Taxation for Business Entities, with eBook Access Code: A Practical Approach

An innovative approach to understanding the federal income tax laws for business entities and developing tax-efficient strategies. Presents the big picture to understanding the tax laws with a practice-based approach so students can develop critical thinking and problem-solving skills that prepare them to make effective decisions. Taxation of Business Entities, 2026 Edition introduces a comprehensive foundation for the income tax system, so students can understand why a law exists and how to apply the law to practical tax problems encountered by businesses. Professional skill-building exercises develop critical thinking and communication skills and the ability to identify and address ethical dilemmas, preparing students to be successful tax professionals. WILEY ADVANTAGE Incorporates Tax Planning Tips that focus on planning opportunities for corporations, S corporations, partnerships, and LLCs throughout, and a chapter on the choice of business entity Includes specialized tax topics such as accounting for income taxes on financial statements, income taxation of trusts and estates, estate and gift taxation, state and local taxation, multinational taxation, and tax-exempt organizations Practice opportunities are presented immediately following each learning objective, because students comprehend best by applying what they just learned Creates a realistic environment to teach students how to apply their knowledge that will transfer to job-ready skills with Tax Form and Tax Return Problems that include actual tax source documents Develops tax planning skills through Tax Planning Problems, Spotlight on the Tax Law, and Excel exercises that stimulate critical analysis and evaluation Features applications and problems that focus on tax-planning skills, analytical skills, research skills, communication skills, and the ability to identify and address ethical dilemmas Task-Based Simulation Problems similar to those used on the CPA Exam include realistic source documents such as Schedule K-1s, financial statements, invoices, and legal agreements that students use to solve problems Prepares students for the advanced tax knowledge and skills that are tested on the TCP (Tax Compliance and Planning) CPA exam Includes an extensive collection of additional resources, such as lesson plans, presentation slides, a Solutions Manual for instructors and practice quizzes, downloadable forms, test bank, and spreadsheets for students AN INTERACTIVE, MULTIMEDIA LEARNING EXPERIENCE This textbook includes access to an interactive, multimedia e-text. Icons throughout the print book signal corresponding digital content in the e-text. Taxation of Business Entities integrates abundant video content developed by the authors to complement the text and engage readers more deeply. Content Review Videos provide a detailed review of each learning objective in each chapter and help students learn key concepts and an understanding of tax laws, the big picture, and the Why behind it. Provide confidence-building opportunities with a wide range of Practice Problems and author-created Solution Walkthrough Videos that give step-by-step instruction on how to complete problems like those in the text. Downloadable Files appear throughout the E-Book, enabling students to see and work with tax forms. Concept Check Questions at the end of each learning objective provide immediate feedback, helping readers monitor their understanding and mastery of the material. ALSO BY THE AUTHORS: Fundamentals of Taxation for Individuals and Business Entities, 2026 Edition introduces a logical foundation for the income tax system, so students can understand why a law exists and how to apply the law to practical tax problems.

Table of Contents:
Dedication iii Brief Contents v Learning the Big Picture of Tax to Be a Valued Professional vi What Are Our Stories? vii What Makes Our Approach to Learning Tax Distinctive? ix Assessment xiii Connecting to the Profession xv An Interactive, Multimedia Learning Experience xvii Preparing for the Cpa Exam xviii For Instructors xix Acknowledgments xx Table of Contents xxi Part I Introduction to Business Entities 1 Basics of Business Entity Taxation 1-1 2 Taxation of Business Entities: Strategies and Planning 2-1 Part II Taxation of Corporations 3 Fundamentals of Corporate Taxation 3-1 4 Corporate Taxation: Distributions, Redemptions, and Liquidations 4-1 5 Corporate Taxation: Related Corporations and Reorganizations 5-1 Part III Taxation of Flow-Through Entities 6 Partnership Taxation: Formation, Basis, and Income 6-1 7 Partnership Taxation: Distributions, Sales, and Advanced Topics 7-1 8 Taxation of S Corporations 8-1 Part IV Choice of Business Entity 9 Choice of Business Entity 9-1 Part V Special Topics 10 Taxes on the Financial Statements 10-1 11 Income Taxation of Trusts and Estates 11-1 12 Gift and Estate Taxes 12-1 13 Taxation of Multinational Transactions 13-1 14 State and Local Taxation 14-1 15 Tax-Exempt Organizations 15-1 16 Tax Research and Professional Issues 16-1 Appendix A Tax Formula Items A- 1 Appendix B Tax Forms B- 1 Appendix c Glossary G- 1 Index I- 1

About the Author :
DR. GREGORY CARNES serves as Raburn Eminent Scholar of Accounting at the University of North Alabama, and served as Dean of the Sanders College of Business and Technology for 11 years. Dr. Carnes is well known nationally as an academic leader, having served on the boards of numerous academic organizations. Dr. Carnes has authored tax material for CPA Review courses for more than 20 years and has delivered tax training for national accounting firms and approximately 20 accounting state societies. He has published approximately 30 articles in leading academic and professional journals. SUZANNE YOUNGBERG joined the faculty at Northern Illinois University as a full-time member in 2000 and is currently teaching in the accounting graduate and undergraduate programs. Prior to joining NIU, she worked for five years in the tax department of a medium-sized public accounting firm and then maintained her own tax practice for 30 years specializing in individual and small business compliance and strategic tax planning. Suzanne received her Bachelor of Science in Accountancy from NIU and her Master of Science in Taxation from DePaul University.