Author Description

<p>This new edition of Federal Tax Accounting, part of the Graduate Tax Series, has been updated with new problems, discussions, commentary, analysis, and additional coverage of many topics. Chapters 1 and 7 have been substantially revised and reorganized. Chapters 5, 6, and 7 have expanded text with more examples and few but more focused problems. Other changes include:</p> <ul> <li>Revised and expanded discussion of "taxable year" with problems, now in the first chapter;</li> <li>Expanded discussion of tax accounting vs. financial accounting;</li> <li>Discussion of Section 409A regulations, with a new problem;</li> <li>Expanded discussion of inventories, with additional problems;</li> <li>Additional commentary on accrual of income of doubtful collectability and bad debts, including Trinity Indus. v. Commissioner and Rendall v. Commissioner;</li> <li>Updated discussion of Section 448(d) (5) regulations on non-accrual experience method;</li> <li>New problem dealing with trade discounts, in light of Westpac Pacific Foods v. Commissioner and the Advance Trade Discount Method of Rev. Proc. 2007-53;</li> <li>Updated material on proposed regulations on capitalization of tangible property expenditures;</li> <li>Expanded treatment of advertising expenditures;</li> <li>Expanded discussion of investment interest, prepaid interest and personal interest, including Chief Counsel Adv. 2009-11-007, applying qualified residence interest limitation per residence as well as per taxpayer;</li> <li>Expanded explanation of original issue discount and market premium with examples;</li> <li>Commentary on gifts of the use of property in light of the Dickman decision and the Section 7872 regulations;</li> <li>Extensive additional text and explanation, with examples, of various aspects of installment reporting, with fewer, more focused problems;</li> <li>A new section on installment sales coupled with a like-kind exchange with boot, with example and problem;</li> <li>Expanded discussion of