| Introduction | 601 |
| Definition of Terms | 602 |
| Selling Expenses | 603 |
| Tax Treatment Depends on Type of Property Sold or Exchanged | 604 |
| Sales and Exchanges of “Personal Use” Property | 605 |
| Sales and Exchanges of Business and Investment Property | 606 |
| What is a “Like-Kind” Exchange | 607 |
| Trade or Exchange Involving Both Property and Money | 608 |
| Exchange of Securities | 609 |
| Exchanges of Insurance Policies | 610 |
| How the Non-Recognition of Gain or Loss Affects Basis | 611 |
| When is a Recognized Gain or Loss Reportable? | 612 |
| Special Cases Where Gain on a Sale is Not Recognized | 613 |
| Recognition of Gains and Losses — Summary | 614 |
| Tax Planning Considerations | 615 |
| Conclusion | 616 |
| Early Attempts at Income Taxation | 101 |
| The Present Income Tax Law | 102 |
| Introduction – General Principles – Definitions | 103 |
| Classification of Taxpayers | 104 |
| Purpose of the Income Tax Return – Withholding and Estimated Tax | 105 |
| Accounting Period -The Taxable Year | 106 |
| Accounting Methods | 107 |
| The Cash Basis | 108 |
| The Accrual Basis | 109 |
| Change in Accounting Method | 110 |
| When to File the Income Tax Return | 111 |
| Penalties | 112 |
| Installment Payment of Tax | 112A |
| Where and How To File Manual and Electronic Filing | 113 |
| Who Must File a Return | 114 |
| Joint Return of Husband & Wife | 115 |
| Separate Return of Husband & Wife | 116 |
| Who is considered as “Married”? | 117 |
| Special Provision for Married Persons Living Apart | 118 |
| Minors | 119 |
| The Tax Return Forms and Schedules | 120 |
| Payment of the Tax | 121 |
| Section II | |
| Introduction | 122 |
| Gross Income | 123 |
| Deductions from Gross Income | 124 |
| Adjusted Gross Income | 125 |
| Deductions from Adjusted Gross Income | 126 |
| Taxable Income | 127 |
| Tax Credits | 128 |
| The Filing Requirements for Special Taxpayers | 129 |
| Introduction | 601 |
| Definition of Terms | 602 |
| Selling Expenses | 603 |
| Tax Treatment Depends on Type of Property Sold or Exchanged | 604 |
| Sales and Exchanges of “Personal Use” Property | 605 |
| Sales and Exchanges of Business and Investment Property | 606 |
| What is a “Like-Kind” Exchange | 607 |
| Trade or Exchange Involving Both Property and Money | 608 |
| Exchange of Securities | 609 |
| Exchanges of Insurance Policies | 610 |
| How the Non-Recognition of Gain or Loss Affects Basis | 611 |
| When is a Recognized Gain or Loss Reportable? | 612 |
| Special Cases Where Gain on a Sale is Not Recognized | 613 |
| Recognition of Gains and Losses — Summary | 614 |
| Tax Planning Considerations | 615 |
| Conclusion | 616 |
| Early Attempts at Income Taxation | 101 |
| The Present Income Tax Law | 102 |
| Introduction – General Principles – Definitions | 103 |
| Classification of Taxpayers | 104 |
| Purpose of the Income Tax Return – Withholding and Estimated Tax | 105 |
| Accounting Period -The Taxable Year | 106 |
| Accounting Methods | 107 |
| The Cash Basis | 108 |
| The Accrual Basis | 109 |
| Change in Accounting Method | 110 |
| When to File the Income Tax Return | 111 |
| Penalties | 112 |
| Installment Payment of Tax | 112A |
| Where and How To File Manual and Electronic Filing | 113 |
| Who Must File a Return | 114 |
| Joint Return of Husband & Wife | 115 |
| Separate Return of Husband & Wife | 116 |
| Who is considered as “Married”? | 117 |
| Special Provision for Married Persons Living Apart | 118 |
| Minors | 119 |
| The Tax Return Forms and Schedules | 120 |
| Payment of the Tax | 121 |
| Section II | |
| Introduction | 122 |
| Gross Income | 123 |
| Deductions from Gross Income | 124 |
| Adjusted Gross Income | 125 |
| Deductions from Adjusted Gross Income | 126 |
| Taxable Income | 127 |
| Tax Credits | 128 |
| The Filing Requirements for Special Taxpayers | 129 |