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The document provides information about the 2018 edition of 'Income Tax Fundamentals,' highlighting updates related to the Affordable Care Act, energy credits, and the introduction of real-life source documents for tax preparation simulations. It also discusses the CengageNOWv2 learning system, which offers various tools for student engagement, problem-solving, and mastery of taxation concepts. Additionally, the document includes links to other related educational resources and products available for download.

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(Original PDF) Income Tax Fundamentals 2018 36th Edition Download

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Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
Income Tax Fundamentals
Evolves Each Year
to Benefit You
New to This Edition
Updated for additional changes under the Affordable Care Act
The Affordable Care Act, or “Obamacare,” introduced a new layer of complexity for a large number of taxpayers. We have con-
tinued to refine our approach to instruction on this challenging area of the tax law. We have attempted to simplify the compu-
tation of the individual shared responsibility to allow a better understanding of the concept.

Updated for energy credits and other expiring provisions

A number of common energy credits have expired and have been removed from the textbook. Given the history and expected sunset of
bonus depreciation, the depreciation discussion now covers additional bonus depreciation thoroughly.

Introduction of additional real-life source documents

The number of source documents used to support the tax return problems has been increased. New and different sources such as
accounting records, additional Form W-2s, and 1099s are used to provide students the opportunity to recreate the tax preparation
process as simulations. Documents such as trial balances, asset roll-forwards, and other similar documents replace simple lists of infor-
mation. Information not always relevant to the problem is included to encourage students to use analytical and critical thinking skills
to deal with less structured problems.

Cost of Living Changes and Extensions Expired and Made Permanent

The entire textbook and thousands of ancillary problems and examples were updated to reflect the annual cost of living increases
required by the tax law. The textbook and problems also reflect the changes made through any minor changes in tax law during the
year. All forms and schedules are 2017 draft forms and schedules issued by the IRS, unless otherwise noted.

Updated Cumulative Software Problem

The cumulative software problems included as Group 5 questions at the end of Chapters 1-8 have been updated to include
more source documents (Form W-2s, 1099s, etc.) and include extraneous information to encourage students to think more criti-
cally about the relevance of certain items when preparing tax returns.

A Complete Learning System—CengageNOWv2

CengageNOWv2 for Taxation takes students from motivation to mastery. It elevates think-
ing by providing superior content designed with the entire student workflow in mind.
Students learn more efficiently with the variety of engaging assessments and learning
tools. For instructors, CengageNOWv2 provides ultimate control and customization and a
clear view into student performance that allows for the opportunity to tailor the learning
experience to improve outcomes.

Motivation
Many instructors find that students come to class unmotivated and unprepared. To help with engagement and preparedness,
CengageNOWv2 for Whittenburg offers the following feature:
Self-Study Questions based on the information presented in the textbook help students prepare for class lectures or review prior to an
exam. Self-Study Questions provide ample practice for the students as they read the chapters, while providing them with valuable feed-
back and checks along the way, as the solutions are provided conveniently in Appendix E of the textbook.

Application
Students need to learn problem-solving skills in order to complete taxation problems on their own. However, as students try to work
through homework problems, sometimes they become stuck and need guidance. To help reinforce concepts and keep students on
the right track, CengageNOWv2 for Whittenburg offers the following:
● End-of-chapter homework: Group 1 and 2 problems
● Algorithmic versions of end-of-chapter homework are available for at least 10-15 problems per chapter.

Mastery
Finally, students need to make the leap from memorizing concepts to actual critical thinking. They need to be able to connect multiple
topics and master the material. To help students grasp the big picture of taxation, tax return preparation, and achieve the end goal of mas-
tery, CengageNOWv2 for Whittenburg offers the following:
Comprehensive Problems allow students to complete the problems by entering the relevant information on tax forms and schedules.

Cengage Learning Testing Powered by Cognero®

Cognero® is a flexible, online system that allows instructors to:
● author, edit, and manage test bank content from multiple Cengage Learning solutions
● create multiple test versions in an instant
● deliver tests from your LMS, your classroom or wherever you want
Cognero® possesses the features necessary to make assessment fast, efficient and effective:
●
Simplicity at every step. A desktop-inspired interface features drop-down menus and familiar, intuitive tools.
● F ull-featured test generator. Choose from 15 question types (including true/false, multiple choice, and essay). Multi-language
support, an equation editor, and unlimited metadata help ensure your tests are complete and compliant.
● Cross-compatible capability. Import and export content into other systems.
CL Testing Powered by Cognero® is accessible through the instructor companion site, www.cengage.com/login.

Key Terms
Key Terms with page references are located at the end of all of the chapters and reinforce the important tax terms introduced in
each chapter.

Key Points
Following the Key Terms is a brief summary of the learning objective highlights for each chapter to allow students to focus
quickly on the main points of each chapter.

eliable Instructor Resources Are Convenient

Solutions Manual
R The manual contains detailed solutions to the end-of-chapter problems in the textbook, Chapter Outlines and Suggested Minimum
Assignments, and the Additional Comprehensive Problems that are located in Appendix D (ISBN 13: 9781337389716).

Comprehensive Instructor Companion Website

This password-protected site contains instructor resources: the Solutions Manual, Chapter Outlines and Suggested Minimum
Assignments, the Test Bank, Cognero® testing tools, Solutions to the Cumulative Tax Return Problems, Intuit ProConnect Online
software solutions and instructions, PowerPoints, and more: www.cengage.com/login

As We Go to Press
To access tax law information after the publication of this textbook, please visit www.cengagebrain.com. At the CengageBrain home
page, input the ISBN of your textbook (from the back cover of your book). This will take you to the product page where free companion
resources can be found.

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to
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omal e “Would You Believe?” sections
tax
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bra cke
♦
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(ag (10
the IRS has unt
e 7).
perce Ale x il April 15, 20
less an excep
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tion
any
by ap ply d 39
1) an d Na tha nt, 15 pe rce
calculated (ag e .6 percent). Th nt, 25 percent,
Dyana and Ma Albert
rk have two ch 12-4a
ildren , Ale
anedEx
x
ha rde
cethastpt nthi rec ng grab students’ attention with
eivinedthe
e ind int ere
$3,000 in ividual tax rates for 20
st 28 percent,
ExAMPLE Einstein: ome“Th Na ions ment expense
s 17 are presen
0 in interest inc The tax law
ted
rib$4 ute,00 d to pay any invest
The following
quota tio n is oft
recen
om
eiv att
ed
e etaxdu.”ring 2017.
Na
Alex andSeveral of the tha n didcon no tai t ns
sev interesting asides, including
eral exception
s to the genera
d is the inc an inc om se special rul l rule
world to underst
es are summa of a 3-year
●
If a fraudulent
The IRS may ass
tax return is file captivatingstafacts
rized below:
d or no return
and
tute of limitatio
ns. stories
85824_ch01_rev
ess a tax deficie is filed, there
of gross incabout the futtax laws andns.preparation.
02.indd 11 ●
If a taxpayer om ncy at any tim is no statute of limita
its an amount e in ure. tio
come shown on ome
the return, the in excess of 25 pm
ample, if a tax n the statute of percent of the
15/09/17 5:51
return with gro limitation s is increased to gross in-
(25 percent of ss income of $40 6 years. For ex-
$40 ,000) of gross inc ,00 0 contains an 28/09/17 2:07
●
The statute of om e, the statute of om ission of over pm

7 years. This lim

limitations for
the deduction lim itations is increased $10,000
itation applies of a bad debt to 6 years.
01.indd 50 deduction; all only to the bad or worthless
85824_ch06_rev other items on debt deduction securities is
the tax return or the worthles
wouldpm normally clo s security
15/09/17 5:50 se out after 3
Prior to 2015, years.
a 25% omission
● New Law Alert boxes 6 years) did not
For example, if
include a basis
of income (and thu
overstatement
s an extension
of the statute of
property is sol that may have limitations to
85824_ch06_rev throughout the textbook
01.indd 40 results; howeve
Similar unders
r, if the basis
d for $100,00
is overstated as
0 and
understated inc
the actual basis
is
ome by that am
$30,000, a $7 ount.
tatements of 25 $80,000, onl 0,000 gain
draw students’ attention to % of income are
now within the
y a $20,000
6-year statute.
gain is recogniz
ed.

specific areas affected by

new tax legislation.
85824_ch12_r
ev01.indd 15

vii
04/09/17 12:1
4 pm

● Problems

● Writing Assignments

● Comprehensive Problems

● The Cumulative Software Problem provided in Chapters 1–8 gives students the flexibility to

use multiple resources, such as the tax forms within the book, Intuit ProConnect Online or
alternative tax preparation software.

