In this second volume of Professor Dexter’s WizardMaker (Federal Income Taxation), students will find a host of new opportunities to apply their knowledge of current law (including changes introduced by the 2017 Tax Cuts and Jobs Act). In addition to providing more questions on those areas in which students often struggle, the text brings forth several topics not explored in the first volume and presents additional technical challenges to facilitate comprehensive substantive mastery. This book employs a multiple choice format not only to present students with specific application exercises but also to give them an opportunity to harness the critically-important skill of choosing wisely when presented with several carefully-worded answer options. Students preparing for the multiple choice question component of a final examination in Federal Income Taxation will find this resource particularly useful. Addressing an extraordinarily broad range of rules and concepts generally covered in every introductory-level federal tax casebook, the text’s primary goal is to help the student achieve mastery of highly relevant but select core rules and concepts from the larger body of law. Bearing in mind that professors often employ individual questions to test a student’s ability to appreciate the fundamentals and, at the same time, detect subtle differences in wording, the author has designed specific exercises in the book to reflect that approach as well. Thus, students have full opportunity to achieve meaningful exposure to exam-caliber material. The questions presented in this book include, among others, those addressing the following subjects: Alternative Minimum Tax, Cafeteria Plans, Current Expenses v. Capital Expenditures, Damage Recoveries, Fringe Benefits, Gifts, Involuntary Conversions, Like-Kind Exchanges, Medical Expenses, Net Capital Gain, NOLs, Original Issue Discount, Personal Residence Sales, Qualified Residence Interest, State and Local Tax Deduction, Tax Procedure, and the Time Value of Money. Note that each question includes a clear explanation with respect to the correct answer. Students will also note specific reference to governing provisions from the Internal Revenue Code of 1986 (as amended) and the Treasury Regulations. All sales are final.
