South-Western Federal Taxation 2021,
1st Edition

David M. Maloney, James C. Young, Annette Nellen, Mark Persellin

ISBN-13: 9780357359310
Copyright 2021 | Published
1504 pages | List Price: USD $274.95

Gain a thorough understanding of today's tax concepts and current tax law with SOUTH-WESTERN FEDERAL TAXATION 2021: COMPREHENSIVE, 44E and accompanying professional tax software. This reader-friendly presentation emphasizes the latest tax law and recent changes impacting individuals, corporations, partnerships, estates and trusts and financial statements. You examine tax law changes as recent as 2020 with complete coverage of the Tax Cuts and Jobs Act of 2017 and related guidance from the Treasury Department. Clear examples, summaries and tax scenarios clarify concepts and sharpen your critical-thinking, writing and research skills. Each new book includes instant access to Intuit® ProConnect tax software, Checkpoint® (Student Edition) from Thomson Reuters, CNOWv2 online homework solution and MindTap Reader. Discover how an understanding of today's taxes can benefit you as you prepare for the C.P.A. or the Enrolled Agent exam or pursue a career in tax accounting, financial reporting or auditing.


1. An Introduction to Taxation and Understanding the Federal Tax Law.
2. Working with the Tax Law.
3. Computing the Tax.
4. Gross Income: Concepts and Inclusions.
5. Gross Income: Exclusions.
6. Deductions and Losses: In General.
7. Deductions and Losses: Certain Business Expenses and Losses.
8. Depreciation, Cost Recovery, Amortization, and Depletion.
9. Deductions: Employee and Self-Employed-Related Expenses.
10. Deductions and Losses: Certain Itemized Deductions.
11. Investor Losses.
12. Tax Credits and Payments.
13. Property Transactions: Determination of Gain or Loss, Basis Considerations, and Nontaxable Exchanges.
14. Property Transactions: Capital Gains and Losses, Section 1231, and
Recapture Provisions.
15.The Deduction for Qualified Business Income for Noncorporate Taxpayers.
16. Accounting Periods and Methods.
17. Corporations: Introduction and Operating Rules.
18. Corporations: Organization and Capital Structure.
19. Corporations: Distributions Not in Complete Liquidation.
20. Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations.
21. Partnerships.
22. S Corporations.
23. Exempt Entities.
24. Multistate Corporate Taxation.
25. Taxation of International Transactions.
26. Tax Practice and Ethics.
27. The Federal Gift and Estate Taxes.
28. Income Taxation of Trusts and Estates.
Appendix A: Tax Rate Schedules and Tables.
Appendix B: Tax Forms.
Appendix C: Glossary of Tax Terms.
Appendix D: Table of Code Sections Cited, Table of Regulations Cited,
Table of Revenue Procedures and Revenue Rulings Cited.
Appendix E: Comprehensive Tax Return Problems.
Appendix F: Tax Formulas.
Appendix G: Present Value and Future Values Tables.

  • David M. Maloney

    David M. Maloney, Ph.D., C.P.A., is the Carman G. Blough Professor of Accounting Emeritus at the University of Virginia’s McIntire School of Commerce. He completed his undergraduate work at the University of Richmond and his graduate work at the University of Illinois at Urbana-Champaign. Upon joining the University of Virginia faculty, Dr. Maloney taught federal taxation in the graduate and undergraduate programs and was a recipient of major research grants from the Ernst & Young and KPMG Foundations. Dr. Maloney has published work in numerous professional journals, including Journal of Taxation, The Tax Adviser, Tax Notes, Corporate Taxation, Accounting Horizons, Journal of Taxation of Investments and Journal of Accountancy.

  • James C. Young

    James C. Young, Ph.D., C.P.A., is the PricewaterhouseCoopers Professor of Accountancy at Northern Illinois University. He earned his B.S. from Ferris State University and his M.B.A. and Ph.D. from Michigan State University. Dr. Young's research focuses on taxpayer responses to the income tax, using archival data. His dissertation received the PricewaterhouseCoopers/American Taxation Association Dissertation Award and his subsequent research has received funding from a number of organizations, including the Ernst & Young Foundation Tax Research Grant Program. His work has been published in a variety of academic and professional journals, including the National Tax Journal, The Journal of the American Taxation Association and Tax Notes. Honored as a Northern Illinois University Distinguished Professor, Dr. Young received the Illinois C.P.A. Society Outstanding Accounting Educator Award in 2012. In addition, he has received numerous university teaching awards from Northern Illinois University, George Mason University and Michigan State University.