Digital Tools Enhance Student Understanding

CengageNOWv2 is a powerful online homework tool.
CengageNOWv2 includes an interactive eBook, end-of-
chapter homework, detailed student feedback and interactive
quizzing, that covers the most challenging topics, a lab guide
for using the Intuit ProConnect Online software, flashcards, and much more.
The student companion website offers—at no additional costs—study resources for students.
Go to www.cengagebrain.com, and input the ISBN number of your textbook (from the back
cover of your book). This will take you to the product page where free companion resources
can be found.

Intuit ProConnect Online access is included with each textbook.

A detailed reference lab guide will help the student use the software
for solving end-of-chapter problems.

viii

Using Tax Software

Numerous tax return problems in the textbook can be solved using either tax preparation software
or hand preparation. The popular software, Intuit ProConnect Online, is available with the textbook.
A student guide to Intuit ProConnect Online is provided at the companion website. Your college may
offer additional tax preparation software, such as Intuit’s ProSeries®, but remember that you can
always work the problems by hand.

Using the feature “Would you sign this tax return?”

A practitioner who knows when to say “I cannot sign this tax return,” even if it means losing a client,
is exercising the most basic ethical wisdom. Chapters 1–9 each contain a “Would You Sign This Tax
Return?” case reflecting a common client issue. Each issue corresponds to an obvious concept illustrated
in the previous section. However, how to handle the client is not obvious. The art of explaining tax rules
to a client who does not understand them, or, worse, wants to break them, requires not only a good
understanding of the rules, but also good interpersonal skills and sometimes the gift of persuasion. The
news in the last several years has shown reports of respected CPA firms with members who failed to say
the simple words, “I cannot sign this tax return,” demonstrating that simple ethical practice is not always
easy. We hope instructors will use these cases to spark group discussions or contemplation, and, perhaps,
add examples from their own experience.

Using the cumulative software problem

The Cumulative Software Problem can be found at the end of Chapters 1–8. The case information
provided in each chapter builds on the information presented in previous chapters, resulting in a
lengthy and complex tax return by the conclusion of the problem in Chapter 8. Your professor may have
you work in groups to prepare each of the tax returns. The groups can follow the real-world accounting
firm model using a preparer, a reviewer, and a firm owner who takes responsibility for the accuracy of
the return and signs it. All of the issues in the problem are commonly seen by tax preparers and are
covered in the textbook. The full return is difficult to prepare by hand, so tax software is recommended.
If the problem is prepared using tax software, the data should be saved so the additional information in
the succeeding chapters can be added without duplicating input from previous chapters.

Using the alternate tax return problems

Each of the first six chapters contains an alternate tax return problem numbered “2B.” The problems have
been added to increase the variety of full tax returns available for added practice. Problem “2B” is similar
in coverage to problem “2A” in each chapter and uses the same forms. Forms are provided at the end of
the chapter and, if desired, additional forms may be easily obtained from the IRS website (www.irs.gov).

Chapters 1, 2, & 9
LO 2.2
LO 2.11
LO 2.2
LO 2.2
LO 5.2
LO 2.3
LO 3.1
LO 1.8, Chapter 8
Chapter 8
LO 4.6
LOs 2.5 and 4.8
LO 4.1, Chapters 10 & 11
LO 1.2, Chapter 3
LO 2.12
LO 2.14
LO 2.1
TOTAL INCOME
LO 3.6

LO 4.4
LO 4.5
LO 9.6
LOs 4.7, 4.8, & 4.9
LO 4.3
LO 2.2
LO 2.3
LO 4.6
LO 5.3

DEDUCTIONS FOR AGI

AGI

LO 1.7, Chapter 5

LOs 1.6 & 5.9

TAXABLE INCOME
LOs 1.5, 2.2, 6.10, & 8.4
LO 6.9
LO 6.4
TAX BEFORE CREDITS
LO 6.6 AND OTHER TAXES
LO 6.3
LO 6.5
LO 4.8
LO 6.1
LO 6.8
LO 6.7
TOTAL CREDITS

LO 9.6

LO 4.6
LO 9.8

LO 6.4
LOs 1.9 & 9.9
TOTAL TAX
LO 9.1, Chapter 1
LO 9.2, Chapter 1
LO 6.2

LO 6.1
LO 6.5
LO 6.4
LO 1.4

TOTAL PAYMENTS
REFUND

-OR-
AMOUNT DUE

About the Authors

Gerald E. Whittenburg On March 8, 2015, we unexpectedly lost our dear friend and co-author Gene
Whittenburg. As the original author of Income Tax Fundamentals, Gene was critical in designing the forms-based approach that
the book has used successfully for over two decades. It is simply not possible to quantify the degree of our loss. Gene started
his life in a small-town in Texas, entered the Navy, served his country in Vietnam, earned a Bachelor’s, Master’s, and PhD
degrees and served as a distinguished faculty at San Diego State University for almost 40 years. The outpouring of sorrow and
gratitude from countless former students and colleagues are a wonderful tribute to Gene’s love and devotion to teaching. We
intend to continue to honor Gene by committing to uphold his standard of publishing excellence for many years to come.

Steven L. Gill is an associate professor of accounting and taxation in the Charles W. Lamden School of Accountancy at
San Diego State University. He received a BS in Accounting from the University of Florida, an MS in Taxation from Northeastern
University, and a PhD in Accounting from the University of Massachusetts. Prior to entering academia, he worked for almost
12 years in the field of tax and accounting, including roles in public accounting, internal audit, corporate accounting, and,
ultimately, vice president of finance. Although currently in inactive status, he holds a Certified Public Accountant designation. His
research interests include a concentration in taxation, encompassing mutual funds and college savings (“529”) plans and taxpayer
compliance behavior under low enforcement conditions. He has published a wide variety of articles in various academic and prac-
titioner journals, and has taught at both the undergraduate and graduate levels, including taxation and financial and management
accounting. Steven also serves as an author on Cengage’s Federal Tax Research series.

