Understanding federal income taxation

Introduction to federal income tax

Gross income concepts and limitations

The effect of an obligation to repay

Gains derived from dealings in property

Gifts, bequests and inheritance

Sale of a principal residence

Scholarships and prizes

Life insurance, annuities, and individual retirement accounts

Discharge of indebtedness

Compensation for personal injury and sickness

Fringe benefits

Business and profit seeking expenses

Capital expenditures

Depreciation

Losses and bad debts

Travel expenses

Entertainment and business meals

Educational expenses

Other deductible personal expenses

Hobby losses

Home offices, vacation homes and other dual use property

The interest deduction

The deduction for taxes

Casualty losses

Medical expenses

Charitable deductions

Limitations on deductions

Cash method accounting

Accrual method accounting

Annual accounting

Capital gains and losses

Quasi-capital assets : section 1231

Depreciation recapture

Assignment of income

Below market loans

Tax consequences of divorce

Effect of debt on basis and amount realized

Like kind exchanges

Involuntary conversions

Installment sales

Sale of a business and sale-leasebacks

An introduction to original issue discount

Limitations on tax shelters

The alternative minimum tax.