Description
A comprehensively revised Chapter 1, designed to equip students with the conceptual framework and policy themes they can deploy to structure thinking and assist understanding throughout the course.
A reworked organization, with return of capital timing issues now addressed immediately before capital appreciation (realization and recognition); gifts, taxation of the family, and assignment of income issues have been grouped together to highlight common themes; losses and tax shelter limitations have been folded into one chapter, and the leverage and leasing materials trimmed.
Numerous changes to reflect new developments〞legislative, administrative, and judicial〞since the publication of the last edition.
The pervasive influence of the Tax Cuts and Jobs Act of 2017 is reflected throughout the book. Starting with Chapter 1, this edition emphasizes the distribution of individual income tax burdens across the income spectrum, from the earned income tax credit and child tax credits to the impact of capital gain rates on high-end progressivity.
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