Financial advisors, CPAs, tax attorneys and insurance professionals are in need of up-to-date, reliable tools and expert insights into income tax planning techniques. Every area of tax planning covered in this course is accompanied by the tools and techniques you can use to:

- Help your clients successfully navigate the latest income tax rules and regulations;
- Quickly simplify the tax aspects of complex planning strategies; and
- Confidently advise your individual clients as well as small- and medium-size business owners.

Topics covered in this course include the following:

Tools of Income Tax Planning

Chapter 1 Sources of Income Tax Law Fundamentals 1

Chapter 2 Income Tax Return Filing Requirements 13

Chapter 3 Gross Income 21

Chapter 4 Capital Gains and Losses, Recapture Income and Qualified Dividends 39

Chapter 5 Qualified Business Income Deduction 51

Chapter 6 Business and Nonbusiness Losses 79

Chapter 7 Deductions 95

Chapter 8 Calculation of Tax 107

Chapter 9 Credits 115

Chapter 10 Alternative Minimum Tax 125

Chapter 11 Alternative Minimum Tax Planning for Individuals 133

Chapter 12 Social Security/Medicare Taxes: Wages Earners and Self-Employed Individuals 141

Chapter 13 Additional Medicare Surtax on Earned Income and Net Investment Income Tax 151

Chapter 14 Withholding and Estimated Tax Requirements 173

Chapter 15 Grantor Trusts 177

Chapter 16 Income Taxation of Trusts and Estates 183

Chapter 17 Income and Deductions in Respect of a Decedent 193

Chapter 18 Accounting Methods and Timing Issues 201

Chapter 19 Choice of Entity 215

Chapter 20 Cost Recovery Concepts 233

Chapter 21 Basis 245

Chapter 22 Tax Basis Planning 257

Chapter 23 Passive Activities and At-Risk Rules 269

Chapter 24 Marriage and Divorce 281

Techniques of Income Tax Planning

Chapter 25 Timing of Income and Deductions 291

Chapter 26 Conversion of Income 295

Chapter 27 Equity Based Compensation Planning 307

Chapter 28 Deductible Charitable Contribution Planning 317

Chapter 29 Like-Kind Exchanges 337

Chapter 30 Planning for the Sale or Exchange of Assets 353

Chapter 31 Retirement Planning 373

Chapter 32 Income Issues in Wealth Transfer Planning 399

Chapter 33 Income Tax Planning for Clients with Shortened Life Expectancies 405

Chapter 34 Discharge of Debt Income 419

Chapter 35 IRS Income Tax Audits 429

Chapter 36 Working with the IRS 441

Chapter 37 The Secure ACT 449

Chapter 38 COVID-19 Legislation 461


Appendix A After-Tax Equivalents of Tax-Exempt Yields 467

Appendix B Suggested Charitable Gift Annuity Rates—Single Life 469

Appendix C Group Term Life Insurance 471

Appendix D Income Tax Rate Schedules 475

Appendix E Innocent Spouse Rules 479