Fundamentals of Taxation for Individuals and Business Entities, with eBook Access Code

GREGORY A. CARNES is the Raburn Eminent Scholar of Accounting at the University of North Alabama. He served as Dean of Sanders College of Business and Technology for 11 years. With a passion for education and taxation, he has dedicated his career to teaching accounting students and guiding them toward successful careers. Specializing in tax, he has taught for over 25 years in CPA review programs and professional tax seminars. In addition to his teaching, he is an accomplished author of tax textbooks and over 30 academic articles. SUZANNE YOUNGBERG joined the faculty at Northern Illinois University as a full-time member in 2000 and is currently teaching in the accounting graduate and undergraduate programs. Prior to joining NIU, she worked for five years in the tax department of a medium-sized public accounting firm and then maintained her own tax practice for 30 years specializing in individual and small business compliance and strategic tax planning. Suzanne received her Bachelor of Science in Accountancy from NIU and her Master of Science in Taxation from DePaul University. ALSO BY THE AUTHORS Taxation of Business Entities, 2026 Edition provides in-depth analysis of the income taxation of business entities, estates, and trusts; and of other advanced topics such as estate and gift taxation, accounting for income taxes, state and local taxation, and the taxation of multijurisdictional businesses.

• Dedication iiiBrief Contents vLearning the Big Picture of Tax to Be a Valued Professional viWhat Are Our Stories? viiWhat Makes Our Approach to Learning Tax Distinctive? ixAssessment xiiiConnecting to the Profession xviAn Interactive, Multimedia Learning Experience xviiiPreparing for the Cpa Exam xixFor Instructors xxAcknowledgments xxiTable of Contents xxiiiPart I Introduction to Income Taxation1 The Professional Practice of Taxation 1-12 Fundamentals of the Federal Income Tax System 2-13 Tax Authority, Research, Compliance Rules, and Professional Responsibilities 3-14 Dependents and Filing Status 4-1Part II Income5 Framework for Income Recognition 5-16 Income from Personal Activities 6-17 Income from Services 7-1Part III Deductions8 Framework for Deductions 8-19 Deductions for AGI and Itemized Deductions 9-110 Business Expenses 10-111 Limitations on Business Losses and Expenses 11-1Part IV Taxation of Property Transactions12 Taxation of Investment Income 12-113 Cost Recovery of Property 13-114 Taxation of Assets Used in a Trade or Business 14-115 Property Transactions: Nonrecognition of Gains and Losses 15-1Part V Other Individual Topics16 Personal Tax Credits 16-117 Alternative Minimum Tax and Other Taxes 17-1Part VI CPA Evolution: Core—Tax18 Business Entity Topics: CPA Exam Core—Taxation and Regulation 18-1Part VI (Chapter 18): Comprehensive Tax Return Problem 18-107Appendix A Tax Formula Items A- 1Appendix B Tax Forms B- 1Glossary G- 1Index I- 1