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Principles of Taxation: Ideas and Planning, by Wolters Kluwer

Principles of Taxation: Ideas and Planning is brought to you by Wolters Kluwer

Join expert Greg White, CPA, as he walks through important planning opportunities in a broad variety of areas, including: Making your work much easier, overlooked tax savings ideas, Important judicial concepts (claim of right, assignment of income), changing accounting methods to save client’s money, and choosing the best type of entity for new clients.

Publication Date: April 2022

Topics Covered

  • Overview
  • Tax Framework
  • Decision Making
  • Revenue Rulings – Practical Uses
  • Use Google
  • Practical Research
  • IRS Audits
  • IRS Controversy
  • Tax Planning
  • Phantom Income
  • The Benefits of Payroll Taxes
  • Choice of Entity
  • Useful Tax Doctrines
  • “Rough Hewn” Estimates and Allocations
  • Training Interest Expense
  • Passive Activity Planning
  • Allocating Purchase Price – Real Estate
  • Reducing Taxes – Sale of a Business
  • Claim of Right
  • Pigs Get Fatter…
  • Accounting Methods
  • Timing Differences (Accounting Methods)
  • Taxable Years
  • Frequently Asked Questions
  • Using Effective Dates
  • Cash Method – Bad Debts
  • No Charitable Deduction Services – Use of Property
  • Loss on Inherited Property
  • Making Life Easier
  • Artifical Intelligence

Learning Objectives

  • Recognize and apply concepts and strategies to implement into your tax planning
  • Identify how to allocate purchase price in Real estate and business acquisitions
  • Recognize how to determine when clients can claim a deduction for amounts that another person paid on their behalf
  • Recognize how to create losses in inherited property
  • Recognize how to choose taxable years
  • Identify the best type for particular types of clients
  • Recognize how to maximize interest deductions using the interest tracing rules
  • Identify planning ideas for passive activities
  • Recognize how to reduce taxes on the sale of a business
  • Identify the form used to disclose a reasonable basis position
  • Identify the average percent of taxes paid in cases not involving default or dismissal based on the Tax Court Settlements
  • Identify where to look if a term is not defined in the Code or Regulations
  • Identify the type of income that arises when the taxpayer has income tax but little to no cash to pay the tax
  • Identify the year in which Social Security began drawing on its reserve
  • Identify how real estate rentals should always be organized as
  • Identify the term that describes the “undoing” of a transaction before the end of the year
  • Identify the doctrine by which the federal tax law is controlled largely by
  • Identify the number of ways to materially participate
  • Identify the approach that you should consider/use if a written allocation is not available for high value real estate

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