This highly-acclaimed text explains the conceptual basis of federal income taxation. It is designed to help students quickly pull together the entire subject for end-of-semester review and provide perspective about where a topic fits within the federal income tax scheme. While focusing on the present income tax, the text provides an explanation of the often-discussed consumption tax and contrasts the two taxes in a note at the end of the volume. The new edition reflects developments since the thirteenth edition, including many changes made by the Tax Cuts and Jobs Act of 2017—the most significant federal tax legislation in more than thirty years.

Imprint: Foundation Press
Series: Concepts and Insights
Publication Date: 06/11/2018

Marvin A. Chirelstein

Lawrence Zelenak, Duke University School of Law


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The new edition reflects developments in federal income tax law since 2015, of which the most significant are the many changes made by the Tax Cuts and Jobs Act of 2017. Those changes include:
–Major changes in the standard deduction and the tax rate schedules, and the elimination of personal exemptions.
–The doubling of the child tax credit, and the increase in the refundability of the credit.
–The new section 199A deduction equal to 20% of passthough business income.
–The introduction of 100% expensing for most depreciable assets (other than real estate).
–New limitations on the deductibility of home mortgage interest and state and local taxes.
–The elimination of the alimony deduction (subject to transition relief and a delayed effective date).
–The elimination of deductions for entertainment expenses and for miscellaneous itemized deductions.

Learn more about this series.