Essentials of United States Taxation
Essentials of United States Taxation clearly explains basic structural features and accounting issues, corporate and partnership taxation, and the rules governing international transactions, both inbound and outbound. It provides concise, accurate answers to such questions as:
The only easily readable overview of the subject available, this book is useful in two different ways. Reading it cover to cover provides a crystal-clear `picture' of the US tax system, yet the book is also of great value as a quick reference when a US tax problem needs to be solved. Numerous real-life examples make specific provisions of the US tax system easily understandable even to readers with no background in the subject.
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- General Principles.
Overview of Taxation in the United States.
Federal Income Taxation: Structural Issues.
Federal Income Tax: Conceptual Issues.
Legislative, Administrative and Judicial Aspects.
- Corporate Taxation.
The Corporate Double Tax.
Forming a Corporation.
The Corporation as a Taxable Entity.
Cash and Property Distributions.
Combining Tax Attributes.
- Partnership Taxation.
The Structure of Partnership Taxation.
Determining Distributive Shares.
A Partner's Outside Basis.
A Partner's Transactions with the Partnership.
Acquisitions of Partnership Interests. Dispositions of Partnership Interests.
Optional Basis Adjustments.
- International Taxation.
Basic U.S. Jurisdictional Tax Principles.
The Role of Income Tax Treaties.
Filing, Withholding, and Reporting Requirements.
Introduction to U.S. Business Activity in Foreign Countries.
The Foreign Tax Credit.
Controlled Foreign Corporations and Related Provisions.
Foreign Currency. International Tax-Free Transactions.
Tax Arbitrage and Economic Substance. Foreign Sales Corporations.
International Boycott and Foreign Bribery Provisions.
Estate and Gift Taxation for Resident and Nonresident Aliens.