Reviewers
Janice Akao, Butler Community College Brian Fink, Danville Area Community College
Sandra Augustine, Hilbert College Brenda Fowler, Central Carolina Community College
George Barbi, Lanier Technical College George Frankel, San Francisco State University
Lydia Botsford, DeAnza College Alan Fudge, Linn-Benton Community College
Mike Bowyer, Montgomery Community College Gregory Gosman, Keiser University
Jerold Braun, Daytona State College Nancy Gromen, Blue Mountain Community College
Lindy Byrd, Augusta Technical College Jeffery Haig, Copper Mountain College
Greg Carlton, Davidson County Community College Tracie Hayes, Randolph Community College
Diana Cescolini, Norco College Michael Heath, River Parishes Community College
Jerry Chaney, Southside Virginia Community College Keith Hendrick, Georgia Piedmont Technical College
John Chappell, Northland Community and Technical College Cindy Hinz, Jamestown Community College
Marilyn Ciolino, Delgado Community College Rob Hochschild, Ivy Tech Community College
Diane Clugston, Cambria-Rowe Business College Japan Holmes, Jr., Savannah Technical College
Tonya Coates, Western Piedmont Community College Jana Hosmer, Blue Ridge Community College
Thomas Confrey, SUNY Orange James Hromadka, San Jacinto College
Amy Conley, Genesee Community College Carol Hughes, Asheville Buncombe Technical
Salle Crutaire, Central Lakes College Community College
Eric DaGragnano, City College Norma Hunting, Chabot College, Hayward, California
William Dams, Lenoir Community College Adrian Jarrell, James Sprunt Community College
Geoffrey Danzig, Miami Dade College – Hialeah Campus Paul Johnson, Mississippi Gulf Coast Community College
Richard Davis, Susquehanna University Jessica Jones, Mesa Community College
Susan Davis, Green River Community College Dieter Kiefer, American River College
Vaun Day, Central Arizona College Christopher Kinney, Mount Wachusett Community College
Men Dennis, San Diego City College Angela Kirkendall, South Puget Sound Community College
Kerry Dolan, Great Falls College Montana State University Mark Klamrzynski, Phoenix College
Vicky C. Dominguez, College of Southern Nevada Raymond Kreiner, Piedmont College
Lisa Farnam, College of Western Idaho William Kryshak, University Wisconsin-Stout
John Fasler, Whatcom Community College Linda Lane, Walla Walla Community College

Christie Lee, Lanier Technical College Amy Smith, Pearl River Community College
Anna Leyes, Ivy Tech Community College Thomas Snavely, Yavapai College
Jeannie Liu, Rio Hondo College Joanie Sompayrc, UT-Chattanooga
Susan Logorda, Lehigh Carbon Community College Dale Spradling, SFA
Heather Lynch, Northeast Iowa Community College Barbara Squires, Corning Community College
Anthony Masino, East Tennessee State University Todd Stowe, Southwest Florida College
Diania McRae, Southwestern Community College Gracelyn Stuart-Tuggle, Palm Beach State College
Deanne Michaelson, Pellissippi State Community College Robert Taylor, Lees-McRae College
Jennifer Morton, Ivy Tech Community College Robert L. Taylor, C.P.A. Lees-McRae College
Robert Nabhan, Berks Technical Institute Teresa Thamer, Brenau University
LoAnn Nelson, Lake Region State College Craig Vilhauer, Merced College
Michael O’Connell, River Valley Community College Stan Walker, Georgia Northwestern Technical School
Sharon O’Reilly, Gateway Technical College Teresa Walker, Greensboro College
Kevin Parker, York Technical College Jerry Weese, Southwestern Community College
Brooks Peacock, Chemeketa Community College Joe Welker, College of Western Idaho
Roxanne Phillips, Everest College Jean Wells, Howard University
Mike Prockton, Finger Lakes CC Mary Ann Whitehurst, Southern Crescent Technical College
John Ribezzo, Community College of Rhode Island Sharon Williams, Sullivan University
Lance Rodrigues, Ohlone College Douglas Woods, Wayne College
Hanna Sahebifard, Golden West College Patty Worsham, Norco College/Chaffey College
Larry Sayler, Greenville College Jay Wright, New River Community College
Charley Sherman, Oakland Community College Douglas Yentsch, South Central College
James Shimko, Jackson Community College James Zartman, Elizabethtown PA College
Barry Siebert, Concordia University - Saint Paul Jane Zlojutro, Northwestern Michigan College
Kimberly Sipes, Kentucky State University

Acknowledgments
The authors wish to thank all of the instructors who provided feedback for the 2018 edition via surveys as well as the following
supplement authors and verifiers for their most valuable suggestions and support:

D. Elizabeth Stone Atkins—High Point University, High Point, NC Pennie Eddy—Appalachian Technical College, Jasper, GA
David Candelaria—Mt. San Jacinto College, Menifee, CA Paul Shinal—Cayga Community College, Auburn, NY
Jim Clarkson—San Jacinto College South, Houston, TX Lisa Swallow—University of Montana, Missoula, MT
Susan Snow Davis—Green River Community College, Auburn, WA
In addition, gratitude is expressed to Susan Gill, Kathleen Smith, Steve Smith, and Dr. Hannah Smith for their expert assistance
reviewing chapters of this textbook. We also appreciate Susan Snow Davis from Green River Community College, who wrote the
helpful guide about how to use Intuit ProConnect Online in the tax course, which may be found on the companion website. In
addition we would like to thank Janice Stoudemire, Tracy Newman and Wendy Shacker on their work of reviewing and verifying
the content in CengageNOWv2 including the End-of-Chapter items and Test Bank Problems. We would also like to extend our
thanks to the Tax Forms and Publications Division of the Internal Revenue Service for their assistance in obtaining draft forms
each year.
We appreciate your continued support in advising us of any revisions or corrections you feel are appropriate.
Steven L. Gill

chapter 1 The Individual Income Tax Return

LO 1.1 History and Objectives of the Tax System 1-2
LO 1.2 Reporting and Taxable Entities 1-3
LO 1.3 The Tax Formula for Individuals 1-5
LO 1.4 Who Must File 1-7
LO 1.5 Filing Status and Tax Computation 1-10
LO 1.6 Personal and Dependency Exemptions 1-13
LO 1.7 The Standard Deduction 1-19
LO 1.8 A Brief Overview of Capital Gains and Losses 1-21
LO 1.9 Special Rules for High-Income Taxpayers 1-23
LO 1.10 Tax and the Internet 1-30
LO 1.11 Electronic Filing (E-Filing) 1-31
Questions and Problems 1-34

chapter 2 Gross Income and Exclusions

LO 2.1 The Nature of Gross Income 2-2
LO 2.2 Interest and Dividend Income 2-4
LO 2.3 Alimony 2-6
LO 2.4 Prizes and Awards 2-11
LO 2.5 Annuities 2-12
LO 2.6 Life Insurance 2-15
LO 2.7 Gifts and Inheritances 2-16
LO 2.8 Scholarships 2-17
LO 2.9 Accident and Health Insurance 2-18
LO 2.10 Meals and Lodging 2-18
LO 2.11 Municipal Bond Interest 2-19
LO 2.12 Unemployment Compensation 2-20
LO 2.13 Employee Fringe Benefits 2-20
LO 2.14 Social Security Benefits 2-24
Questions and Problems 2-30

chapter 3 Business Income and Expenses, Part I

LO 3.1 Schedule C 3-2
LO 3.2 Inventories 3-8
LO 3.3 Transportation 3-11
LO 3.4 Travel Expenses 3-14
LO 3.5 Meals and Entertainment 3-16
LO 3.6 Educational Expenses 3-17
LO 3.7 Dues, Subscriptions, and Publications 3-20
LO 3.8 Special Clothing and Uniforms 3-20
LO 3.9 Business Gifts 3-21
LO 3.10 Bad Debts 3-22

xiv

LO 3.11 Office in the Home 3-24

LO 3.12 Net Operating Losses 3-26
LO 3.13 Hobby Losses 3-27
Questions and Problems 3-31

chapter 4 Business Income and Expenses, Part II

LO 4.1 Rental Income and Expenses 4-2
LO 4.2 Passive Loss Limitations 4-5
LO 4.3 Self-Employed Health Insurance Deduction 4-9
LO 4.4 Health Savings Accounts 4-13
LO 4.5 Moving Expenses 4-14
LO 4.6 Individual Retirement Accounts 4-16
LO 4.7 Small Business and Self-Employed
Retirement Plans 4-23
LO 4.8 Qualified Retirement Plans 4-26
LO 4.9 Rollovers 4-28
Questions and Problems 4-35

