Federal Taxation 2023 Edition
$135.93 – $285.70
James W. Pratt – University of Houston
William N. Kulsrud – Indiana University
Hughlene Burton – University of North Carolina at Charlotte
Includes TaxAct Software Download and Electronic Homework
- Table of Contents
To offer maximum flexibility in your course, Pratt & Kulsrud’s Federal Taxation not only focuses on the federal income taxation of individuals, it also covers topics such as the income taxation of regular corporations and shareholders; the taxation of partnerships and S corporations; federal estate and gift taxation; the income taxation of estates, trusts, and beneficiaries; and the major aspects of family tax planning. Includes TaxAct desktop software and Electronic Homework.
James W. Pratt
Professor Emeritus at University of Houston
James W. (Jim) Pratt is a Professor Emeritus of Accountancy & Taxation at the University of Houston’s C.T. Bauer College of Business. Jim joined the faculty in 1972 after receiving his doctorate degree from the University of Southern California. He has published articles in leading professional journals, such as the Journal of Accountancy, Journal of Taxation, Journal of Corporate Taxation, Journal of Partnership Taxation, and The Tax Adviser. In addition to his contributions as an author and editor, Jim has received several awards for outstanding teaching. He has also taught in continuing professional education programs for more than 40 years and has served as a tax training consultant for several national and local accounting firms.
William N. Kulsrud
Professor Emeritus at Indiana University
William N. (Bill) Kulsrud is a Professor Emeritus of Accounting at the Kelley School of Business of Indiana University, Indianapolis/Bloomington, and formerly served as Chair of the Master of Science in Accounting and Master of Science in Taxation programs. Bill joined the faculty in 1979 after receiving his Ph.D. from the University of Texas. He has published numerous articles, which have appeared in leading professional journals such as the Journal of Taxation, Journal of Corporate Taxation, The Tax Adviser, Taxation for Accountants, and Taxes—The Tax Magazine. In addition to his contributions as an author and editor, Bill has received many awards for outstanding teaching. In 1990, he was named Accounting Educator of the Year by the Indiana C.P.A. Society. He has also taught hundreds of professional education programs for national and local accounting firms and has developed materials used in their continuing education programs. Bill and author Steve Thompson founded National Tax Education, which provided continuing education for tax professionals throughout the country.
University of North Carolina, Charlotte
Hughlene Burton is an Associate Professor of Accounting at the Belk College of Business of the University of North Carolina–Charlotte. She received her BS in Accounting from Wake Forest University and her Ph.D. from the University of Alabama. She is the former Director of the Turner School of Accountancy. She is a CPA and joined the Belk College in 1996. Before joining academia, she was a tax manager with EY in Charlotte and Greensboro. Her research interests include corporate integration, tax policy, and corporate and international tax issues.
Hughlene A. Burton, Ph.D., C.P.A. University of North Carolina at Charlotte
Amy J. N. Yurko, JD, Ph.D., Duquesne University
Ramon Fernandez, M.B.A., C.P.A., C.F.P.® University of St. Thomas (TX)
Robert W. Jamison, Ph.D., C.P.A. Indiana University
William N. Kulsrud, Ph.D., C.P.A. Indiana University
Nathan Oestreich, Ph.D., C.P.A. San Diego State University
James W. Pratt, D.B.A., C.P.A. University of Houston
Roby B. Sawyers, Ph.D., C.P.A. North Carolina State University
Edward J. Schnee, Ph.D., C.P.A. University of Alabama
Steven C. Thompson, Ph.D., C.P.A. Texas State University
Amy J.N. Yurko, J.D., Ph.D. Duquesne University
Table of Contents
Part 1 Introduction to the Federal Tax System
Chapter 1 — An Overview of Federal Taxation
Chapter 2 — Tax Practice and Research
Chapter 3 — Taxable Entities; Tax Formula; Introduction to Property Transactions
Chapter 4 — Personal and Dependency Exemptions; Filing Status; Determination of Tax
for an Individual; Filing Requirements
Part 2 Gross Income
Chapter 5 — Gross Income
Chapter 6 — Gross Income: Inclusions and Exclusions
Part 3 Deductions and Losses
Chapter 7 — Overview of Deductions and Losses
Chapter 8 — Employee Business Expenses
Chapter 9 — Capital Recovery: Depreciation, Amortization, and Depletion
Chapter 10 — Certain Business Deductions and Losses
Chapter 11 — Itemized Deductions
Chapter 12 — Deductions for Certain Investment Expenses and Losses
Part 4 Alternative Minimum Tax and Tax Credits
Chapter 13 — The Alternative Minimum Tax and Tax Credits
Part 5 Property Transactions
Chapter 14 — Property Transactions: Basis Determination and Recognition of Gain or Loss
Chapter 15 — Nontaxable Exchanges
Chapter 16 — Property Transactions: Capital Gains and Losses
Chapter 17 — Property Transactions: Dispositions of Trade or Business Property
Part 6 Employee Compensation and Retirement Plans
Chapter 18 — Employee Compensation and Retirement Plans
Part 7 Corporate Taxation
Chapter 19 — Corporations: Formation and Operation
Chapter 20 — Corporate Distributions, Redemptions and Liquidations
Chapter 21 — Taxation of Corporate Accumulations
Part 8 Flow-Through Entities
Chapter 22 — Taxation of Partnerships and Partners
Chapter 23 — S Corporations
Part 9 Family Tax Planning
Chapter 24 — The Federal Transfer Taxes
Chapter 25 — Income Taxation of Estates and Trusts
Chapter 26 — Family Tax Planning
Appendix A — Tax Rate Schedules and Tables
Appendix B — Tax Forms
Appendix C — Modified ACRS Tables
Appendix D — Continuous Individual Tax Return Problems and Three Comprehensive
Individual Tax Return Problems for 2021
Appendix E — Glossary of Tax Terms
- Trusted annual updates throughout the entire Pratt-Kulsrud 2023 Tax Series reflect the latest, most important developments from the previous year.
