Federal Income Taxation in Focus, Third Edition

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Authors

Bobby L. Dexter

Series / Focus Casebook Series

BOOKMARK

Book length

720 pages

Publication Date

2026-02-02

Edition

Third Edition

Description

Table of contents

Preface

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The third edition of Federal Income Taxation in Focus continues to prepare students for the rigors of sophisticated tax practice and the challenges of more advanced courses in federal tax law. Author Bobby L. Dexter's engaging narrative style and generous use of examples and illustrations make tax law more enjoyable and interesting for students. The concepts, rules, and technical nuances of tax law are presented within a clear and logical framework. Hands-on pedagogy such as Real Life Applications, Applying the Concepts, and Federal Income Taxation in Practice provide plenty of opportunities for students to exercise such practice-based skills as critical analysis, problem solving, drafting legal documents, and preparing appropriate filings.

New to the Third Edition

Major updates from key legislative developments in the 2025 Tax Act (Public Law 119-21), including:
- Tax rate relief
- SALT cap enhancement (temporary)
- Personal exemption for senior citizens (temporary)
- Enhancements of the Child & Dependent Care Tax Credit and the Child Tax Credit
- Deduction for Qualified Passenger Vehicle Loan Interest (temporary)
- Deduction for Qualified Tip Income (temporary)
- Deduction for Qualified Overtime Compensation (temporary)
- Expensing of domestic research and experimentation costs
- Modified treatment of wagering losses
- Modified treatment of the charitable contribution deduction
- Targeted limitation on overall benefit of itemized deductions
Highlights from significant judicial developments from the U.S. Supreme Court
- Loper Bright Enterprises v. Raimondo (regarding Chevron deference)
- Moore v. United States (regarding realization and allocated income)
New cases and IRS pronouncements on key topics, including:
- Innovative, modern forms of illegal income (and potential innocent spouse relief)
- Medical expenses for the treatment of opioid abuse, nicotine addiction, and obesity
- Virtual currency transactions and modern authority on the annual accounting mandate
- Qualified intermediaries in the deferred like-kind exchange context
Fresh problems on the deductibility of cyberattack ransom and the use of Artificial Intelligence in research and development
2023 Form 1040 of President Joe Biden and First Lady Dr. Jill Biden as well as the 2023 Form 1040 (Schedule A) of Vice-President Kamala Harris and Second Gentleman Douglas Emhoff
Engaging new visuals to spark policy discussion and enrich students' knowledge base

Professors and students will benefit from:

Exceptional writing that clearly explains the rules and concepts for students learning tax law for the first time
Key Statutory and Regulatory Provisions, chapter opener text boxes that focus students' attention on the specific Code subsections and Treasury Regulations covered in each chapter
A wealth of visual content that place the subject matter in context, engage student interest, and help students master complex Code-based rules
A modern, 21st century approach that includes a refreshing infusion of recent authorities
A selection of cases, problems, and IRS pronouncements that are meaningful and relevant to students, legal professionals, and taxpayers generally

Table of contents

Summary of Contents

Preface
Acknowledgments

Chapter 1. Introduction
Chapter 2. Realization and the Notion of “Income”
Chapter 3. Specific Items Included in Gross Income
Chapter 4. Recovery of Basis and Certain Limited Exclusions
Chapter 5. Categorical Exclusions: Items Received by Gift, Bequest,
Devise, or Inheritance
Chapter 6. Categorical Exclusions: Certain Damage Recoveries
Chapter 7. Categorical Exclusions: Specific Fringe Benefits, Life
Insurance Proceeds, and Tax- Exempt Interest
Chapter 8. The Standard Deduction, Itemized Deductions, Tax Credits,
and the Deduction for Qualified Business Income
Chapter 9. Extraordinary Medical Expenses
Chapter 10. Casualty, Theft, and Other Losses
Chapter 11. Interest, Taxes, Tips, and Overtime Compensation
Chapter 12. Charitable Contributions and Tax- Exempt Entities
Chapter 13. Ordinary and Necessary Business Expenses
Chapter 14. Capital Expenditures, Depreciation, and Amortization
Chapter 15. Timing and Related Issues
Chapter 16. Methods of Accounting
Chapter 17. Nonrecognition and Tax Impact Deferral
Chapter 18. Assignment of Income and Income Splitting
Chapter 19. Transfers Incident to Marriage, Separation, and Divorce
Chapter 20. Capital Gains and Losses
Chapter 21. Tax Avoidance and Tax Shelters

Chapter 22. The Alternative Minimum Tax
Chapter 23. Federal Withholding, Estimated Tax Payments, and Worker
Classification
Appendix Tax Controversy and Litigation: A Brief Overview

Glossary
Table of Cases
Table of Internal Revenue Code Sections
Table of Treasury Regulations
Table of Revenue Rulings
Table of Miscellaneous IRS Pronouncements
Index

Preface

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About the authors

Bobby Dexter

Professor

Chapman University

Bobby Dexter is Professor of Law at the Chapman University Dale E. Fowler School of Law where he teaches Federal Income Taxation, Taxation of Business Organizations, Business Associations, and Secured Transactions. He has also enjoyed several appointments as Visiting Professor of Law at the University of California (Irvine) School of Law. Prior to entering the academy, Professor Dexter served as a tax partner at Foley & Lardner, LLP and as principal at the international accounting firm, KPMG, LLP. An accomplished practitioner and pre-eminent tax expert, he co-authored the BloombergBNA Tax Management Portfolio on the taxation of life insurance company financial products. In addition to student scholarship appearing in the Harvard Law Review, his articles have been published in the peer-reviewed Pittsburgh Tax Review and leading law reviews at Denver University, the University of Pittsburgh, Tulane University, the University of Kansas, and Mercer University. Professor Dexter received his B.A., emmagna cum laudeem, from Yale University and his J.D. from Harvard Law School where he served on the Editorial Board of the emHarvard Law Reviewem.Bobby Dexter is Professor of Law at the Chapman University Dale E. Fowler School of Law where he teaches Federal Income Taxation, Taxation of Business Organizations, Business Associations, and Secured Transactions. He has also enjoyed several appointments as Visiting Professor of Law at the University of California (Irvine) School of Law.

Prior to entering the academy, Professor Dexter served as a tax partner at Foley & Lardner, LLP and as principal at the international accounting firm, KPMG, LLP. An accomplished practitioner and pre-eminent tax expert, he co-authored the BloombergBNA Tax Management Portfolio on the taxation of life insurance company financial products.

In addition to student scholarship appearing in the Harvard Law Review, his articles have been published in the peer-reviewed Pittsburgh Tax Review and leading law reviews at Denver University, the University of Pittsburgh, Tulane University, the University of Kansas, and Mercer University.

Professor Dexter received his B.A., magna cum laude, from Yale University and his J.D. from Harvard Law School where he served on the Editorial Board of the Harvard Law Review.

Product Information

Edition

Third Edition

Publication date

2026-02-02

2026

Pages

720

LLPOD

9798894105659

Connected eBook (Digital Only)

9798894105635

Connected eBook with Study Center + Hardcover

9798894105628

Subject

Taxation, Federal Income