PH's Federal Taxation 2005: Corporations, Partnerships, Estates, and Trusts (18th Edition)

Book Description

Written by nationally recognized tax educators, this acclaimed three-volume series provides a hands-on, definitive guide to federal income taxation concepts and applications. Stressing quality, readability and accuracy, this book is an up-to-date, practical approach to federal taxation of corporations, partnerships, estates, and trusts. For principles and other members of corporations and partnerships, and for financial coordinators and accountants for corporations, partnerships, estates, and trusts.

PH's Federal Taxation 2005 : Corporations, Partnerships, Estates, and Trusts (18th Edition)

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PH's Federal Taxation 2005 : Corporations, Partnerships, Estates, and Trusts (18th Edition)
Thomas R. Pope Kenneth E. Anderson
Manufacturer: Prentice Hall
ProductGroup: Book
Binding: Hardcover
ASIN: B000OIJTMS

Book Description

Three trends are on a collision course: an aging population, the use of stocks to create paper wealth, and baby boomers' plans to use that wealth to retire. This book explains the hazards of relying on the stock market and offers balanced advice on how boomers can meet their retirement needs.

Customer Reviews:

Let me recommend better books on the subject. Read why........2006-12-29

The author recognizes the challenge of an aging society captured by the forthcoming decline in the number of employees per retirees. But, both Laurence Kotlikoff and Robert Stowe England have analyzed this situation far better. The author's average understanding of demographics combined with ignorance of economics has resulted in a moribund book.

The author constantly focuses on the wrong thing. It is not so much Social Security that has an actuarial problem. It is Medicare because it compounds the force of technology driven healthcare costs with the demographics of an aging society. Social Security has to deal with only the lesser of those two forces. 80% of the problem associated with our unfunded social entitlement costs come from Medicare not Social Security (see Kotlikoff).

He thinks retirement plans are excessively concentrated in stocks. They are not. Social Security is invested in Treasuries. Pension funds have a mix of stocks and bonds of 60%/40%; meanwhile 401Ks are closer to 50%/50% mix. The retirement of Baby Boomers is more dependent on bonds than stocks.

He is obsessed by all evils of stocks. But, the retiring of the Baby Boom generation will affect bonds, real estate, and other asset classes just as much. He does not recognize that any investment's market value represents the present value of its discounted future cash flows. As Baby Boomers will sell their portfolio investments, it will increase the discount rate for all investments. This is the case because every investment class competes with each other. There is nothing inherently worst about stocks vs other investments.

His Phantom Wealth concept is nonsense. He does not understand that a stock market value is supported by earnings. If a company stock has a P/E ratio of 10, and its earnings increased from $10 to $100 with a resulting increase in market value from $100 to $1,000; the author calls the $900 increase "Phantom Wealth." But, the $900 increase is fully supported by an additional $90 in earnings that the market capitalized. He further defends his Phantom Wealth with the stock market bubble of the late 90s. This is spurious argument. Bubbles do occur. The market is not perfectly efficient all the time. But, that is a far cry from entailing that a company is worth only what the initial investors injected directly into it decades ago.

Parker has other peculiar beliefs. He views the marked-to-market mechanism as flawed. Thus, when you and I both own an IBM share; your share should have a different market price than mine! Another Parker's special is the "parasitic investor" that entails all investors who trade stocks including pension funds, mutual funds, and retail investors. Since parasitic investors were not among the initial investors who injected capital directly into the company they are parasitic. When parasitic investors such as CALPERS put pressure on management to take measures to boost stock price that is bad. Per Parker, any measure to boost stock price is bad. This is because it inflates Phantom Wealth.

Parker is obsessed about corporate downsizing. But, he ignores that the U.S. has created far more jobs per capita than any other Western economy. Our unemployment rate remains very low. And, our standard of living as measured by GDP per capita has grown faster over the long term than any Western economy too. The author is missing the boat on the underpinning of economic growth.

