Taxation for Business Entities

A Practical Approach, 2026 Edition, with eBook Access Code

Carnes, Gregory A. / Youngberg, Suzanne

1. Edition December 2025
1040 Pages, Softcover
Wiley & Sons Ltd

ISBN: 978-1-119-74418-4

John Wiley & Sons

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An innovative approach to understanding the federal income tax laws for business and using them to develop tax-efficient strategies.

Presents the big picture to understanding the tax laws with a practice-based approach so students can develop critical thinking and problem-solving skills that prepare them to make effective decisions. Taxation of Business Entities, 2026 Edition introduces a comprehensive foundation for the income tax system so students can understand why a law exists and how to apply the law to practical tax problems encountered by businesses. Professional skill-building exercises develop critical thinking and communication skills and the ability to identify and address ethical dilemmas, preparing students to be successful tax professionals.

Dedication iii

Brief Contents v

Learning the Big Picture of Tax to Be a Valued Professional vi

What Are Our Stories? vii

What Makes Our Approach to Learning Tax Distinctive? ix

Assessment xiii

Connecting to the Profession xv

An Interactive, Multimedia Learning Experience xvii

Preparing for the Cpa Exam xviii

For Instructors xix

Acknowledgments xx

Table of Contents xxi

Part I Introduction to Business Entities

1 Basics of Business Entity Taxation 1-1

2 Taxation of Business Entities: Strategies and Planning 2-1

Part II Taxation of Corporations

3 Fundamentals of Corporate Taxation 3-1

4 Corporate Taxation: Distributions, Redemptions, and Liquidations 4-1

5 Corporate Taxation: Related Corporations and Reorganizations 5-1

Part III Taxation of Flow-Through Entities

6 Partnership Taxation: Formation, Basis, and Income 6-1

7 Partnership Taxation: Distributions, Sales, and Advanced Topics 7-1

8 Taxation of S Corporations 8-1

Part IV Choice of Business Entity

9 Choice of Business Entity 9-1

Part V Special Topics

10 Taxes on the Financial Statements 10-1

11 Income Taxation of Trusts and Estates 11-1

12 Gift and Estate Taxes 12-1

13 Taxation of Multinational Transactions 13-1

14 State and Local Taxation 14-1

15 Tax-Exempt Organizations 15-1

16 Tax Research and Professional Issues 16-1

Appendix A Tax Formula Items A- 1

Appendix B Tax Forms B- 1

Appendix c

Glossary G- 1

Index I- 1

DR. GREGORY CARNES serves as Raburn Eminent Scholar of Accounting at the University of North Alabama, and served as Dean of the Sanders College of Business and Technology for 11 years. Dr. Carnes is well known nationally as an academic leader, having served on the boards of numerous academic organizations. Dr. Carnes has authored tax material for CPA Review courses for more than 20 years and has delivered tax training for national accounting firms and approximately 20 accounting state societies. He has published approximately 30 articles in leading academic and professional journals.

SUZANNE YOUNGBERG joined the faculty at Northern Illinois University as a full-time member in 2000 and is currently teaching in the accounting graduate and undergraduate programs. Prior to joining NIU, she worked for five years in the tax department of a medium-sized public accounting firm and then maintained her own tax practice for 30 years specializing in individual and small business compliance and strategic tax planning. Suzanne received her Bachelor of Science in Accountancy from NIU and her Master of Science in Taxation from DePaul University.

G. Carnes, University of North Alabama, Florence, AL; S. Youngberg, Northern Illinois University, Dekalb, IL