Federal Tax Accounting

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This new edition of Federal Tax Accounting, part of the Graduate Tax Series, features updates including new problems, discussions, and expanded coverage of various topics. Chapters 1 and 7 have been reorganized, while Chapters 5, 6, and 7 now include more examples and focused problems. Key updates include a revised discussion of "taxable year" with new problems, an expanded comparison of tax accounting versus financial accounting, and a discussion of Section 409A regulations. Additional enhancements cover inventories, accrual of income of doubtful collectability and bad debts, and updated regulations on non-accrual experience methods. New problems address trade discounts and proposed regulations on tangible property expenditures, alongside expanded treatments of advertising and investment interest. The text also includes commentary on gifts of property use, installment reporting, and NOL carryovers, with relevant case law and rulings. The sophisticated problems presented require careful analysis and application of tax code provisions, case law, and other sources, often leading to complex situations where straightforward answers are not available. A Teacher's Manual for professors includes sample syllabi and comprehensive problem analyses.