chapter 5 Itemized Deductions and Other Incentives

LO 5.1 Medical Expenses 5-2
LO 5.2 Taxes 5-7
LO 5.3 Interest 5-11
LO 5.4 Charitable Contributions 5-15
LO 5.5 Casualty and Theft Losses 5-20
LO 5.6 Miscellaneous Deductions 5-22
LO 5.7 Classification of Deductions—Employees 5-24
LO 5.8 Educational Incentives 5-27
LO 5.9 Phase-Out of Itemized Deductions
and Exemptions for High-Income Taxpayers 5-32
Questions and Problems 5-36

chapter 6 Credits and Special Taxes

LO 6.1 Child Tax Credit 6-2
LO 6.2 Earned Income Credit 6-6
LO 6.3 Child and Dependent Care Credit 6-14
LO 6.4 The Affordable Care Act 6-19
LO 6.5 Education Tax Credits 6-30
LO 6.6 Foreign Tax Credit 6-37
LO 6.7 Adoption Expenses 6-39
LO 6.8 Energy Credits 6-41
LO 6.9 The Individual Alternative Minimum Tax (AMT) 6-45
LO 6.10 Unearned Income of Minor Children and
Certain Students 6-50
LO 6.11 Community Property 6-52
Questions and Problems 6-58

chapter 7 Accounting Periods and Methods

and Depreciation
LO 7.1 Accounting Periods 7-2
LO 7.2 Accounting Methods 7-3
LO 7.3 Depreciation 7-5
LO 7.4 Modified Accelerated Cost Recovery System (MACRS) 7-6
LO 7.5 Election to Expense (Section 179) 7-13
LO 7.6 Listed Property 7-18
LO 7.7 Limitation on Depreciation of Luxury Automobiles 7-19
LO 7.8 Intangibles 7-22
LO 7.9 Related Parties (Section 267) 7-23
Questions and Problems 7-28

chapter 8 Capital Gains and Losses

LO 8.1 What Is a Capital Asset? 8-2
LO 8.2 Holding Period 8-3
LO 8.3 Calculation of Gain or Loss 8-3
LO 8.4 Net Capital Gains 8-8
LO 8.5 Net Capital Losses 8-10
LO 8.6 Section 1231 Gains and Losses 8-12
LO 8.7 Depreciation Recapture 8-13
LO 8.8 Casualty Gains and Losses 8-23
LO 8.9 Installment Sales 8-26
LO 8.10 Like-Kind Exchanges 8-30
LO 8.11 Involuntary Conversions 8-32
LO 8.12 Sale of a Personal Residence 8-33
Questions and Problems 8-39

chapter 9 Withholding, Estimated Payments,

and Payroll Taxes
LO 9.1 Withholding Methods 9-2
LO 9.2 Estimated Payments 9-8
LO 9.3 The FICA Tax 9-10
LO 9.4 Federal Tax Deposit System 9-12
LO 9.5 Employer Reporting Requirements 9-17
LO 9.6 Self-Employment Tax 9-20
LO 9.7 The FUTA Tax 9-21
LO 9.8 The Nanny Tax 9-27
LO 9.9 Computing the 0.9 Percent Medicare tax
for High-Income Taxpayers 9-28
Questions and Problems 9-37

chapter 10 Partnership Taxation

LO 10.1 Nature of Partnership Taxation 10-2
LO 10.2 Partnership Formation 10-3
LO 10.3 Partnership Income Reporting 10-5
LO 10.4 Current Distributions and Guaranteed Payments 10-15

LO 10.5 Tax Years 10-16

LO 10.6 Transactions Between Partners and the Partnership 10-16
LO 10.7 The At-Risk Rule 10-17
LO 10.8 Limited Liability Companies 10-19
Questions and Problems 10-22

chapter 11 The Corporate Income Tax

LO 11.1 Corporate Tax Rates 11-2
LO 11.2 Corporate Capital Gains and Losses 11-3
LO 11.3 Special Deductions and Limitations 11-4
LO 11.4 Schedule M-1 11-6
LO 11.5 Filing Requirements and Estimated Tax 11-7
LO 11.6 S Corporations 11-15
LO 11.7 Corporate Formation 11-17
LO 11.8 Corporate Accumulations 11-25
LO 11.9 The Corporate Alternative Minimum Tax 11-25
Questions and Problems 11-29

chapter 12 Tax Administration and Tax Planning

LO 12.1 The Internal Revenue Service 12-2
LO 12.2 The Audit Process 12-6
LO 12.3 Interest and Penalties 12-11
LO 12.4 Statute of Limitations 12-15
LO 12.5 Preparers, Proof, and Privilege 12-16
LO 12.6 The Taxpayer Bill of Rights 12-19
LO 12.7 Tax Planning 12-22
Questions and Problems 12-27

Appendices
Appendix A Tax Rate Schedules and Tax Tables A-1
Appendix B Earned Income Credit Table B-1
Appendix C Withholding Tables C-1
Appendix D Additional Comprehensive
Tax Return Problems D-1
Appendix E Solutions to Self-Study Problems E-1
Glossary of Tax Terms G-1
Index I-1
List of Forms L-1
List of Schedules L-2
List of Worksheets L-2

Questions
Please contact the Cengage Learning Taxation publishing team if you have any questions:
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Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
iStock.com/Jacob Wackerhausen

The Individual
Income Tax Return
LEARNING OBJECTIVES

After completing this chapter, you should be able to:

LO 1.1 Explain the history and objectives of U.S. tax law.
LO 1.2 Describe the different entities subject to tax and reporting requirements.
LO 1.3 Apply the tax formula for individuals.
LO 1.4 Identify individuals who must file tax returns.
LO 1.5 Determine filing status and understand the calculation of tax according to
filing status.
LO 1.6 Calculate the number of exemptions and the exemption amounts for taxpayers.
LO 1.7 Calculate the correct standard or itemized deduction amount for taxpayers.
LO 1.8 Compute basic capital gains and losses.
LO 1.9 Identify the tax rules for high-income taxpayers.
LO 1.10 Access and use various Internet tax resources.
LO 1.11 Describe the basics of electronic filing (e-filing).

OVERVIEW

T
his chapter introduces the U.S. individual income (short form). Also included is a discussion of reporting
tax system. Important elements of the individual and taxable entities.
tax formula are covered, including the tax calcu- An introduction to capital gains and losses is included
lation, who must file, filing status, exemptions, to provide a basic understanding of capital transactions
and the interaction of itemized deductions and the prior to the detailed coverage in Chapter 8. An overview
standard deduction. The chapter illustrates all the steps of tax information available at the Internal Revenue
required for completion of Form 1040EZ, Income Tax Service (IRS) website and other helpful tax websites is also
Return for Single and Joint Filers With No Dependents, included. A discussion of the process for electronic filing
and Form 1040A, U.S. Individual Income Tax Return (e-filing) of an individual tax return completes the chapter.

