Principles of Business Taxation (2019)

• PART I: OVERVIEW OF TAXES AND THE FEDERAL INCOME TAX SYSTEM
• Chapter 1: Introduction to Taxation
• Why Governments Must Tax
• Allocating the Tax Burden
• Deciding on a Tax Structure
• Major Types of Tax
• Factors To Consider When Creating a Tax
• The Importance of Studying Federal Income Taxes Imposed on Businesses
• Chapter 2: Understanding the Federal Tax Laws
• Brief History of Federal Income Tax
• Legislative Process and Sources of Law
• Legislative Authority
• Administrative Authority
• Judicial Authority
• Federal Tax Research
• Chapter 3: Tax Accounting Rules
• Accounting Periods
• Accounting Methods
• PART II: FEDERAL TAXATION OF BUSINESS INCOME AND DEDUCTIONS
• Chapter 4:Federal Income Taxes and Gross Income
• Calculating Taxable Income
• Taxable Income (Gross Income Minus Deductions)
• Taxes Owed (Tax Liability Minus Tax Credits Minus Estimated Payments)
• Gross Income
• Exclusions
• Chapter 5: Business Deductions: Ordinary and Necessary Business Expenses
• General Requirements for Deductibility
• Timing
• Start-Up Costs
• Interest Expense
• Taxes
• Research and Experimentation
• Dividends
• Bad Debt
• Charitable Contributions
• Chapter 6: Business Deductions: Employment Related Expenses
• Compensation Paid to Workers
• Employee Benefits
• Contributions Made to Employees Retirement Plans
• Employment Taxes
• Meals and Entertainment Expenses
• Travel Expenses
• Education
• Chapter 7: Depreciation, Depletion, and Amortization
• Depreciation
• Depletion
• Amortization
• PART III: TRANSACTIONS INVOLVING BUSINESS PROPERTY
• Chapter 8: Property Transactions: Realized and Recognized Gains and Losses
• Realized vs. Recognized Gains and Losses
• Losses Between Related Parties
• Wash Sales
• Qualified Small Business Stock
• Rollover of Gain on the Sale of Publicly Traded Stock
• Like-Kind Exchanges
• Involuntary Conversions
• Installment Sales
• Chapter 9: Property Transactions: Character of Gain or Loss
• Significance of Capital Gains and Losses
• Generating Capital Gains and Losses
• Sale or Exchange of Capital Assets
• Section 1231 Gains and Losses
• Business Casualty and Theft Gains and Losses
• Review of Netting Process
• Long-Term Capital Gains for Individual Taxpayers
• PART IV: Calculating Tax Liability and Taxes Owed
• Chapter 10: NOLs, AMT, and Other Business Taxes
• Net Operating Losses
• Alternative Minimum Tax
• Accumulated Earnings Tax
• Personal Holding Company Tax
• Chapter 11: Tax Credits
• Business Tax Credits Aimed at Encouraging Employers to Hire Certain Workers
• Tax Credits Aimed at Encouraging Conservation of Energy
• Tax Credits Aimed at Rewarding Research in Certain Areas
• Tax Credits Aimed at Encouraging Economic Development
• Foreign Income Tax Credit
• PART V: Business Entity Issues
• Chapter 12: Corporate Formation, Distributions and Other Corporate Related Tax Issues
• Formation of a Corporation
• Corporate Distributions
• Reconciliation of Net Income and Taxable Income
• Chapter 13: Sole Proprietorships, Partnerships, LLPs and LLCs
• Taxable Income for Individuals Doing Business as a Sole Proprietor
• Tax and Nontax Aspects of Partnerships
• Forming a Partnership
• Impact of Distributions
• Limited Liability Companies and Limited Liability Partnerships
• Chapter 14: S Corporations
• Introduction to S Corporations
• Advantages and Disadvantages of Operating as an S Corp
• Allocating S Corporation Items
• Tax Consequences to Shareholders
• Adjustment of Shareholder’s Basis in Stock
• Fringe Benefits for Shareholders
• Corporate Tax on Excess Passive Investment Income
• Chapter 15: Tax Planning for Business
• Objectives of Planning
• Basic Income Tax Planning
• Other Tax Planning Issues
• Family Tax Planning for Closely-Held Businesses
• PART VI: Taxation of International Transactions
• Chapter 16: Taxation of International Transactions
• Inbound Transactions
• Income Effectively Connected with a U.S. Trade or Business
• Outbound Transactions
• Foreign Tax Credit for Individuals
• Foreign Tax Credit for Corporations
• Tax Status of Nonresident Aliens and Foreign Corporations
• Determining Sources of Income and Deductions

Geralyn A. Jover-Ledesma, LL.B., LL.M. (Taxation), CPA, is the principal of CPATAX SERVICES, INC., a tax, accounting and consulting firm. Ms. Jover-Ledesma specializes in federal, estate and international taxation. She is a licensed CPA in Illinois. Her practice also includes audit, accounting and wealth planning. She is currently an Adjunct Faculty at Harper College, Illinois.

Ms. Jover-Ledesma earned her degrees in accounting and law from the University of the Philippines and her master's degree in law in taxation from Chicago-Kent College of Law, Illinois Institute of Technology.

Gary L. Maydew, Ph.D, CPA, received his doctorate from the University of Illinois at Champaign-Urbana.

A retired accounting professor at the College of Business at Iowa State University, Professor Maydew has published several books, including CCH's Agribusiness Accounting and Taxation, and more than 50 articles on taxation.

His professional experience includes work in public accounting, teaching, consulting and researching small business taxation issues and planning.

Janet L. Grange, J.D., CPA, earned her Juris Doctor degree from the University of Illinois – Champaign-Urbana. She earned her B.S. in Accounting from the University of Illinois - Chicago. Professor Grange is a tenured associate professor of accounting in the College of Business at Chicago State University. She has been teaching accounting at Chicago State University for 23 years. The courses she has taught are Federal Income Tax, Advanced Federal Income Tax, Business Law, Legal Environment of Business, Intermediate Accounting and Financial Accounting. Before teaching at Chicago State University, she worked at Grant Thornton (formerly, Alexander Grant & Co.) and Deloitte and Touche (formerly, Deloitte Haskins & Sells).