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Wiley CPAexcel Exam Review July 2020 Study Guide Regulation
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Author Biography
Table of Contents
About the Authors ix
About the Regulation Professors xi
Welcome to Regulation xiii
Ethics, Professional Responsibilities, and Federal Tax Procedures 1
Ethics and Responsibilities in Tax Practice 2
Regulations Governing Practice before the IRS 2
Internal Revenue Code and Regulations Related to Tax Return Preparers 7
Licensing and Disciplinary Systems 12
Federal Tax Practice and Procedures 15
Substantiation and Disclosure of Tax Positions 15
Taxpayer Penalties 18
Sources of Tax Authority and Research 23
Tax Practice and Procedure 28
Compliance Responsibilities 32
Legal Duties and Responsibilities 37
Common Law Duties and Liabilities to Clients and Third Parties 37
Privileged Communications, Confidentiality, and Privacy Acts 46
Business Law 51
Contracts 52
Introduction and Classification 52
Applicable Laws 52
Types of Contracts 55
Formation 59
Offer and Acceptance 59
Consideration 67
Writing and Records: The Statute of Frauds 73
Defenses to Formation 79
Performance 85
Defining Performance and Breach 85
Discharge of Performance 91
Passage of Title and Risk of Loss 95
Remedies 102
Types of Remedies 102
Formulas for Damages 105
Third-Party Rights 110
Agency 115
Types of Agency Relationships and Creation 115
Duties of Agents and Principals 119
Contract Liability of Agents and Principals 125
Tort Liability of Agents and Principals 128
Debtor-Creditor Relationships 133
Rights, Duties, and Liabilities of Debtors, Creditors, Sureties, and Guarantors 133
Suretyship—Introduction, Creation, and Types 133
Suretyship—Rights of Parties 137
Article 9 UCC Secured Transactions 142
Introduction and Creation of Security Interests 142
Perfection of Security Interests 146
Priorities in Security Interests 151
Rights of Secured Parties and Debtors 155
Bankruptcy and Insolvency 158
Prebankruptcy Options, and Introduction to and Declaration of Bankruptcy 158
Bankruptcy Process 167
Distribution of Debtor’s Estate 172
Discharge and Reaffirmation Agreements 176
Government Regulation of Business 179
Federal Securities Regulation 179
Federal Securities Regulation: Defining a “Security” 179
The Registration Process 181
Exempt Transactions and Securities 184
Liability Provisions—1933 Act 194
Purposes, Requirements, and Provisions of the 1934 Act 200
Criminal Liability 208
Other Federal Laws and Regulation 210
Employment Tax 210
Affordable Care Act 216
Worker Classification Laws and Regulations 223
Business Structure 230
Selection and Formation of Business Entity and Related Operation and Termination 230
Selection of a Business Entity 230
Formation 236
Operations: Nonfinancial Factors 238
Financial Structure 241
Termination 247
Rights and Duties 250
Authority of Owners and Managers 255
Federal Taxation of Property Transactions 259
Introduction to Tax Review 260
Recent Developments in Tax Law 268
Property Transactions 270
Sales and Dispositions of Assets 270
Capital Gains and Losses 274
Section 1231 Assets 283
Section 1231 Assets—Cost Recovery 290
Like-Kind Exchanges and Involuntary Conversions 301
Other Nonrecognition Transactions 307
Federal Taxation of Individuals 313
Income 314
Gross Income—General Concepts and Interest 314
Gross Income—Other Inclusions 320
Gross Income—Exclusions 323
Taxation of Income from Business Entities 326
Accounting Methods and Periods—Individuals 334
Taxation of Employee Benefits 341
Taxation of Retirement Plans 348
Deductions 354
Deductions—Basic Principles 354
Deductions for AGI 356
Itemized Deductions—Medical, Taxes, Interest 359
Itemized Deductions—Other 364
Business Expenses 370
Deductions—Losses and Bad Debts 373
Limitations on Business Deductions 376
Individual Tax Issues 382
Tax Dependents 382
Filing Status 385
Alternative Minimum Tax and Other Taxes 389
Tax Planning Strategies for Individuals 394
Tax Credits 399
Personal Tax Credits 399
Estate and Gift Taxation 407
Federal Gift Tax 407
Federal Estate Tax 414
Federal Taxation of Entities 423
Corporate Taxation 424
Formation of a Corporation 424
Corporate Income 429
Accounting Methods and Periods—Corporations 433
Special Corporate Deductions 436
Penalty Taxes 441
Taxation of Related Corporations 445
Distributions from a Corporation 448
Corporate Redemptions and Liquidations 452
Corporate Reorganizations 458
Multijurisdictional Tax Issues 464
State and Local Taxation 464
Taxation of Foreign Income 469
Tax-Exempt Entities 477
Tax-Exempt Organizations 477
Partnership Taxation 481
Formation and Basis 481
Flow-Through of Income and Losses 488
Transactions with Partners 492
Partnership Distributions 495
Sales and Terminations 500
S Corporation Taxation 504
Eligibility, Election, Termination 504
Income and Basis 507
Distributions and Special Taxes 512
Fiduciary Taxation 515
Income Taxation of Fiduciaries 515
Tax Credits 521
Business Tax Credits 521
Other Tax Issues 525
Tax Planning Strategies for Business Entities 525
Business Entity Choice 527
Index 531
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