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Concepts in Federal Taxation 2017, Professional Edition (with H&R Block™ Premium & Business Access C 24e

ISBN-13: 9781305965119 / ISBN-10: 1305965116

Kevin E. Murphy, Oklahoma State University
Mark Higgins, University of Rhode Island
Published by Cengage Learning, ©2017
Available Now

Master the nuances of federal taxation using the balanced, conceptual approach in CONCEPTS IN FEDERAL TAXATION 2017. This edition presents the latest tax codes and changes for the most recent tax year using a clear, straightforward approach. You focus on understanding the unifying concepts behind the Internal Revenue Code, rather than memorizing the details of the Code.

Concepts and applications appear in brief, comprehensible segments ideal for your CPA Exam review. Extensive examples relate concepts to familiar business scenarios while a wealth of exercises provide more practice than any other book of this kind. New CengageNOW™ online homework tool optimizes your study, while H&R Block™ software provides practice with a professional taxation tool. CONCEPTS IN FEDERAL TAXATION 2017 provides the strong conceptual understanding of taxation you need for ongoing success.


  • LEADING PROFESSIONAL SOFTWARE PROVIDES INVALUABLE HANDS-ON EXPERIENCE. Each new copy of this text includes access to H&R Block™ software to provide students with additional professional experience. H&R Block™ guides users through the tax return process.
  • CENGAGENOW GIVES YOU MORE CONTROL IN LESS TIME AND DELIVERS BETTER STUDENT OUTCOMES. This powerful online course management system and online homework tool allows you to optimize the learning experience and meet desired outcomes with book-specific resources and numerous multimedia tools for your students. Flexible assignments and automatic grading save you time. The Personalized Study Plan diagnostic tool enables students to master concepts, prepare for exams, and become more involved in class while an integrated eBook provides flexibility in price.
  • STRONG CONSISTENCY BETWEEN PROBLEM PARTS ELIMINATES CONFUSION. The authors clearly identify all separate question parts within a problem to avoid any reader confusion and to ensure readers are able to easily problem-solve.
  • TAX PLANNING PROBLEMS IN TEST BANK ENSURE COMPREHENSION. This edition''s revised Test Bank includes more tax planning problems to ensure your students understand these important principles and have ample practice opportunities.
  • END-OF-CHAPTER HOMEWORK CLEARLY CORRESPONDS TO LEARNING OBJECTIVES. All of the end-of-chapter homework references specific Learning Objectives from the book so students can easily locate pertinent sections of this edition''s content for help in completing homework assignments.
  • CONCEPT CHECKS REINFORCE STUDENT COMPREHENSION. Concept Checks, integrated throughout each chapter, separate the text material into manageable segments while reinforcing the concepts of tax law and emphasizing the underlying principles that drive today''s tax rules and regulations.
  • TAX SIMULATION CASES SHARPEN SKILLS. Students refine the research and writing skills that are most critical for completing tax simulations on the CPA exam with this edition''s Tax Simulation Cases. Students can complete these Simulation Cases using only the Code and Regulations.
  • TAX FORM PREPARATION PROBLEMS CONNECT CONCEPTS TO ACTUAL COMMON TAX SITUATIONS. Proven Tax Form Preparation Problems in each chapter link the concepts being discussed to actual examples of tax preparation from today''s business world.
  • STRONG END-OF-CHAPTER APPLICATIONS PROVIDE IMPORTANT PRACTICE. Approximately 1,300 end-of-chapter applications in this edition provide more practice opportunities than any other text on the market. You can choose from this large quantity of practice choices to offer more varied exercises, problems, and cases for hands-on reinforcement.

1. Federal Income Taxation-An Overview.
2. Income Tax Concepts.
3. Income Sources.
4. Income Exclusions.
5. Introduction to Business Expenses.
6. Business Expenses.
7. Losses-Deductions and Limitations.
8. Taxation of Individuals.
9. Acquisitions of Property.
10. Cost Recovery on Property: Depreciation, Depletion, and Amortization.
11. Property Dispositions.
12. Non-recognition Transactions.
13. Choice of Business Entity-General Tax and Nontax Factors/Formation.
14. Choice of Business Entity-Operations and Distributions.
15. Choice of Business Entity-Other Considerations.
16. Tax Research.
Appendix A. Tax Return Problem.
Appendix B. Tax Rate Schedules and Tax Tables.
Appendix C. Statements on Standards for Tax Service (available online)
  • LATEST UPDATES REFLECT TODAY''S MOST RECENT TAX LAWS AND CHANGES. The authors update this text each year to ensure all content reflects the very latest federal tax laws and up-to-the-minute changes to tax codes and regulations. Keep your course as current as possible with all of the latest changes for the recent tax year.
  • CHAPTER PROBLEM MATERIAL PROVIDES HANDS-ON PRACTICE WORKING WITH THE LATEST TAX DEVELOPMENTS. All of the practical problems in this edition have been revised, where needed, to reflect the latest changes in today''s tax code.
Kevin E. Murphy
A professor emeritus at Oklahoma State University, Dr. Kevin E. Murphy earned his Ph.D. at the University of Wisconsin-Madison and his B.S. and M.S. in Accounting at Utah State University. He has published articles in the Journal of the American Taxation Association and The Journal of Accounting Education. Dr. Murphy is a member of the American Accounting Association and the American Taxation Association.

Mark Higgins
Dr. Mark Higgins is Dean of the John Cook School of Business at Saint Louis University. He earned his Ph.D. at the University of Tennessee and his B.S. and M.S. in Accounting at the University of South Carolina. He has articles published in Accounting Historians Journal, Journal of Accounting Education, Taxation for Accountants, Critical Perspectives in Accounting, Journal of Legal Tax Research, The CPA Journal, and The Tax Adviser. He is also a Certified Public Accountant (inactive).