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    Default Concepts in Federal Taxation, 2012 Edition, 19th Edition

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    Concepts in Federal Taxation, 2012 Edition, 19th Edition

    Kevin E. Murphy, Mark Higgins, "Concepts in Federal Taxation, 2012 Edition, 19th Edition"
    So..h-We...rn Co....e/W..t | 2011-04-15 | ISBN: 0538479442 | 933 pages | PDF | 8,7 MB

    There are two ways to look at the rules that govern federal taxation: the technical approach and the conceptual approach. The traditional ‘‘technical approach’’ looks at the reams of tax authority as thousands of specific and distinct code sections, regulations, exceptions, and qualifications. This approach treats income tax in such great depth that the first-time tax student has difficulty understanding the myriad rules, exceptions to those general rules, and exceptions to the exceptions.

    The ‘‘conceptual approach’’ presents taxation as a small number of unifying concepts—principles that apply in the application of specific tax rules and authorities. These concepts define taxation.

    Instead of focusing on the individual aspects of taxation, this textbook emphasizes transactions that are common to all tax entities. This allows the text to focus more on the overall scheme of taxation (What is income? What is a deduction? and so on) with individual tax return preparation a secondary issue. As a result, Chapter 1 introduces the individual tax formula and briefly discusses the ‘‘for’’ versus ‘‘from’’ adjusted gross income distinction that is unique to individuals, but the mechanics of the individual tax calculation are not discussed in detail until Chapter 8. Furthermore, itemized deductions are not accorded the traditional in-depth treatment. Again, the focus is on the more common itemized deductions, and elaborate technical detail is omitted for the more unusual items.



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