Legislative Grace Concept Exclusions are based on the legislative grace concept . This concept states that any tax relief provided to taxpayers is the result of specific acts of Congress that must be applied and interpreted strictly .
The Miller family has owned several large apartment buildings for many years . They organized Miller Properties , Inc. , to own and manage the properties . The corporation is an accrual basis taxpayer and uses a calendar year .
not otherwise treated as ordinary income that would be ordinary income if the property were Section 1245 property.16 A EXAMPLE 39 Ryan buys an office building in 1981 for $ 800,000 . The building is sold in 2000 for $ 700,000 .
An extensive variety of problems includes 2-3 problems for each key concept and over 900 total problems. About 20% of the problems are new to this edition; another 30% have been modified.
CengageNOW(TM) online optimizes learning, while H&R Block(TM) software provides experience using a professional taxation tool. This edition provides a conceptual understanding of taxation like no other text.
Murphy and Higgins take a more conceptual, less technical approach to federal taxation.
Concepts in Federal Taxation
Concepts in Federal Taxation explains the intricacies of tax rules and laws in an approachable and understandable format, putting these rules in the context of real business and personal issues.