  • Annette Nellen

    Annette Nellen, C.P.A., C.G.M.A., Esquire, directs San José State University’s graduate tax program (M.S.T.) and teaches courses in tax research, tax fundamentals, accounting methods, property transactions, employment tax, ethics and tax policy. Professor Nellen is a graduate of CSU Northridge, Pepperdine (M.B.A.) and Loyola Law School. Prior to joining San José State University (SJSU) in 1990, she worked with a Big Four firm and the IRS. At SJSU, Professor Nellen has been recognized with the Outstanding Professor and Distinguished Service awards. She is an active member of the tax sections of the AICPA, American Bar Association and California Lawyers Association. She chaired the AICPA Tax Executive Committee from October 2016 to May 2019. In 2013, she received the AICPA Arthur J. Dixon Memorial Award -- the highest award given by the accounting profession in the area of taxation. Professor Nellen is the author of Bloomberg Tax Portfolio, Amortization of Intangibles. She has published numerous articles in the AICPA Tax Insider, The Tax Adviser, State Tax Notes and The Journal of Accountancy. She has testified before the House Ways & Means and Senate Finance Committees and other committees on federal and state tax reform. Professor Nellen maintains the 21st Century Taxation website and blog ( as well as websites on tax reform and state tax issues (

  • Mark Persellin

    Mark B. Persellin, Ph.D., C.P.A., C.F.P.®, is the Ray and Dorothy Berend Professor of Accounting at St. Mary’s University. He earned his B.S. from the University of Arizona, his M.P.A. in taxation from the University of Texas at Austin and his Ph.D. from the University of Houston. Today, Dr. Persellin teaches personal income tax, business income tax and research in federal taxation. Prior to joining St. Mary’s University, Dr. Persellin taught at Florida Atlantic University and Southwest Texas University (Texas State University). He also worked on the tax staff of a Big Four firm. Dr. Persellin's research has been published in numerous academic and professional journals, including The Journal of American Taxation Association, The Accounting Educators’ Journal, The Tax Adviser, The CPA Journal, Journal of Taxation, Corporate Taxation, The Tax Executive, TAXES – The Tax Magazine, Journal of International Taxation and Practical Tax Strategies. In 2003, Dr. Persellin established the St. Mary’s University Volunteer Income Tax Assistance (VITA) site, and he continues to serve as a trainer and reviewer for the site.

  • FULLY UPDATED, REVISED CONTENT REFLECTS TODAY'S LATEST TAX CHANGES AND REFORMS. Up-to-date coverage details the most current tax legislation for individual taxpayers, as of the time of publication. Students are able to examine today's most recent tax law changes with complete coverage of the Tax Cuts and Jobs Act of 2017.

  • ADDITIONAL PRACTICE OPPORTUNITIES AND INDEPENDENT STUDY RESOURCES PROVIDE TOOLS FOR MASTERING CONCEPTS. This edition's printed text and digital resources, such as CNOWv2, work seamlessly to help ensure that your students have the tax skills and thorough understanding of today's tax concepts that they need to succeed. Students can use these tools to practice skills and learn independently.

  • MEMORABLE LEARNING VIDEOS HELP STUDENTS THOROUGHLY UNDERSTAND AND APPLY TAX CONCEPTS. Engaging videos with practical applications strengthen your students' comprehension and ensure learners understand how to complete end-of-chapter homework successfully.

  • TAX FORM PROBLEMS HIGHLIGHT KEY SKILLS AND CURRENT CHALLENGES. This edition's new problems demonstrate how to overcome today's most challenging issues in individual income tax preparation. These up-to-date problems also help students refine critical-thinking skills. They provide focused opportunities for additional practice and broaden your options for assigning homework.

  • CURRENT PROFESSIONAL TAX SOFTWARE PREPARES STUDENTS FOR REAL WORK IN TODAY'S TAX ENVIRONMENT. Students gain experience using professional software from Intuit® ProConnect. They also answer C.P.A. review questions from Becker Professional Education® -- one of today's top C.P.A. review tools -- as they prepare for success.

