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Product Description SMALL BUSINESS TAXATION: Planning and Practice (Fourth Edition) provides updated explanation and analysis of the tax law affecting small businesses. It covers all of the different types of business entities in which small businesses operate. All aspects of small business life cycles are discussed from formation and operation through distribution and liquidation. Numerous examples and tables provided throughout the text illustrate the important concepts and principles, while special "Tax Tips" and "Pitfalls" alert readers to taxsaving opportunities or potential tax problems. Readers benefit from the book's logical organization, straightforward coverage, and practical features that have grown out of decades of the author's practical experience educating students and consulting business owners and advisers. Six distinct topics are covered: 1. Tax entitiesincluding the formation and operation of partnerships, LLCs, C corporations and S corporations 2. Income, deductions and credits that relate to the entities 3. Corporate tax law focusing on penalty taxes and reorganizations 4. Business entity distributions and liquidations 5. Taxation of international transactions 6. Income tax planning and estate planning for the individual and the family New for this Fourth Edition are several key enhancements: New chapter on Inventory and Capital Expenditures, covering the basic concepts and requirements New coverage of bonus depreciation and the Code Section 179 expense election Added explanation of auto depreciation rules Guidance on the new deduction for income attributable to domestic production activities Discussion of the new S corporation election requirements, eligibility rules, and late filing relief Expanded coverage of partnership asset sales and partnership distributions Changes brought about by the Working Families Tax Relief Act of 2004, the American Jobs Creation Act of 2004 and other new developments are reflected throughout the book. About the Author Gary L. Maydew, Ph.D, CPA, received his doctorate from the University of Illinois at ChampaignUrbana. A retired accounting professor at the College of Business at Iowa State University, Professor Maydew has published several books, including CCH's Agribusiness Accounting and Taxation, and more than 50 articles on taxation. His professional experience includes work in public accounting, teaching, consulting and researching small business taxation issues and planning.
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