Includes index.

Part 1 Exploring the tax environment - types of taxes and the jurisdictions that use them; tax policy issues - standards for a good tax. Part 2 Fundamentals of tax planning - taxes as transaction costs; the basic maxims of income tax planning. Part 3 The measurement of taxable income: taxable income from business operations; property acquisitions and cost recovery deductions; property dispositions; nontaxable exchanges. Part 4 The taxation of business income - sole proprietorships, partnerships, and sole corporations; the corporate taxpayer; the choice of business entity; jurisdictional issues in business taxation. Part 5 The individual taxpayer - the individual tax formula; compensation and retirement planning; investment and personal financial planning; tax consequences of personal activities. Part 6 The tax compliance process. Appendices: present value of $1; present value of annuity of $1.