1-1

Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
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166 TALES OF THE DEAD. count, who had suspicions that
all was not right, was between us, with his daughter. He complained
loudly of such conduct on the part of his guests ; and demanded
some explanation on the cause of our dispute. I then developed the
whole business in presence of Marino, whose evident
embarrassment convinced the count and Ida of the truth of the
reproaches his conscience made him. " But the duke soon availed
himself of Ida's affection, and created an entire change in the
count's mind; who that very evening said to me, — " ' You are right ;
I certainly ought to take some decided step, and send the duke from
my house : but what could win the Apollonia whom he has
abandoned, and whom he will never see again ? Added to which, he
is the only man for whom my daughter has ever felt a sincere
attachment. Let us leave the young people to follow their own
inclinations : the countess perfectly coincides in this opinion ; and
adds, that it would hurt her much were this handsome Venetian to
be driven from our house. How many little infidelities and
indiscretions are committed in the world and excused, owing to
particular circumstances ?' " * But it appears to me, that in the case
in point, these particular circumstances are wanting,' answered I.
However, finding the count persisted in his opinion, I said no more.
THE DEATH-BRIDE. 167 u The marriage took place without
any interruption : but still there was very little of gaiety at the feast,
which usually on these occasions is of so splendid and jocund a
nature. The ball in the evening was dull ; and Marino alone danced
with most extraordinary glee. " * Fortunately, monsieur le marquis/
said he in my ear, quitting the dance for an instant and laughing
aloud, " there are no ghosts or spirits here, as at your Venetian
wedding/ " ■ Don't,' I answered, putting up my finger to him, '
rejoice too soon : misery is slow in its operations; and often is not
perceived by us blind mortals till it treads on our heels.' "Contrary to
my intention, this conversation rendered him quite silent ; and what
convinced me the more strongly of the effect it had made on him,
was, the redoubled vehemence with which the duke again began
dancing. " The countess in vain entreated him to be careful of his
health : and all Ida's supplications were able to obtain was, a few
minutes* rest to take breath when he could no longer go on. "A few
minutes after, I saw Ida in tears, which did not appear as if
occasioned by joy ; and she quitted the ball-room. I was standing as
close to the door as I am to you at this moment ; so that I could not
for an instant doubt its being really Ida:
168 TALES OF THE DEAD. but what appeared to me very
strange was, that in a few seconds I saw her come in again with a
countenance as calm as possible. I followed her, and remarked that
she asked the duke to dance; and was so far from moderating his
violence, that she partook of and even increased it by her own
example. I also remarked, that as soon as the dance was over the
duke took leave of the parents of Ida, and with her vanished
through a small door leading to the nuptial apartment. " While I was
endeavouring to account in my own mind how it was possible for Ida
so suddenly to change her sentiments, a conference in an under
tone took place at the door of the room, between the count and his
valet. " The subject was evidently a very important one, as the
greatly incensed looks of the count to-!wards his gardener evinced,
while he confirmed, as it appeared, what the valet had before said. "
I drew near the trio, and heard, that at a particular time the church
organ was heard to play, and that the whole edifice had been
illuminated within, until twelve o'clock, which had just struck. "The
count was very angry at their troubling him with so silly a tale, and
asked why they did not sooner inform him of it. They answered, that
every one was anxious to see how it would end. The gardener
added, that the old chaplain had been
THE DEATH-BRIDE. 1 69 seen again ; and the peasantry
who lived near the forest, even pretended that they had seen the
summit of the mountain which overhung their valley illuminated, and
spirits dance around it. tt c yerv weJi p exclaimed the count with a
gloomy air ; 'so all the old idle trash is resumed : the Death- Bride is
also, I hope, going to play her part.' " The valet having pushed aside
the gardener, that he might not still further enrage the count, I put
in my word ; and said to the count, ' You might at least listen to
what they have to say, and learn what it is they pretend to have
seen/ " < What is said about the Death-Bride f said I to the
gardener. " He shrugged up his shoulders. " * Was I not right ?' cried
the count : c here we are then, and must listen to this ridiculous
tale. All these things are treasured in the memory of these people,
and constantly afford subjects and phantoms to their imaginations.
Is it permitted to ask under what form V " f Pray pardon me/ replied
the gardener ; ' but it resembled the deceased mademoiselle
Hildegarde. She passed close to me in the garden, and then came
into the castle." " ' O !' said the count to him, ' I beg, in future you
will be a little more circumspect in your
170 TALES OF THE DEAD. fancies, and leave my daughter
to rest quietly in the tomb Tis well—' " He then made a signal to his
servants, who went out. " l Well ! my dear marquis !' said he to me.
"'Well?' " ' Your belief in stories will not, surely, carry you so far as to
give credence to my Hildegarde's spirit appearing V " ' At least it
may have appeared to the gardener only Do you recollect the
adventure in the Museum at Paris ?' " ' You are right : that again was
a pretty invention, which to this moment I cannot fathom. Believe
me, I should sooner have refused my daughter to the duke for his
having been the fabricator of so gross a story, than for his having
forsaken his first love/ " * I see very plainly that we shall not easily
accord on this point ; for if my ready belief appears strange to you,
your doubts seem to me incomprehensible.' " The company
assembled at the castle, retired by degrees ; and J alone was left
with the count and his lady, when Ida came to the room-door,
clothed in her ball-dress, and appeared astonished at finding the
company had left. " * What can this mean f demanded the coun
THE DEATH-BRIDE. 171 tess. Her husband could not find
words to express his astonishment. " ' Where is Marino ?' exclaimed
Ida. " ' Do you ask us where he is ?' replied her mother; * did we
not see you go out with him through that small door ?' " ' That could
not be ; — you mistake/ " ' No, no ; my dear child ! A very short
time since you were dancing with singular vehemence; and then you
both went out together.' " ' Me ! my mother ?' " ' Yes, my dear Ida :
how is it possible you should have forgotten all this ?' " ' I have
forgotten nothing, believe me.' " l Where then have you been all this
time V 11 ' In my sister's chamber,' said Ida. " I remarked that at
these words the count became somewhat pale ; and his fearful eye
caught mine : he however said nothing. The countess, fearing that
her daughter was deceiving her, said to her in an afflicted tone of
voice : — " ' How could so singular a fancy possess you on a day like
this V " ' I cannot account for it ; and only know, that all on a
sudden I felt an oppression at my heart, and fancied that all I
wanted was Hildegarde. At the same time I felt a firm belief that I
should find
172 TALES OF THE DEAD. her in her room playing on her
guitar ; for which reason I crept thither softly/ " ' And did you find
her there ?' " ' Alas ! no : but the eager desire that I felt to see her,
added to the fatigue of dancing, so entirely overpowered me, that I
seated myself on a chair, where I fell fast asleep.' " ' How long since
did you quit the room ?' " ' The clock in the tower struck the three-
quarters past eleven just as I entered my sister's room.' " ' What
does all this mean ?' said the countess to her husband in a low voice
: ' she talks in a connected manner; and yet I know, that as the
clock struck three-quarters past eleven, I entreated Ida on this very
spot to dance more moderately/ " ' And Marino ?' — asked the
count. " ' I thought, as I before said, that I should find him here.' " '
Good God !' exclaimed the mother, c she raves : but the duke —
Where is he then V " ' What then, my good mother ?' said Ida with
an air of great disquiet, while leaning on the countess. " Meanwhile
the count took a wax- taper, and made a sign for me to follow him. A
horrible spectacle awaited us in the bridal-chamber, whither he
conducted me. We there found the duke
THE DEATH-BRIDE. 173 extended on the floor. There did
not appear the slightest signs of life in him ; and his features were
distorted in the most frightful manner. "Imagine the extreme
affliction Ida endured when she heard this recital, and found that all
the resources of the medical attendants were employed in vain. "
The count and his family could not be roused from the deep
consternation which threatened to overwhelm them. A short time
after this event, some business of importance occasioned me to quit
their castle ; and certainly 1 was not sorry for the excuse to get
away. " But ere I left that county, I did not fail to collect in the
village every possible information relative to the Death-Bride ; whose
history unfortunately, in passing from one mouth to another,
experienced many alterations. It appeared to me, however, upon the
whole, that this affianced bride lived in this district, about the
fourteenth or fifteenth century. She was a young lady of noble
family, and she had conducted herself with so much perfidy and
ingratitude towards her lover, that he died of grief; but afterwards,
when she was about to marry, he appeared to her the night of her
intended wedding, and she died in consequence. And it is said, that
since that time, the spirit of this un
The text on this page is estimated to be only 29.47%
accurate

