U.S. Federal Income Taxation of Individuals 2017

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Deborah Geier, Cleveland State University Cleveland Marshall College of Law

Pub Date: 2017

ISBN 13:

Publisher: CALI's eLangdell® Press

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Reviewed by Laura Takasumi, Part- time Faculty, Portland Community College, on 6/21/2017.

This book needs editing. It focuses on the theory behind tax laws and does not cover the actual issues that tax attorneys or paralegals need to … read more

 

Table of Contents

  • Introduction

Unit I: The Core Structures of Income and Consumption Taxation and Tax Policy

  • Chapter 1: The Essential Structure of the Income Tax 
  • Chapter 2: Consumption Taxation and Our Hybrid Income/Consumption
  • Chapter 3: Ethical Debates, Economic Theories, and Real-World
  • Chapter 4: The Contours of “Capital Expenditure” v. Expense” (or Current Depreciation) 

Unit II: Two Types of Gross Income:

  • Chapter 5: § 61(a)(1) Compensation
  • Chapter 6: § 61 Residual Gross Income 

Unit III: The Possibilities for Income Shifting

  • Chapter 7: Gifts and Bequests
  • Chapter 8: Income Shifting in the Happy Family 
  • Chapter 9: Income Shifting in the Fractured Family 

Unit IV: Everything You Ever Wanted To Know About Debt but Were Afraid To Ask

  • Chapter 10: Borrowing and Lending 
  • Chapter 11: The Bad-Debt Deduction (for Lenders) and Debt-Discharge Income (for Borrowers) 
  • Chapter 12: Debt and Property 

Unit V: The Ownership and Disposition of Property

  • Chapter 13: Properly Accounting for, and the Nonrecognition of,
  • Chapter 14: Depreciation and Amortization in a Realization-Based Income Tax
  • Chapter 15: Capital Gains and Losses
  • Chapter 16: Tax Shelters

Unit VI: Distinguishing Between IncomeProducing Activities and Personal Consumption
and the Personal Consumption Tax Expenditures

  • Chapter 17: On Human Capital 
  • Chapter 18: Homes, Health, Charity, and More
  • Chapter 19: Gambling and Hobby Losses
  • Chapter 20: Allocating Costs Between Income Production and Personal

Unit VII: The Taxable Year and Methods of Accounting

  • Chapter 21: The Taxable Year 
  • Chapter 22: Methods of Accounting 

About the Book

This textbook is not intended to be an exhaustive treatise; rather, it is intended to be far more useful than that for beginning tax law students by equipping the novice not merely with unmoored detail but rather with a rich blueprint that illuminates the deeper structural framework on which that detail hangs (sometimes crookedly). Chapter 1 outlines the conceptual meaning of the term “income” for uniquely tax purposes (as opposed to financial accounting or trust law purposes, for example) and examines the Internal Revenue Code provisions that translate this larger conceptual construct into positive law. Chapter 2 explores various forms of consumption taxation because the modern Internal Revenue Code is best perceived as a hybrid income-consumption tax that also contains many provisions—for wise or unwise nontax policy reasons—that are inconsistent with both forms of taxation. Chapter 3 then provides students with the story of how we got to where we are today, important context about the distribution of the tax burden, the budget, and economic trends, as well as material on ethical debates, economic theories, and politics as they affect taxation.

Armed with this larger blueprint, students are then in a much better position to see how the myriad pieces that follow throughout the remaining 19 chapters fit into this bigger picture, whether comfortably or uncomfortably. For example, they are in a better position to appreciate how applying the income tax rules for debt to a debt-financed investment afforded more favorable consumption tax treatment creates tax arbitrage problems. Congress and the courts then must combat these tax shelter opportunities (sometimes ineffectively) with both statutory and common law weapons. Stated another way, students are in a better position to appreciate how the tax system can sometimes be used to generate (or combat) unfair and economically inefficient rent-seeking behavior. 

About the Contributors

Author(s)

Professor Geier is a summa cum laude graduate of Baldwin-Wallace College and a magna cum laude graduate of the Case Western Reserve University Law School, where she was Articles Editor of the Law Review. Following her graduation, she clerked for the Honorable Monroe G. McKay of the United States Court of Appeals for the Tenth Circuit. Before joining the Cleveland-Marshall College of Law faculty in 1989, she was an associate in the tax group with the law firm of Sullivan & Cromwell in New York. She was a co-author of the 1st, 2nd, and 3rd editions of “Federal Income Tax: Doctrine, Structure, and Policy” (LexisNexis, with Joseph M. Dodge and J. Clifton Fleming), before writing this textbook in an effort to reduce student textbook costs.