Fundamentals of Federal Income Taxation

The Twentieth Edition of this widely-adopted casebook provides detailed information on federal income taxation, with specific assignments to the Internal Revenue Code, selected cases, and regulations and rulings from the Internal Revenue Service. It is updated to reflect recent events, including legislative, judicial, and regulatory developments, and includes expanded materials on tax policy.

Format: Hardback
Length: 1113 pages
Publication date: 30 October 2022
Publisher: West Academic Publishing

This comprehensive casebook offers in-depth insights into federal income taxation, encompassing a detailed examination of the Internal Revenue Code, selected cases, regulations, and rulings issued by the Internal Revenue Service. Celebrating its 50th anniversary, the revised and updated Twentieth Edition features the esteemed contribution of Professor Heather M. Field (University of California, Hastings) as an author, further enhancing its authority and relevance. Retaining the book's well-established format and a substantial portion of its previous content, this edition has been meticulously updated to reflect recent developments, including legislative, judicial, and regulatory changes.

The new edition expands its coverage to include comprehensive discussions on tax policy, encompassing essential topics such as the fundamentals of tax policy, a comparative analysis of the definition of income under the Internal Revenue Code and Haig-Simons, the realization requirement for gains and losses, the argument for and against the stepped-up basis in Section 1014, a critical evaluation of tax expenditures, and the preferential treatment of capital gains. Additionally, the casebook undergoes significant revisions, introducing new or revised material, often accompanied by problem sets, to provide a comprehensive and up-to-date understanding of various tax aspects.

Among the notable changes in this edition are expanded coverage of judicial review of Treasury regulations, taxation of virtual currencies, the exclusion for discharge of student loans, the Section 274 limitation on the deductibility of entertainment and meal expenditures, the Section 280A limitation on the deductibility of expenses in connection with the business use of a home, the Section 280E limitation on the deductibility of expenditures in connection with sales of illegal drugs, the concepts of adjusted gross income and miscellaneous itemized deductions, the tax benefit doctrine, net operating losses, Special Opportunity Zones, and the def.

By presenting a wealth of information and analysis, this casebook serves as an invaluable resource for students, practitioners, and tax professionals seeking to navigate the complex terrain of federal income taxation. Its comprehensive nature, coupled with the expertise of Professor Field, ensures that readers gain a deep understanding of the subject matter and are well-equipped to address the challenges and opportunities presented by the tax code.

Weight: 1954g
Dimension: 254 x 191 (mm)
ISBN-13: 9781685611927
Edition number: 20 Revised edition