174 TALES OF THE DEAD. fortunate creature wanders on

earth in every possible shape ; particularly in that of lovely females,
to render their lovers inconstant. " As it was not permitted for her to
appear in the form of any living being, she always chose amongst
the dead those who the most strongly resembled them. It was for
this reason she voluntarily frequented the galleries in which were
hung family portraits. It is even reported that she has been seen in
galleries of pictures open to public inspection. Finally, it is said, that,
as a punishment for her perfidy, she will wander till she finds a man
whom she will in vain endeavour to make swerve from his
engagement ; and it appears, they added, that as yet she had not
succeeded. " Having inquired what connection subsisted between
this spirit and the old chaplain (of whom also I had heard mention),
they informed me, that the fate of the last depended on the young
lady, because he had assisted her in her criminal conduct. But no
one was able to give me any satisfactory information concerning the
voice which had called the duke by his name, nor on the meaning of
the church being illuminated at night ; and why the grand mass was
chanted. No one either knows how to account for the dance on the
mountain's top in the forest.
THE DEATH-BRIDE. 175 " For the rest," added the marquis,
" you will own, that the traditions are admirably adapted to my story,
and may, to a certain degree, serve to fill up the gaps ; hut I am not
enabled to give a more satisfactory explanation. I reserve for
another time a second history of this same Death-Bride ; I only
heard it a few weeks since : it appears to me interesting ; but it is
too late to begin to-day, and indeed, even now, I fear that I have
intruded too long on the leisure of the company present by my
narrative. " He had just finished these words, and some of his
auditors (though all thanked him for the trouble he had taken) were
expressing their disbelief of the story, when a person of his
acquaintance came into the room in a hurried manner, and
whispered something in his ear. Nothing could be more striking than
the contrast presented by the bustling and uneasy air of the newly
arrived person while speaking to the marquis, and the calm air of
the latter while listening to him. " Haste, I pray you," said the first
(who appeared quite out of patience at the marquis's sangfroid) : u
In a few moments you will have cause to repent this delay," " I am
obliged to you for your affecting solicitude," replied the marquis ;
who in taking up his
176 TALES OF THE BEAD. hat, appeared more to do, as all
the rest of the party were doing, in preparing to return home^ than
from any anxiety of hastening away. " You are lost," said the other,
as he saw an officer enter the room at the head of a detachment of
military, who inquired for the marquis. The latter instantly made
himself known to him. " You are my prisoner," said the officer. The
marquis followed him, after saying Adieu with a smiling air to all the
party, and begging they would not feel any anxiety concerning him. "
Not feel anxiety !" replied he whose advice he had neglected. " I
must inform you, that they have discovered that the marquis has
been detected in a connection with very suspicious characters; and
his death-warrant may be considered as signed. I came in pity to
warn him of his danger, for possibly he might then have escaped ;
but from his conduct since, I can scarely imagine he is in his proper
senses." The party, who were singularly affected by this event, were
conjecturing a thousand things, when the officer returned, and again
asked for the marquis. " He just now left the room with you,"
answered some one of the company. " But he came in again."
THE DEATH-BRIDE. 177 u We have seen no one." " H[e has
then disappeared," replied the officer, smiling : he searched every
corner for the marquis, but in vain. The house was thoroughly
examined, but without success ; and the following day the officer
quitted the baths with his soldiers, without his prisoner, and very
much dissatisfied.
V. THE STORM. " Of shapes that walk At dead of night, and
clank their chains, and wave The torch of hell around the murderer's
bed." Pleasures of Imagination. On the evening of the 12th of June
17 — , a joyous party was assembled at Monsieur de Montbrun's
chateau to celebrate the marriage of his nephew, who had, in the
morn of that day, led to the altar the long-sought object of his fond
attachment. The mansion, which was on this occasion the scene of
merriment, was situated in the province of Gascony, at no very great
distance from the town of . It was a venerable building, erected
during the war of the League, and consequently discovered in its
exterior some traces of that species of architecture which
endeavoured to unite strength and massiveness with domestic
comfort. Situated in a romantic, but thinly peopled district, the family
of Monsieur de Montbrun was compelled principally
THE STORM. 179 to rely on itself for amusement and
society. This family consisted of the chevalier, an old soldier of blunt
but hospitable manners ; his nephew the bridegroom, whom (having
no male children) he had adopted as his son, and Mademoiselle
Emily, his only daughter: the latter was amiable, frank, and
generous; warm in her attachments, but rather romantic in forming
them. Employed in rural sports and occupations, and particularly
attached to botany, for which the country around afforded an
inexhaustible field, the chevalier and his inmates had not much
cultivated the intimacy of the few families which disgust to the world
or other motives had planted in this retired spot. Occasional visits
exchanged with the nearest of their neighbours sometimes enlivened
their small circle ; with the greater part of those who lived at a
distance, they were scarcely acquainted even by name. The
approaching nuptials, however, of Theodore (which was the name of
Monsieur de Montbrun's adopted son) excited considerable
conversation in the adjacent district : and the wedding of her cousin,
it was determined by Emily, should not pass off unaccompanied by
every festivity which the nature of their situation and the joyfulness
of the event would allow. On this occasion, therefore, inquiries were
made as to all the neighbourN 2
180 TALES OF THE DEAD. ing gentry within a considerable
distance around; and there were none of the least note neglected in
the invitations, which were scattered in all directions. Many persons
were consequently present, with whose persons and character the
host and his family were unacquainted : some also accepted the
summons, who were strangers to them even in name. Emily was
attentive and courteous to all; but to one lady in particular she
attached herself during the entertainment with most sedulous
regard. Madame de Nunez, the immediate object of Emily's care,
had lately settled in the neighbourhood, and had hitherto studied to
shun society. It was supposed that she was the widow of a Spanish
officer of the Walloon guards, to whom she had been fondly
attached ; indeed so much so, that, notwithstanding he had been
dead several years, the lady never appeared but in the garb of
mourning. She had only lately settled in Gascony ; but her motives
for retiring from Spain and fixing on the French side of the Pyrenees
were not known, and but slightly conjectured. Isabella de Nunez was
about twenty-eight years of age, tall and wellformed: her
countenance was striking, nay even handsome ; but a nice
physiognomist would have traced in her features evidence of the
stronger passions of human nature. He would have seen pride
THE STORM. 181 softened by distress ; and would have
fancied, at times, that the effects of some concealed crime were still
evident in her knit brow and retiring eye, when she became the
object of marked scrutiny. She had never before entered the chateau
de Montbrun, and her person had hitherto been unnoticed by Emily ;
but who, having now seen her, devoted herself with ardour to her
new friend. The lady received the attentions of her amiable hostess
with grateful but dignified reserve. The morning had been extremely
sultry, and an oppressive sensation in the air, which disordered
respiration, threw, as the day closed, an air of gloom over the
company, ill suited to the occasion of their meeting. Madame de
Nunez appeared more than any one else to feel the effects of the
lurid atmosphere ; the occasional sparks of gaiety which she had
discovered, gradually disappeared ; and before the day had entirely
shut in, she seemed at times perfectly abstracted, at other times to
start with causeless apprehension. In order to divert or dispel this
increasing uneasiness, which threatened to destroy all the pleasure
of the festival, dancing was proposed; and the enlivening sounds of
the music in a short time dissipated the temporary gloom. The
dancing had not however long continued, ere the expected storm
burst in all its fury on the chateau : the thunder, w ith its con
182 TALES OF THE DEAD. tinued roar, reverberated by the
adjoining mountains, caused the utmost alarm in the bosom of the
fair visitors ; the torrents of rain which fell, might almost be said to
swell the waters of the neighbouring Garonne, whilst sheets of
lightning, reflected on its broad waves, gave a deeper horror to the
pitchy darkness which succeeded. The continuance of the storm
gradually wound up the apprehensions of the greater part of the
females to horror ; and they took refuge in the arched vaults, and
long subterranean passages which branched beneath the chateau,
from the vivid glare of the lightning ; although unable to shut their
ears to the reiterated claps of thunder which threatened to shake
the building to its foundations. In this general scene of horror,
Isabella alone appeared unappalled. The alternate abstraction and
alarm, which before seemed to harass her mind, had now vanished,
and had given place to a character of resignation which might
almost be considered as bordering on apathy. While the younger
females yielded without resistance to the increasing horrors of the
tempest, and by frequent shrieks and exclamations of dread bore
testimony to the terror excited in their bosoms by the aggravated
circumstances of the scene, she suffered no symptom of
apprehension to be visible in her now unvarying features. Agitation
had yielded to quiet : she sat
THE STORM. 183 ostensibly placid ; but her apparent
inattention was evidently not the effect of tranquillity, but the result
of persevering exertion. The hour was approaching towards
midnight; and the storm, instead of blowing over, having increased
in violence, the hospitable owner of the mansion proposed to his
guests, that they should abandon the idea of returning home
through the torrents of rain, which had already deluged the country,
and rendered the roads in the vicinity impassable; but should
accommodate themselves, with as little difficulty as possible, to the
only plan now to be devised, — of making themselves easy during
the remainder of this dismal night. Although his mansion was not
extensive, yet he proposed (with the aid of temporary couches, and
putting the ladies to the inconvenience of sleeping two in each
room) to render the party as comfortable as his means would allow ;
and which would, at all events, be more agreeable than braving
abroad the horrors of the tempest. Reasonable as such a plan was in
itself, it was still moj?e strongly recommended by the circumstance,
that the carriages which were expected to convey the parties to their
respective abodes had not arrived ; and from the state of the roads,
and the continuance of the still pitiless storm, it seemed visionary to
expect them.
184 TALES OF THE DEAD. The party, therefore, yielded
without regret to the offered arrangement, save with one dissenting
voice. The fair Spaniard alone positively declined the offered
accommodation. Argument in vain was used for a considerable space
of time to detain her; she positively insisted on returning homeland
would alone in the dark have faced the storm, had not an obstacle
which appeared invincible, militated against her resolve ; this was
too imperious to be resisted— her carriage and servants were not
arrived ; and from the representation of Monsieur de Montbrun's
domestics (some of whom had been detached to examine the
condition of the neighbouring roads), it was perfectly clear, that with
that part of the district in which she resided, no communication
could for several hours take place. Madame de Nunez, therefore, at
length yielded to necessity; although the pertinacity of her resistance
had already excited much surprise, and called forth innumerable
conjectures. The arrangements between the respective par^ ties
were soon made, and the greater part of the ladies gladly retired to
seek repose from the harassing events of the day. Emily, who had
not relaxed in her marked attention to her interesting friend, warmly
pressed her to share her own room, in which a sopha had been
prepared as a couch, and to which she herself insisted on retiring,
THE STORM. 185 While madame de Nunez should take
possession of the bed. The latter, however, again strenuously
objected to this plan, asserting, that she should prefer remaining all
