For the 2011 edition of Taxation of Individuals and Business Entities, the Spilker author team has spent considerable time making careful revisions to the textbook and its supplements. These specific enhancements have been made in the 2011 edition:

• All chapters and tax forms have been updated for new tax law, making them current through January of 2010. Other updates beyond January can be found on the book’s Online Learning Center: www.mhhe.com/spilker2011
• An independent accuracy checker read every page of pageproof and solutions manual to ensure that there were no errors. Each tax return problem, exhibit, and example was carefully checked to make sure that the calculations and form references were accurate.
• In addition, in the Testbank, every multiple choice question, true/false question, and problem was checked for accuracy by an independent reviewer.
• Several new problems were added to chapters 4, 6, 7, 13, 16, and 17.
• A new sample client letter has been added to chapter 2. This chapter now includes an explanation of the components of a client letter, and guidance for what types of supporting evidence to include. Also, select problems now require students to draft client letters.
• The summary of AICPA statement on standards for tax services (Exhibit 2-11) has been revised to correspond with recent changes from the AICPA.
• A new Key Facts box has been added to chapter 4 explaining for and from AGI deductions.
• More detail has been added to the Support Test section of the Qualifying Relative part of chapter 4 (LO2).
• A new “What If” has been added to Example 4-9; the What If covers multiple support agreements.
• A new Taxes in the Real World has been added to chapter 4, explaining unique circumstances for the filing status of same-sex married couples.
• Several “What If” examples were added to Example 6-33 (for standard deductions).
• Example 7-6 and two Taxes in the Real World (for AMT and late payment penalties) from the 2010 edition have been deleted.
• A new Taxes in the Real World for FedEx employees has been added in its place.
• New coverage of the recurring item exception, and a corresponding “What If” example has been added to chapter 8.
• A new Taxes in the Real World has been added to chapter 11, discussing mutual fund after-tax return reports to the SEC.
• A new section has been added to chapter 11 for Passive Activity Income and Loss; this new section appears just below learning objective 5.
• A new Taxes in the Real World discussing the employee 401(k) match at Starbucks has been added to chapter 13.
• In chapter 14, more detail has been added to the section on mortgage points, and the sections discussing a residence with significant rental use and deductible home business expenses have both been replaced.
• A new appendix B has been added to chapter 14 that details the tax rules relating to a home used for rental purposes.
• In chapter 15, a new Key Facts has been added for the legal classification and nontax characteristics of entities.
• In chapter 16, toward the end of learning objective 2, the Net Operating Loss section has been replaced with new Examples 8, 9 and 10. Also, the coverage of ACE Adjustments has been replaced in learning objective 4.
• As a result of the recent FASB codification changes, chapter 17 is now entitled “FASB ASC Topic 740: Income Taxes.”
• A new exhibit has been added to chapter 17 demonstrating the UTP disclosure from the Microsoft Corporation for 2008 and 2009.
• A new Taxes in the Real World has been added to chapter 18, discussing a recent quarterly cash dividend increase for McDonald’s.
• In chapter 19, some additional explanation of the rules applied to when Section 1244 stock is issued by a corporation in exchange for property that has an adjusted basis.
• In chapter 19, a new Taxes in the Real World box has been added to discuss Disney’s acquisition of Marvel Entertainment in August 2009 (an effort to qualify the transaction as a reorganization, according to Section 368(a)).
• In chapter 24, a new Taxes in the Real World box has been added to discuss a growing trend of companies moving their headquarters to Switzerland to avoid high corporate taxes elsewhere.
• Upcoming potential changes in the taxing of multinational corporations are discussed in a new paragraph before the Conclusion of chapter 24.