  • PROVEN TAX RETURN FORM PROBLEMS PROVIDE ADDITIONAL ONLINE PRACTICE. Your students gain important practice in mastering the specific income taxation skills they need with the variety of up-to-date practice opportunities and independent study resources in CNOWv2.

  • EMPHASIS ON CRITICAL THINKING EQUIPS STUDENTS TO MEET TODAY'S TAX CHALLENGES. This edition's end-of-chapter homework assignments focus on critical thinking to help students develop this and other crucial skills needed in taxation and business today.

  • IN-CHAPTER "EXAMPLES" IMMEDIATELY CLARIFY AND REINFORCE CONCEPTS. This book's unique "Example" presentation uses memorable, clear taxation examples that make it easy for students to read and quickly understand even complex taxation concepts.

  • PRACTICAL TAX SCENARIOS BEGIN AND CONCLUDE EACH CHAPTER. The "Big Picture: Tax Solutions for the Real World" examines lives, careers and tax situations of typical tax filers. Each "Big Picture" case asks students to develop the best tax solution for real-life dilemmas. Four examples in the chapter relate to the "Big Picture" tax situation. End-of-chapter "Refocus on the Big Picture" summaries and tax planning scenarios apply chapter concepts to professional solutions. A "What If?" section also demonstrates how tax treatments can vary as the filer's situation changes.

  • "TAXATION IN THE REAL-WORLD" BLOG HELPS YOU BRING THE LATEST TOPICS INTO YOUR CLASSROOM. Drawn from today's current business and popular press, the "Taxation in the Real World" blog features timely articles that enliven class discussions. The blog highlights contemporary issues that illustrate the chapter material and apply the concepts students are learning to real life.

  • VARIETY OF PROVEN LEARNING FEATURES HELPS STUDENTS DEVELOP PROFESSIONAL SKILLS. "Ethics and Equity" features spark critical thinking and discussion as students evaluate their own value systems while reviewing ethical scenarios. A separate section in most chapters details how to apply the tax law to reach taxpayer's goals. Tax planning applications also appear throughout each chapter. "Global Tax Issues" illustrate tax laws across the globe and highlight how international concerns impact taxation. In addition, Decision-Making Problems help students refine analytical skills.

  • END-OF-CHAPTER COMPUTATIONAL EXERCISES PROVIDE ESSENTIAL PRACTICE. Your students gain significant hands-on experience and practice with Computational Exercises in most chapters. These exercises encourage students to apply what they've learned while reinforcing the chapter's Learning Objectives.

  • CUMULATIVE TAX RETURN PROBLEMS CHALLENGE STUDENTS TO APPLY TAX KNOWLEDGE FROM PREVIOUS SECTIONS. Students apply the concepts they've mastered as they complete actual tax forms. Professional tax software from Intuit® ProConnect provides an authentic and professional tax preparation experience.

  • CNOWv2 OPTIMIZES STUDENT LEARNING AND ENGAGEMENT. CNOWv2 is built around the way students learn, study and complete homework. End-of-chapter homework from this edition, "What If" versions of problems, algorithmic problems, detailed feedback, test bank questions, thorough tagging and student video resources create an effective learning environment. An Adaptive Study Plan and an assignable, gradable study center adjust to each student's unique needs, providing a remediation pathway to keep every learner on track.

  • END-OF-CHAPTER C.P.A. REVIEW QUESTIONS FROM BECKER PREPARE STUDENTS FOR SUCCESS ON TODAY'S C.P.A. EXAM. Students review key concepts using proven questions from Becker Professional Education® -- one of the industry's most effective tools to prepare for the C.P.A. Exam.

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.

Cengage Testing, powered by Cognero® for Maloney/Young/Nellen/Persellin's South-Western Federal Taxation 2021: Comprehensive

Cengage Testing, powered by Cognero® for Maloney/Young/Nellen/Persellin's South-Western Federal Taxation 2021: Comprehensive, Instant Access

Instructor's Companion Website for Maloney/Young/Nellen/Persellin's South-Western Federal Taxation 2021: Comprehensive

RIA Checkpoint®, 1 term Printed Access Card forMaloney/Young/Nellen/Persellin's South-Western Federal Taxation 2021: Individual Income Taxes