night in one of the sitting-rooms, with no other companion than a
book. She appeared obstinately to adhere to this resolution, until
Emily politely, yet positively,declared, that were such the intention of
her new friend, she would also join her in the saloon, and pass the
time in conversation until the day should break, or until Madame's
servants should arrive. This proposition, or rather determination, was
received by the frowning Isabella with an air of visible chagrin and
disappointment, not altogether polite. She expressed her
unwillingness that Mademoiselle should be inconvenienced, with
some peevishness ; but which, however, soon gave place to her
former air of good -breeding. She now appeared anxious to hurry to
her room; and the rest of the party having some time retired, she
was escorted thither by the ever-attentive Emily. No sooner had they
reached the chamber, than Isabella sunk into a chair; and after
struggling for some time in evident emotion for utterance, at length
exclaimed :-— " Why, dearest Emily, would you insist on sharing with
me the horrors of this night ? To me the punishment is a merited
one : but to you "
186 TALES OF THE DEAD. " What, my dearest madam, do
you say ?" replied Emily affectionately — " The terrors of the night
are over, the thunder appears retiring, and the lightning is less vivid;
and see in the west (added she, as she went to the window) there
are still some remains of the summer twilight. Do not any longer,
then, suffer the apprehension of the storm which has passed over
us, to disturb the repose which you will, I hope, so shortly enjoy." "
Talk you of repose 1" said Madame de Nunez, in a voice almost
choked with agitation — " Know you not, then, that on the
anniversary of this horrid night ? but what am I saying! — to you, at
present, all this is mystery ; too soon your own feelings will add
conviction to the terrible experience which six revolving years have
afforded me, and which, even now but to think on, harrows up my
soul. — But no more — ." Then darting suddenly towards the door,
which had hitherto remained a-jar, she closed it with violence; and
locking it, withdrew the key, which she placed in her own pocket. —
Emily had scarcely time to express her surprise at this action and the
apparent distraction which accompanied it, ere Madame de Nunez
seized both her hands with more than female strength, and with a
maddened voice and eye straining on vacancy, exclaimed : — " Bear
witness, ye powers of terror ! that I im
THE STORM. 187 posed not this dreadful scene on the
female whose oath must now secure her silence/' Then staring wildly
on Mademoiselle de Montbrun, she continued : — " Why, foolish girl,
wouldst thou insist on my partaking thy bed ? the viper might have
coiled in thy bosom ; the midnight assassin might have aimed his
dagger at thy breast — but the poison of the one would have been
less fatal, and the apprehension of instant annihilation from the
other would have been less oppressive, than the harrowing scene
which thou art doomed this night to witness — Doomed, I say ; for
all the powers of hell, whose orgies you must behold, cannot release
you from the spectacle which you have voluntarily sought." "To what
am I doomed !" cried Emily, whose fears for herself were lessened in
the dread she felt for her friend's intellects, which she supposed
were suddenly become affected by illness, or from the incidents of
the past day. Isabella, after a silence of several minutes, during
which she endeavoured to recover some degree of composure, in a
softened but determined voice, said : — " Think not, my friend, (if I
may use that endearing expression to one whose early prospects
and happier days I am unwillingly condemned to
188 TALES OF THE DEAD. blast,) that disorder has
produced the agitation which, spite of myself, you have witnessed.
— Alas! great as have been my sorrows, and heavy as my crime
weighs on me, my reason has still preserved its throne : to seek
oblivion in idiotcy ; to bury the remembrance of my fatal error in
temporary derangement; would, I might almost say, be happiness to
me. But fate has forbidden such an alleviation, and my impending
destiny is not to be guarded against by precaution, cannot be
avoided by repentance/' " Nay," said Emily, " exaggerated as your
selfcondemnation makes the fault to which you allude appear, in
religion you may find a solace which could efface crimes of much
deeper dye than any with which you can possibly charge yourself."
"Ah ! no," replied the fair Spaniard,—" Religion, it is true, holds out
her benignant hand to receive the wandering sinner ; — she offers
to the stranger a home ; she welcomes to her bosom the repentant
though blood-stained criminal ; — but for crimes like mine, what
penitence can atone ? — But we waste time," added she ; " the
midnight hour approaches ; and ere the clock in the turret first
announces that dreaded period, much must be done." Thus saying,
she went into the adjoining oratory, and finding on the little altar at
which Emily of
THE STORM. 189 fered her daily oraisons, an ivory crucifix,
she returned with it in her hand ; and again seizing and forcibly
grasping the hand of her now really alarmed hostess, she exclaimed
in a hollow, yet determined voice : — " Swear, that whatsoever you
may this night, this eventful night, be a witness to, not all the
apprehensions of hell, not all your hopes of heaven, shall tempt you
to reveal, until 1 am committed to the silent tomb — Swear !" Emily
for a moment hesitated to adopt an oath imposed under
circumstances of such an extraordinary nature : but whilst she was
debating, Madame de Nunez, more violently grasping her hand,
exclaimed, in a voice harsh from agitation: — " Swear; or dread the
event!" " Swear !" Emily fancied she heard echoed from the oratory.
Almost sinking with horror, she faintly repeated the solemn oath,
which the frantic. female, whose character appeared so perfectly
changed, thus dictated to her. She had no sooner thus solemnly
bound herself to silence, than Madame de Nunez's agitation
appeared to subside; she replaced the crucifix on the altar, and
sinking on her knees before the chair in which Emily, almost void of
animation, was seated, she feebly exclaimed : — " Pardon, dearest
Emily, the madness of my
190 TALES OF THE DEAD. conduct ; necessity has dictated
it towards you ; and your wayward fate, and not your suffering
friend, is answerable for it. For six long years have I confined to my
own bosom the horrors which we this night must jointly witness. On
the anniversary of this day — But I dare not yet communicate the
dreadful event ; some hours hence I may recover composure to
relate it : but remember your oath. While I live, the secret is buried
in your bosom. You must have remarked my unwillingness to remain
in your dwelling ; you could not have been inattentive to my
repugnance to share your room — too soon you will have a dreadful
explanation of the cause. Be not angry with me — I must endeavour
to conceal the circumstances which appal my soul : I must still
preserve the respect of society, although I have for ever forfeited my
own — hence the oath I have imposed on you. But — " Here further
conversation was interrupted by the sound of the turret clock, which
began to strike the hour of midnight. It had scarcely finished, ere
the slow rolling of a carriage was heard in the paved court-yard; at
the noise of which, Madame de Nunez started from the posture in
which she had continued at the feet of Emily, and rushed towards
the door, which she had previously locked. Emily now heard heavy
footsteps ascending the oaken stair-case ; and before
THE STORM. 191 she could recall her recollection, which so
singular a circumstance had bewildered, the door of the room in
which they were sitting, spite of its fastening, slowly moved on its
hinges; and in the next minute — Emily sunk on the earth in a state
of stupefaction. It is well for the human frame, that when assailed
by circumstances too powerful to support, it seeks shelter in
oblivion. The mind recoils from the horrors which it cannot meet,
and is driven into insensibility. At an early hour of the ensuing
morning Madame de Nunez quitted Monsieur de Montbrun's
chateau, accompanied by her servants, whom the retiring torrents
had permitted to await their mistress's commands. She took a hasty
farewell of the master of the mansion, and without making any
inquiries as to the rest of the party, departed. At the usual hour of
breakfast, Emily did not appear; and her father at length went to her
room door, and receiving no answer to his inquiries, went in. Judge
his horror, when he discovered his daughter lying on the bed in the
clothes she had worn the preceding day, but in a state of apparent
insensibility. Immediate medical assistance was procured, and she at
length discovered symptoms of returning life; but no sooner had she
recovered her recollection, than, looking with horror and af
192 TALES OF THE DEAD. fright around her, she again
relapsed into a state of inanimation. Repeated cordials being
administered, she was again restored to life ; but only to become the
victim of a brain- fever, which in a few days put a period to her
existence. In a short interval of recollection, in the early part of her
illness, she confided what we have here related to her father; but
conscientiously kept from his knowledge what she was bound by her
oath to conceal. The very remembrance of what she had witnessed
on that fatal night, hurried her into delirium, and she fell a victim to
the force of recollection. Madame de Nunez did not long survive her;
but expired under circumstances of unexampled horror.
VI. THE SPECTRE-BARBER. (a tale of the sixteenth century.)
" Sir Ryence of North-Gales greeteth well thee, And bids thee thy
beard anon to him send, Or else from thy jaws he will it off rend."
Percy's Reliques of Anc. Eng. Poetry. X here formerly lived at Bremen
a wealthy merchant named Melchior, who, it was remarked,
invariably stroked his chin with complacency, whenever the subject
of the sermon was the rich man in the Gospel; who, by the bye, in
comparison with him, was only a petty retail dealer. This said
Melchior possessed such great riches, that he had caused the floor
of his dining-room to be paved with crown-pieces. This ridiculous
luxury gave great offence to Melchior's fellow-citizens and relations.
They attributed it to vanity and ostentation, but did not guess its
true motive : however, it perfectly answered the end Melchior
designed by it j for, by their
J94 TALES OF THE DEAD. constantly expressing their
disapprobation of this ostentatious species of vanity, they spread
abroad the report of their neighbour's immense riches, and thereby
augmented his credit in a most astonishing manner. Melchior died
suddenly while at a corporation dinner, and consequently had not
time to make a disposition of his property by will ; so that his only
son Francis, who was just of age, came into possession of the
whole. This young man was particularly favoured by fortune, both
with respect to his personal advantages and his gooclness of heart ;
but this immense inheritance caused his ruin. He had no sooner got
into the possession of so considerable a fortune, than he squandered
it, as if it had been a burthen to him ; ran into every possible
extravagance, and neglected his concerns. Two or three years
passed over without his perceiving, that, owing to his dissipations,
his funds were considerably diminished; but at length his coffers
were emptied: and one day when Francis had drawn a draft to a
very considerable amount on his banker, who had no funds to meet
it, it was returned to him protested. This disappointment greatly
vexed our prodigal, but only as it caused a temporary check to his
wishes ; for he did not even then give himself the trouble to inquire
into the reason of it. After swearing and blustering for
THE SPECTRE-BARBER. ]Q5 some time, he gave his
steward a positive but laconic order to get money. All the brokers,
bankers, money-changers, and usurers, were put in requisition, and
the empty coffers were soon rilled ; for the dining-room floor was in
the eyes of the lenders a sufficient security. This palliative had its
effect for a time : but all at once a report was spread abroad in the
city that the celebrated silver floor had been taken up ; the
consequence of which was, that the lenders insisted on examining
into and proving the fact, and then became urgent for payment : but
as Francis bad not the means to meet their demands, they seized on
all his goods and chattels ; every thing was sold by auction, and he
had nothing left excepting a few jewels which had formed part of his
heritage, and which might for a short time keep him from starving.
He now took up his abode in a small street in one of the most
remote quarters of the city, where he lived on his straitened means.
He, however, accommodated himself to his situation : but the only
resource he found against the ennui which overpowered him, was to
play on the lute ; and when fatigued by this exercise, he used to
stand at his window and make observations on the o 2
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Updated for energy credits and other expiring provisions

