By James E. Smith, William A. Raabe, David M. Maloney
Jam-packed with new "Big photo" tax situations and new "What-If?" case diversifications, SOUTH-WESTERN FEDERAL TAXATION 2011: TAXATION of industrial ENTITIES continues to be the best textual content for assisting scholars grasp complicated tax techniques and the ever-changing tax laws. popular for its available, complete, and time-tested presentation, the textual content presents thorough assurance whereas highlighting fabrics of severe curiosity to the tax practitioner. getting ready scholars for the longer term, TAXATION of industrial ENTITIES bargains readers many possibilities to sharpen critical-thinking and writing abilities. net routines tied on to bankruptcy examine instances provide scholars hands-on event utilizing on-line assets to resolve tax matters. H&R Block at domestic software program comes with every one new replica of this article to provide your scholars expert event with top software program! The 2011 version has been totally up-to-date to incorporate the most recent tax laws. the pro variation is the same to the scholar version other than that it doesn't contain scholar entry to Checkpoint from Thomson/Reuters and CPAexcel.
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Extra info for South-western Federal Taxation 2011: Taxation of Business Entities
In future years, the loss will continue to be subject to the annual $3,000 limitation unless there are offsetting capital gains. n äAvoid Double Taxation. The owners of a corporation can choose between two entity forms. A C corporation, also referred to as a regular corporation, is a taxable entity that pays tax on corporate profits. Shareholders also pay tax on dividends received from a C corporation, resulting in what is commonly referred to as double taxation (refer to Example 16). Note, however, as discussed in Chapter 4, the dividends may be eligible for a beneficial tax rate.
It is a long-standing principle that taxpayers have no obligation to pay more than their fair share of taxes. The now-classic words of Judge Learned Hand in Commissioner v. Newman reflect the true values a taxpayer should have. Recognize tax planning opportunities and apply a general framework for tax planning. com/taxation/swft Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands; taxes are enforced exactions, not voluntary contributions.
Framework Focus: Tax Rates ä Tax Planning Strategy Egret Corporation, a calendar year taxpayer, is in the 34% bracket in 2010, but expects to be in the 25% bracket in 2011. The corporation, which is negotiating a $10,000 service contract with a client, decides to wait until 2011 to sign the contract and perform the services. The client is indifferent as to when the contract is completed. Thus, Egret saves $900 in income tax by deferring the service contract income to 2011, when it will be taxed at the 25% rate instead of the current 34% rate.