All the Information You Need to Master the 2018 CPA Exam
The Wiley CPAexcel Study Guides four–volume set, fully updated for the 2018 CPA Exam, reviews all four parts of the exam. The Study Guides provide the detailed information candidates need to master or reinforce tough topic areas. Content is organized into Bite–Sized Lessons that map perfectly to the Wiley CPAexcel online course. The books are designed to supplement the online course but may also be used as a stand–alone study tool.
- Detailed text covers the complete AICPA content blueprint
- Organized in Bite–Sized Lesson format
- Maps perfectly to the Wiley CPAexcel online course
- Explains every topic tested
- Used by leading review providers
Titles in the WILEY CPAexcel EXAM REVIEW STUDY GUIDE 2018 FOUR–VOLUME SET:
Auditing and Attestation Business Environment and Concepts Financial Accounting and Reporting Regulation
Table of Contents
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