When Parker goes into recommendations, cognitive dissonance remains high. He suggests dismantling the existing equities markets as they just create Phantom Wealth. He would have them replaced by private investment pools and labor oriented funds. He believes the entire securities industry will have to make such changes or go out of business during the first quarter of this century. But, what Parker promotes are risky, concentrated, and illiquid investment vehicles. Such investments would be inappropriate to replace existing equity markets that are efficient, well diversified, and liquid. Parker also promotes the Japanese Keiretsu model where banks and corporations co-own each other. This is a flawed model due to conflict of interests that lead to bad credit decisions and cause bank crisis. He also proposes creating investment vehicles that compensate investors based on a company's payroll size. This is a quick way to render our private sector obsolete in a globalized World economy.

The fiscal challenge of our aging society has been far better studied by these two authors: Laurence Kotlikoff in his seminal book "The Coming Generational Storm" and Robert Stowe England who wrote "The Fiscal Challenge of an Aging Industrial World" and "Global Aging and Financial Markets." If you are concerned about the vagaries of stocks, I recommend the far superior analysis of Robert Shiller as covered in his books "Irrational Exuberance" and "Market Volatility." Finally, for a good book on financial planning, I strongly recommend: Burton Malkiel's "The Random Walk Guide to Investing."

Unusual and upsetting message.......2006-05-17

This book's message is both unusual and upsetting. Author Thornton Parker questions conventional wisdom about financial planning for retirement. He draws on his varied background - including jobs in government and private sector financial planning - and discusses the influence that baby boomer retirement investments have on the stock market. He examines how the stock market creates wealth, why stock prices get inflated and who benefits. Contrary to what most experts in the investment, retirement and mutual fund industries tell their clients, Parker believes the "phantom wealth" that boomers have accumulated with their stock market investments is a time bomb. He suggests some changes, but given the greed and power he detects behind the creation of phantom wealth, his voice is probably not loud enough to make a difference. If his scenario unfolds, retirement certainly will not mean golden years for aging boomers. We recommend a look at Parker's proposals to investment advisers, HR professionals and people planning their retirement. If he's right, ignoring his warnings could lead to a distorted economy and increased income gaps between rich and poor.

Important piece of work.......2003-11-25

Great summary of where we are today, with the current ponzi scheme of retirement that relies on the stock market infinite price growth.
As people below said, the author is quite weak on the solution side, but that's mostly because there isn't any simple one, and they clearly missed the point, which is the main purpose of the book to awaken folks and make them understand what is really going on.
The book is very easy to read and more intelligently written than few others discussing this topic.

The author provides a lot of relevant references and allow you to dive into these issues if you'd like.

A vital, timely, level-headed financial preparedness book.......2003-07-26

In What If Boomers Can't Retire?: How To Build Real Security, Not Phantom Wealth, Thorton Parker draws upon his more than forty-five years of diverse experience and expertise in government and business management, strategic planing, finance and accounting, as well as policy development, to present the reader with a solidly written, informative and "user friendly" guide to protecting personal financial interests, including preparing for stock market downturns, scandals, and ultimately end up being able to enjoy a retirement that is not dependent upon social security. A vital, timely, and level-headed financial preparedness book, What If Boomers Can't Retire? is a "must read", not only for people of the Baby Boom generation, but for Gen-Xers and anyone else who must plan for their retirement despite the vagaries and volatilities of the stock and bond markets.

One Great Thought, So Many Pages.......2003-05-08

Amazing concept and credible, but apparently wanted to lead us, as a Pied Piper to his world. I guess he's pretty smart, because he confused the heck out of me. An academic andeavour to fill a vitae. As a financial planner, I had to take seriously what he wrote concerning the largest demographic having to sell their stock. Left way too much out on solution, Way. Way, WAY too much on the political.

Book Description

Guidance for anxious stock market investors looking for alternative investments

The stock market's recent roller-coaster ride has many investors yearning for more stable, user-friendly investments, yet unable or unwilling to take the time to investigate the alternatives.