Use the 2023 Tax Series with complete confidence that your course incorporates the most timely tax and business developments, including all updates to Internal Revenue laws, legislation, judicial decisions and administrative pronouncements by the Treasury Department and the Internal Revenue Service.
- Electronic Homework
Selected end of chapter problems are now available in e-format. Benefits include:
- All problems are associated with in-text learning objectives making it easy to assess students’ knowledge of specific content
- Problems are automatically graded and scores can be integrated into an LMS gradebook
If you plan on using the electronic homework, please contact email@example.com. A representative will be in contact with you about setting up your access to the online homework and integration into your LMS. If you plan on an LMS integration, reach out to your LMS contact as soon as possible about the submission process for external integrations at your school. We need to allow for ample time for this process. We will work directly with your LMS team and will provide you with detailed instructions that you will be able to share with your students and instructors.
- Coverage reflects the continuing impact of recent acts.
- The latest legislative updates affecting individual taxpayers keep your course up to date.
- Learning objectives at the beginning of all chapters focus attention on key material.
This helpful summary of key points begins each chapter to draw student attention to the most critical topics in the chapter and summarize what students should understand after completing the chapter. Margin notes further focus attention on where the Objectives appear in the text presentation.
- TaxAct Desktop Software download accompanies each new text.
One of today’s most popular tax preparation software choices,TaxAct is available with each new copy of this edition and provides an ideal tool for guiding users through the tax return process with a dependable, user-friendly approach.
- Proven problem materials gauge comprehension.
A variety of assessment tools at the end of each chapter check student understanding. These assessment tools include discussion questions and computational problems as well as tax-return problems that highlight topics discussed in the chapter.
- Quick References for Form 1040 Topics
We also have a tool that both instructors and students should like, our Quick References for Form 1040. Immediately preceding the inside back cover, you will find a Form 1040. For each line, we have inserted a page number in the text where the item for this line is discussed. These references should help instructors find where we cover various topics and help students understand how a particular topic translates to the form in addition to aiding them when preparing tax return problems.
- “You make the call” Features help refine sound reasoning and decision making skills.
Challenging, hypothetical situations throughout this edition encourage students to practice strong reasoning and discerning judgment as they resolve practical tax examples.
- Data Analytics Case
If you’d like to introduce your students to data analytics through a case study, Van-Griner Learning offers a complimentary case when bundled with print copies of Individual Taxation or Federal Taxation by Pratt & Kulsrud. Tax Reform: A Case Using Data Analytics (Sawyers, Dow, Jones, ISBN 978-1-61740-783-3) requires your students to interact with a United States government data set to understand how the Tax Cuts and Jobs Act of 2017 (TCJA) has impacted constituents depending on their zip codes. This case could be assigned during or after Chapter 11 (Itemized Deductions) in Individual Taxation or Federal Taxation. The case will take students approximately 2.5–3 hours to complete, and it comes with teaching notes and excel-based solutions for faculty. For more details about the case, please visit this link.
- “Check your knowledge” Questions ensure student grasp critical topics.
This wealth of objective and short-answer review questions throughout this addition review the book’s key concepts to confirm that students thoroughly understand the most important aspects of each tax topic.
- Solutions Manual. Solutions to end-of-chapter discussion questions and computational problems are included in this manual. Specific pages and examples from the text are referenced, as are supporting statutory and administrative authorities, when appropriate.
- Instructor’s Resource Guide and Test Bank. This guide includes solutions to comprehensive and tax research problems and tax-return problems, along with a test bank of more than 750 objective questions (true-false and multiple choice), whose answers reference specific pages and examples in the text.
- PowerPoint® Slides. Designed for classroom use, there are slides for each chapter’s principle topics, as well as slides containing solutions for many problems.
- Lecture Outlines. These outlines help instructors organize class discussions for greatest efficacy.
- Legislative Updates. Book-specific updates, tax law changes, and inflation adjustments are posted on a regular basis to the Pratt & Kulsrud website: Supplements.
- Instructor ancillaries. Including the Solutions Manual, Instructor’s Resource Guide and Test Bank, and Lecture Outlines — are provided online at our website. This gives instructors the ultimate tool for preparing and customizing lectures, presentations, and exams. To access the test bank files see the Test Bank Instructor Guide.
- Cognero is an easy-to-use test-creation online assessment system that allows you to create tests from the existing test banks. Instructors are able to edit, add, or remove from the test banks to customize them to fit their needs.
- Electronic Homework
- Data Analytics Case If you’d like to introduce your students to data analytics through a case study, Van-Griner Learning offers a complimentary case when bundled with print copies of Individual Taxation or Federal Taxation by Pratt & Kulsrud. Tax Reform: A Case Using Data Analytics (Sawyers, Dow, Jones, ISBN 978-1-61740-783-3) requires your students to interact with a United States government data set to understand how the Tax Cuts and Jobs Act of 2017 (TCJA) has impacted constituents depending on their zip codes. This case could be assigned during or after Chapter 11 (Itemized Deductions) in Individual Taxation or Federal Taxation. The case will take students approximately 2.5–3 hours to complete, and it comes with teaching notes and excel-based solutions for faculty. For more details about the case, please visit this link.
- TaxAct desktop software. Purchase of this book includes access for a limited time to the educational version of TaxAct Software.
- Electronic Homework