Concepts in Federal Taxation 2020 (with Intuit ProConnect Tax Online 2018 and RIA Checkpoint® 1 term (6 months) Printed Access Card),
27th Edition

Kevin E. Murphy, Mark Higgins

ISBN-13: 9780357110362 | ISBN-10: 0357110366

Copyright 2020

| Published 2019

| 936 pages

List Price USD $249.95


Master the concepts behind today’s federal taxation using the balanced, conceptual approach in Murphy/Higgins’ CONCEPTS IN FEDERAL TAXATION 2020. You examine the latest tax codes and most recent changes for the current tax year in a clear, straightforward approach that prepares you for success on the CPA Exam. You learn the unifying concepts behind the Internal Revenue Code rather than memorizing details of the Code. Concepts and applications appear in brief, comprehensible segments that are ideal for CPA Exam review. In addition, examples relate concepts to familiar business scenarios with more opportunities for practice than any other book of this kind. CNOWv2 online homework tool helps optimizes study. Intuit® ProConnect software and RIA Checkpoint® Student Edition from Thomson Reuters also provide practice working with professional tax tools as you strengthen your understanding of taxation.

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Meet the Authors

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A professor emeritus at Oklahoma State University, Dr. Kevin E. Murphy earned his Ph.D. at the University of Wisconsin-Madison and his B.S. and M.S. in accounting at Utah State University. He has published articles in the Journal of the American Taxation Association and The Journal of Accounting Education. Dr. Murphy is a member of the American Accounting Association and the American Taxation Association.

Dr. Mark Higgins is a professor of accounting and the former Edward Jones Dean of the Richard A. Chaifetz School of Business at Saint Louis University. He earned his Ph.D. at the University of Tennessee and his B.S. and M.S. in accounting at the University of South Carolina. He has articles published in Accounting Historians Journal, Journal of Accounting Education, Taxation for Accountants, Critical Perspectives in Accounting, Journal of Legal Tax Research, The CPA Journal and The Tax Adviser. He is also a certified public accountant (inactive).

