The Practical Textbook of the Taxation of Individual Income

A Practical Guide to Gross Income, Deductions, Credits, Basis, Capital Gains, Tax Computation, and Federal Tax Rules

von Graham T. Westmere

664 Seiten, Taschenbuch

Kurzbeschreibung des Verlags

Individual income taxation can feel complicated because the rules do not operate in isolation.Gross income, exclusions, deductions, credits, basis, capital gains, timing, property transactions, and filing rules all interact to determine how much tax an individual ultimately owes.The Practical Textbook of the Taxation of Individual Income is designed to make those relationships easier to understand.Rather than presenting tax law as a collection of disconnected rules, this book explains the structure of individual income taxation and shows how the major concepts fit together in practical situations.Inside, you'll explore: - The structure of the federal individual income tax- Gross income- Statutory inclusions and exclusions- Compensation and fringe benefits- Gifts, inheritances, and other transfers- Deductions and limitations- Business and investment expenses- Personal deductions and allowances- Tax credits- Filing status and taxable units- Basis and adjusted basis- Gains and losses from property transactions- Capital gains and losses- Timing of income and deductions- Loans and cancellation-of-debt issues- Depreciation and cost recovery- Home ownership and related tax concepts- Retirement and deferred compensation- Tax computation- Common individual-tax problems- Practical analysis of federal tax rulesThe emphasis throughout is practical.What counts as income?When is an amount excluded?Which expenditures are deductible?How is basis determined?When does a property transaction create taxable gain?Why are some gains taxed differently from ordinary income?And how do deductions and credits affect the final tax calculation?By working through examples, calculations, and realistic tax situations, readers can develop a clearer understanding of how individual income tax rules operate together.Whether you're a law student, accounting student, tax-preparation student, paralegal, financial professional, business owner, or serious learner seeking a structured introduction to federal individual income taxation, this textbook provides a practical foundation.Understand the income.Identify the adjustment.Apply the deduction or credit.Determine the tax consequence.

• Reihe: Independently published
• ISBN: 9798175009423
• Sprache: Englisch
• Erscheinungsdatum: 17.09.2026
• Größe: 229 x 152 mm
• Verlag: Independently published