Introduction of additional real-life source documents

Cost of Living Changes and Extensions Expired and Made Permanent

Updated Cumulative Software Problem

A Complete Learning System—CengageNOWv2

Cengage Learning Testing Powered by Cognero®

eliable Instructor Resources Are Convenient

Comprehensive Instructor Companion Website

Builds Student Confidence

The Quick Tax an add

is ch a p te r, $208,350 $14,876.25 + of the excess *

fil in g sta tu s. Credit redper an d th e ex em

6-50 use only if all andoned spouse on the general filing

the year, t (rent, utilities,

al Tax es 4. Fo r ov er 6for th the tax pa yer

ExAMPLE ins co givnn prefer18

the sam 2. e Thex pense s.

7 years. This lim

specific areas affected by

Digital Tools Enhance Student Understanding

Intuit ProConnect Online access is included with each textbook.

Using Tax Software

Using the feature “Would you sign this tax return?”

Using the cumulative software problem

Using the alternate tax return problems

DEDUCTIONS FOR AGI

LOs 1.6 & 5.9

About the Authors

chapter 1 The Individual Income Tax Return

chapter 2 Gross Income and Exclusions

chapter 3 Business Income and Expenses, Part I

LO 3.11 Office in the Home 3-24

chapter 4 Business Income and Expenses, Part II

chapter 5 Itemized Deductions and Other Incentives

chapter 6 Credits and Special Taxes

chapter 7 Accounting Periods and Methods

chapter 8 Capital Gains and Losses

chapter 9 Withholding, Estimated Payments,

chapter 10 Partnership Taxation

LO 10.5 Tax Years 10-16

chapter 11 The Corporate Income Tax

chapter 12 Tax Administration and Tax Planning

After completing this chapter, you should be able to:

174 TALES OF THE DEAD. fortunate creature wanders on

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