acquiring Partnership Interests When Partnerships Are Formed
Contributions of Property
Contribution of Services
Organization, Start-up, and Syndication Costs
Acquisitions of Partnership Interests
Partnership Accounting Periods, Methods, and Tax Elections
Tax Elections
Accounting Periods
Required Year-Ends
Accounting Methods
Reporting the Results of Partnership Operations
Ordinary Business Income (Loss) and Separately Stated Items
Guaranteed Payments
Self-Employment Tax
Medicare Contribution Tax
Allocating Partners’ Shares of Income and Loss
Partnership Compliance Issues
Partner’s Adjusted Tax Basis in Partnership Interest
Cash Distributions in Operating Partnerships
Loss Limitations
Tax Basis Limitation
At-Risk Limitation
Passive Activity Loss Limitation
Passive Activity Defined
Income and Loss Baskets
16 Dispositions of Partnership Interests and Partnership Distributions
Basics of Sales of Partnership Interests
Seller Issues
Hot Assets
Buyer and Partnership Issues
Varying Interest Rule
Basics of Partnership Distributions
Operating Distributions
Operating Distributions of Money Only
Operating Distributions That Include Property Other Than Money
Liquidating Distributions
Gain or Loss Recognition in Liquidating Distributions
Basis in Distributed Property
Partner’s Outside Basis Is Greater Than Inside Basis of Distributed Assets
Partner’s Outside Basis Is Less Than Inside Basis of Distributed Assets
Character and Holding Period of Distributed Assets
Disproportionate Distributions
Special Basis Adjustments
Special Basis Adjustments for Dispositions
Special Basis Adjustments for Distributions
17 S Corporations
S Corporation Elections
S Corporation Qualification Requirements
S Corporation Election
S Corporation Terminations
Voluntary Terminations
Involuntary Terminations
Failure to Meet Requirements
Excess of Passive Investment Income
Short Tax Years
S Corporation Reelections
Operating Issues
Accounting Methods and Periods
Income and Loss Allocations
Separately Stated Items
Shareholder’s Basis
Initial Basis
Annual Basis Adjustments
Loss Limitations
Tax Basis Limitation
At-Risk Limitation
Post-Termination Transition Period Loss Limitation
Passive Activity Loss Limitation
Self-Employment Income
3.8% Net Investment Income
Fringe Benefits
Operating Distributions
S Corporation with No C Corporation Accumulated Earnings and Profits
S Corporations with C Corporation Accumulated Earnings and Profits
Property Distributions
Post-Termination Transition Period Distributions
Liquidating Distributions
S Corporation Taxes and Filing Requirements
Built-in Gains Tax
Excess Net Passive Income Tax
LIFO Recapture Tax
Estimated Taxes
Filing Requirements
Comparing C and S Corporations and Partnerships
Appendix A Tax Forms
Appendix B Tax Terms Glossary
Appendix C Comprehensive Tax Return Problems
Appendix D Code Index
Photo Credits
Subject Index

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Solution manual for McGraw-Hill’s Taxation of Individuals and Business Entities 2015, 6th edition Brian C. Spilker