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Keeping up with Congress, the Treasury Department, the IRS, and the courts is a daunting task. The Treasury Department continues to promulgate complex regulations interpreting laws coming from Congress.  The IRS and the courts continue to confront issues as they are raised in specific cases, adding thousands of judicial decisions and revenue rulings to an already burgeoning body of tax law. The authors of Federal Income Taxation of Individuals, Third Edition do a phenomenal job of keeping pace with changes and developments across the board and synthesizing the information into plain English.  This work will help practitioners provide guidance and compliance with the following areas: 

• Income and tax accounting methods
• Gifts, bequests, prizes, scholarships
• Life insurance, annuities, death benefits
• Personal injuries and sickness
• Employee fringe benefits
• Interest on state and local obligations
• Capital expenditures
• Business vs. personal expenses
• Depreciation and amortization
• Depletion allowance and related deductions
• Loss transactions and bad debts
• Interest paid or accrued on indebtedness
• Operating losses, tax shelter deductions
• Business and personal credits
• Personal exemptions, deductions, interest
• Taxes and casualty losses
• Charitable contributions and medical costs
• Gains and losses
• Property sales and community property
• Nonrecognition transactions
• Alimony and support payments
• Grantor trusts
• Deferred compensation and IRAs
• Installment sales
• OID and other unstated interest
• Indirect methods of computing income
• Tax returns, rates, payments, the AMT
• Audits, deficiencies, and refunds
• Collection of unpaid taxes
• Statutes of limitations, tax litigation
• Interest, civil penalties, tax crimes