This popular casebook continues to focus on the fundamentals of income taxation and take a realistic problem-solving approach to a potentially frustrating course. The only book organized around the taxing formula, PROBLEMS AND MATERIALS IN FEDERAL INCOME TAXATION, Fifth Edition, now incorporates recent legislative changes. Guerin and Postlewaite blend explanatory text with short, realistic problems to guide students through the complex tax system, one step at a time: gross income deductions taxable income and different tax rates Each chapter opens with a content overview that helps set the stage For The discussion. Notes, problems, and self-contained sections make the material easily accessible and readily understandable. As it enters its Fifth Edition, PROBLEMS AND MATERIALS IN FEDERAL INCOME TAXATION retains the strengths that have made it so effective: more than 200 brief problems explore difficult concepts and cover federal income tax developments collected readings expertly highlight the components of the taxing system careful, coherent structure brings clarity To The subject Teacher's Manual includes answers to every problem in the book In addition To The legislative changes, The Fifth Edition also features: a fully revised selection of cases rewritten conceptual material to make learning as painless as possible