  • CURRENT EXERCISES PROVIDE HANDS-ON PRACTICE WORKING WITH THE MOST RECENT TAX CHANGES AND DEVELOPMENTS. All of the practical problems in this edition are thoroughly reviewed and revised, where needed, to reflect the latest changes in today's tax code.
  • LATEST UPDATES REFLECT TODAY'S MOST RECENT TAX LAWS AND CHANGES. The authors carefully review and update this book each year to ensure all content integrates the latest federal tax laws and up-to-the-minute changes to tax codes and regulations. This edition enables you to keep your course as current as possible with most recent changes for the current tax year.
  • POPULAR, PROFESSIONAL TAX SOFTWARE PREPARES STUDENTS FOR SUCCESS ON CPA EXAM AND IN THE PROFESSIONAL TAX ENVIRONMENT. In addition to working with professional software from Intuit® ProConnect, students answer CPA review questions from Becker Professional Education® -- one of the industry's most effective tools to prepare for the CPA Exam.
  • END-OF-CHAPTER HOMEWORK PROBLEMS CLEARLY CORRESPOND TO SPECIFIC LEARNING OBJECTIVES AND SECTIONS OF THE TEXT. Each exercise or problem within this edition’s end-of-chapter homework corresponds to and references specific Learning Objectives from the book. Your students can easily locate the related sections of this edition's content for help or quick reference when completing homework assignments.
  • CONSISTENT APPROACH THROUGHOUT ALL PRACTICE OPPORTUNITIES REDUCES STUDENT CONFUSION. The authors consistently incorporate a proven approach throughout this edition. They clearly identify all separate question parts within a problem to avoid reader confusion and to ensure that readers are able to easily problem-solve.
  • TAX SIMULATION CASES SHARPEN SKILLS. This edition's interesting Tax Simulation Cases help students refine their tax research skills as well as their writing abilities that are critical for completing tax simulations on the CPA exam. Students can complete this edition's Simulation Cases using only the Code and Regulations.
  • LEADING PROFESSIONAL SOFTWARE PROVIDES IMPORTANT PRACTICAL EXPERIENCE. Each new copy of this edition includes access to Intuit® ProConnect software as well as Checkpoint® by Thomson Reuters (Student Edition) for professional experience. Intuit® ProConnect guides students through the tax return process. Checkpoint® Student Edition from Thomson Reuters helps students complete tax research with a comprehensive collection of primary tax laws, cases and rulings. Analytical insights and built-in productivity tools make research more efficient.
  • EXTENSIVE END-OF-CHAPTER APPLICATIONS OFFER NUMEROUS PRACTICE OPPORTUNITIES. Approximately 1,200 end-of-chapter applications in this edition provide more practice opportunities than any other text of this kind on the market. This large quantity of practice choices offers a significant variety of exercises, problems and cases for hands-on reinforcement.
  • TAX PLANNING PROBLEMS IN THIS EDITION’S TEST BANK STRENGTHEN STUDENT COMPREHENSION. In addition to providing more practice exercises than any other book of its kind within the text, the authors have developed additional tax planning problems in this edition's Test Bank These up-to-date tax planning problems ensure your students understand key principles and have numerous, varied opportunities to practice the skills they're learning.
  • CONCEPT CHECKS REINFORCE COMPREHENSION. Concept Checks, integrated throughout each chapter, separate this edition's presentation of concepts into manageable segments that are simple for students to master. This proven learning tool reinforces the principles of tax law while emphasizing the underlying principles that advance today's tax rules and regulations.
  • CENGAGENOWV2 COURSE MANAGEMENT SYSTEM HELPS YOU MOVE STUDENTS FROM MOTIVATION TO MASTERY. This effective online course management system and homework tool allows you to improve your students' learning experience and achieve desired outcomes with book-specific resources and numerous multimedia tools for your students. Flexible assignments and automatic grading save you time. A Personalized Adaptive Study Plan enables students to prepare for class and exams as well as master concepts, while an integrated eBook provides flexibility in price.
  • TAX FORM PREPARATION PROBLEMS CONNECT PRINCIPLES TO ACTUAL COMMON TAX SITUATIONS. Proven Tax Form Preparation Problems in each chapter link the concepts that students are learning to actual challenges and examples of tax preparation from today's business world.

Table of Contents

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1. Federal Income Taxation-An Overview.
2. Income Tax Concepts.
3. Income Sources.
4. Income Exclusions.
5. Introduction to Business Expenses.
6. Business Expenses.
7. Losses-Deductions and Limitations.
8. Taxation of Individuals.
9. Acquisitions of Property.
10. Cost Recovery on Property: Depreciation, Depletion, and Amortization.
11. Property Dispositions.
12. Non-recognition Transactions.
13. Choice of Business Entity-General Tax and Nontax Factors/Formation.
14. Choice of Business Entity-Operations and Distributions.
15. Choice of Business Entity-Other Considerations.
16. Tax Research.
Appendix A: Tax Return Problem.
Appendix B: Tax Rate Schedules and Tax Tables.
Appendix C: Statements on Standards for Tax Service (available online)
Appendix D: How to Decode the Code

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

Instructor's Companion Website for Murphy/Higgins' Concepts in Federal Taxation 2020

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Concepts in Federal Taxation 2020, Loose-leaf Version

Guide students in mastering federal taxation today with the balanced, conceptual approach found only in Murphy/Higgins' CONCEPTS IN FEDERAL TAXATION 2020. This unique text presents taxation as a small number of unifying concepts that students learn and apply to tax rules and everyday economics. The authors present the latest tax laws and changes in manageable segments with Concept Checks, ideal for CPA Exam review. Students review tax concepts using the Internal Revenue Code to prepare for CPA Exam tax simulations. Frequent examples relate tax concepts to current business. This edition provides more practice exercises than any other book of its kind with additional tax planning problems in the Test Bank.

Concepts in Federal Taxation 2020 Edition (text only)


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Concepts in Federal Taxation 2020 (with Intuit ProConnect Tax Online 2018 and RIA Checkpoint® 1 term (6 months) Printed Access Card)

  • ISBN-10: 0357110366
  • ISBN-13: 9780357110362

Price USD$ 249.95


*Purchase not available for this country