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More About This Title Wiley CPAexcel Exam Review 2018 Study Guide: Regulation
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The Wiley CPAexcel Study Guide: Regulation provides detailed study text to help you identify, focus on, and master specific topic areas that are essential for passing the REG section of the 2018 CPA Exam.
- Covers the complete AICPA content blueprint in Regulation (REG)
- Authored and compiled by the same leading university accounting professors who author the Wiley CPAexcel online course
- Explains every CPA Exam topic tested on the Regulation (REG) section of the CPA Exam (one volume)
- Organized in Bite-Sized Lessons so you can learn faster and remember more of what you learn
- Updated for 2018 so you have the most accurate, up-to-date content available for the Regulation (REG) section on this year’s exam
- Maps perfectly to the Wiley CPAexcel Review Course; may be used to complement the online course or as a standalone study tool
- Study text only and does NOT include practice questions or practice exams. Use in conjunction with the Wiley CPAexcel Exam Review 2018 Test Bank: Regulation, which includes over 4,200 interactive multiple-choice questions and 200 task-based simulations.
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About the Authors viii
About the Regulation Professors ix
Welcome to Regulation x
Ethics, Professional Responsibilities, and Federal Tax Procedures 1
Ethics and Responsibility in Tax Practice 2
Regulations Governing Practice before the IRS 2
IRC Code and Regulations Related to Tax Return Preparers 7
Licensing and Disciplinary Systems 12
Federal Tax Practice and Procedures 15
Substantiation and Disclosure of Tax Positions 15
Taxpayer Penalties 18
Sources of Tax Authority and Research 23
Tax Practice and Procedure 27
Compliance Responsibilities 30
Legal Duties and Responsibilities 35
Common Law Duties and Liabilities to Clients and Third Parties 35
Privileged Communications, Confidentiality, and Privacy Acts 44
Business Law 49
Agency 50
Types of Agency Relationships and Creation 50
Authority of Agents and Principals 53
Duties of Agents and Principals 55
Contract Liability of Agents and Principals 60
Tort Liability of Agents and Principals 63
Contracts 67
Introduction and Classification 67
Applicable Laws 67
Types of Contracts 70
Formation 73
Offer and Acceptance 73
Consideration 81
Writing and Records: The Statute of Frauds 86
Defenses to Formation 92
Performance 98
Defining Performance and Breach 98
Discharge of Performance 104
Passage of Title and Risk of Loss 108
Remedies 115
Types of Remedies 115
Formulas for Damages 118
Third-Party Rights 122
Debtor-Creditor Relationships 127
Rights, Duties, and Liabilities of Debtors, Creditors, and Guarantors 127
Suretyship—Introduction, Creation, and Types 127
Suretyship—Rights of Parties 131
Article 9—UCC Secured Transactions 136
Introduction and Creation of Security Interests 136
Perfection of Security Interests 139
Priorities in Security Interests 144
Rights of Secured Parties and Debtors 148
Bankruptcy and Insolvency 151
Prebankruptcy Options, and Introduction to and Declaration of Bankruptcy 151
Bankruptcy Process 157
Distribution of Debtor’s Estate 161
Discharge and Reaffirmation Agreements 164
Government Regulation of Business 166
Federal Securities Regulation 166
Defining a “Security” 166
The Registration Process 168
Exempt Transactions and Securities 171
The JOBS Act of 2012 177
Liability Provisions—1933 Act 181
Purposes, Requirements, and Provisions of the 1934 Act 187
Criminal Liability 194
Other Federal Laws and Regulations 196
Employment Tax 196
Affordable Care Act 201
Worker Classification Laws and Regulations 209
Business Structure 215
Selection and Formation of Business Entity and Related Operation and Termination 215
Selection of a Business Entity 215
Formation 221
Operations: Nonfinancial Factors 223
Financial Structure 226
Termination 232
Rights, Duties, Legal Obligations, and Authority of Owners and Management 235
Rights and Duties 235
Authority of Owners and Managers 240
Federal Taxation 243
Introduction to Tax Review 244
Property Transactions 251
Sales and Dispositions of Assets 251
Capital Gains and Losses 255
Section 1231 Assets 263
Section 1231 Assets—Cost Recovery 268
Like-Kind Exchanges and Involuntary Conversions 279
Other Nonrecognition Transactions 285
Federal Taxation of Individuals 291
Income 292
Gross Income—General Concepts and Interest 292
Gross Income—Other Inclusions 297
Gross Income—Exclusions 300
Taxation of Income from Business Entities 303
Accounting Methods and Periods—Individuals 307
Taxation of Employee Benefits 314
Taxation of Retirement Plans 320
Deductions 325
Deductions—Basic Principles 325
Deductions for AGI 327
Itemized Deductions—Medical, Taxes, Interest 331
Itemized Deductions—Other 335
Employee Business Expenses 341
Deductions—Losses and Bad Debts 344
Limitations on Business Deductions 346
Individual Tax Issues 351
Personal and Dependency Exemptions 351
Filing Status 355
Alternative Minimum Tax and Other Taxes 359
Tax Planning Strategies for Individuals 364
Tax Credits 369
Personal Tax Credits 369
Estate and Gift Taxation 378
Federal Gift Tax 378
Federal Estate Tax 385
Federal Taxation of Entities 393
Corporate Taxation 394
Formation of a Corporation 394
Corporate Income 399
Accounting Methods and Periods—Corporations 404
Special Corporate Deductions 407
Corporate Alternative Minimum Tax 413
Penalty Taxes 417
Taxation of Related Corporations 421
Distributions from a Corporation 424
Corporate Redemptions and Liquidations 428
Corporate Reorganizations 434
Multijurisdictional Tax Issues 440
State and Local Taxation 440
Taxation of Foreign Income 445
Tax-Exempt Entities 450
Tax-Exempt Organizations 450
Partnership Taxation 453
Formation and Basis 453
Flow-Through of Income and Losses 460
Transactions with Partners 463
Partnership Distributions 466
Sales and Terminations 471
S Corporation Taxation 475
Eligibility, Election, Termination 475
Income and Basis 478
Distributions and Special Taxes 483
Fiduciary Taxation 486
Income Taxation of Fiduciaries 486
Tax Credits 491
Business Tax Credits 491
Other Tax Issues 495
Tax Planning Strategies for Business Entities 495
Business Entity Choice 497
Index 501
