Fundamentals of Taxation 2025: Evergreen Release

1   Introduction to Taxation, the Income Tax Formula, and Form 1040 
2   Expanded Tax Formula, Form 1040, and Basic Concepts 
3   Gross Income: Inclusions and Exclusions 
4   Adjustments for Adjusted Gross Income 
5   Itemized Deductions 
6   Self-Employed Business Income (Line 3 of Schedule 1 and Schedule C) 
7   Capital Gains and Other Sales of Property (Schedule D and Form 4797) 
8   Rental Property, Royalties, and Income from Flow- Through Entities (Line 5, Schedule 1, and Schedule E) 
9   Tax Credits (Form 1040, Lines 19, 20, 27 through 29, and 31, Schedule 3, Lines 1 through 14) 
10  Payroll Taxes 
11  Retirement and Other Tax-Deferred Plans and Annuities 
12  Special Property Transactions 
13  At-Risk/Passive Activity Loss Rules and the Individual Alternative Minimum Tax 
14  Partnership Taxation 
15  Corporate Taxation 

Fundamentals of Taxation emphasizes a hands-on approach to tax education. It's a Taxation textbook designed to expose beginning tax students to tax law, but to also teach the practical intricacies involved in the preparation of tax forms and tax returns.  

To train tomorrow's tax preparers to handle the complex U.S. tax law, the Fundamentals of Taxation author team has devised four primary teaching advantages:  

• Organized to closely follow the IRS tax forms. Actual tax forms are incorporated throughout the text, giving students the opportunity to understand the principles behind tax law while they learn how to work with clients to obtain the information, they will need to complete tax forms.  

• Proper reporting of tax issues are illustrated. The authors present a tax issue, discuss the legal requirements, illustrate the proper tax form placement, and show the completed form in the text, mixing practical and legal implications of tax preparation.  

• Integration of an individual income tax software package (TaxACT). The authors supplement the text with citations of relevant tax authorities, such as the Internal Revenue Code, Treasury Regulations, Revenue Rulings, Revenue Procedures, and court cases.