Features:
- Focuses student attention on core principles and policies to enable students to learn the major patterns and themes of corporate tax
- Encourages students to learn the law from the basic source material --the Code and regulations--as supplemented by concise explanations when needed
- Many problems, questions, and examples help lead students through the challenging material
- An organizational structure that bridges concepts learned in the introductory income tax course and those presented in advanced tax classes. The text begins with subchapter S--an area of growing, practical significance--which serves to link individual and separate entity taxation
- Presents the taxation of transactions using a ""building-block"" approach from basic to complex transactions. This approach helps students to grasp that many complex transactions are merely combinations of simpler ones, and that a given transaction may be structured in different ways to achieve different tax consequences
- Cases and other source materials are edited concisely and note material is kept to a manageable length
- Completely up-to-date. The organizational structure and text are fully integrated to reflect current developments, including codification of the economic substance doctrine; impact of corporate tax shelters and application of substance-over-form doctrine; increased importance of passthrough tax principles; comparable treatment of dividends and long-term capital gain; recent changes affecting acquisitive and divisive reorganizations; and policy implications of current corporate tax reform options