If Not Stocks, What? offers a detailed look at the many vehicles available to individual investors, reviewing what they are, how they work, what to look for when purchasing them, and hundreds of other details to simplify the diversification process.

Bestselling author Gene Walden approaches each investment vehicle from the premise that the reader knows little or nothing about it. Focusing on the basics, while asking and answering key questions on how to fit the vehicle into a long-term investment program, he discusses:

Potential upsides and downsides
Short-term risks in comparison with stocks
Long-term returns in comparison with stocks

Customer Reviews:

A Suitable Quick Study.......2004-03-25

If you are a little confused on where to put your money, If Not Stocks What? may be the antitdote to your perplexed mind.

The stock market has gone through many changes over the past few years. Many investors are a little fearful of losing a chunkof their money in a here today gone tommorow tech stock or a deceptive company like Enron.

Gene Walden outlines in simple language the strenghts and weaknesses of many alternate investment vehicles such as convertible bonds, collectibles, tresury bills, and real estate partnerships and trusts. Walden discusses in each chapter the proper timing strategies. In addition, he guides each vehicle to a particular audience. Example: you would not buy into a long term treasury bill during a rising bull market unless you possibly are looking to preserve your income for retirement.

Some good reference information is provided. An extensive list of Real Estate Investment Trusts is provided in the first chapter with the appropriate symbols. Also, a few web sites are provided to educate one's self on bonds and treasuries.

This book is a good general reference as it certainly won't overwhelm its audience. A more savvy investor might want to purchase some with a little more detail instead of or in addition to this book.

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If Not Stocks, What?
Gene Walden
Manufacturer: McGraw-Hill Companies
ProductGroup: Book
Binding: Paperback
ASIN: B000OFVS9I

Book Description

Recorded history is a finely-woven magic fabric of intricate lies about events predating the sixteenth century. There is not a single piece of evidence that can be reliably and independently traced back earlier than the eleventh century. This book details events that are substantiated by hard facts and logic, and validated by new astronomical research and statistical analysis of ancient sources.

Customer Reviews:

Has history been tampered with?.......2007-10-23

Watch Video Here: http://www.amazon.com/review/RAZQNMXM4M9CL Has history been tampered with? Yes, it has! Did events and eras such as the crucifixion of Jesus Christ, the Roman Empire , the Dark Ages, and the Renaissance, actually occur within a very different chronology from what we've been told? Yes, they certainly did!

The history of humankind is both drastically shorter and dramatically different than generally presumed.

Why is it so? On one hand, it was usual custom to justify the claims to title and land by age and ancestry, and on the other the court historians knew only too well how to please their masters. The so called universal classic world history is a pack of intricate lies for all events prior to the 16th century. World history as we learn it today was entirely fabricated in the 16th-18th centuries. It's likely that nobody told you before, but

there is not a single piece of firm written evidence or artefact that is reliably and independently dated prior to the 11th century.

Naturally, after what you've learned in school and university, you will not easily believe that the classical history of ancient Rome, Greece, Asia, Egypt, China, Japan, India, etc., is manifestly false.

You will point accusing finger to the pyramids in Egypt, to the Coliseum in Rome and Great Wall of China etc., and claim, aren't they really ancient, thousands of years ancient? Well, there is no valid scientific proof that they are older than 1000 years!

The oldest original written document that can be reliably dated belongs to the 11th century!

New research asserts that Homo sapiens invented writing (including hieroglyphics) only 1000 years ago. Once invented, writing skills were immediately and irreversibly put to the use of ruling powers and science.

The consensual chronology we live with was essentially crafted in the 16th century by the Jesuits.

The world history was compiled from contradictory mix of innumerable copies of ancient Latin and Greek manuscripts and other irrefutable proofs delivered by late mediaeval astronomers that were cemented by the authority of writings of the Church Fathers.

Early in life, we learn about ancient history. Children love the magical lessons of history - they are like fairy tales. Teachers recite breathtaking stories; very soon We learn by heart the names and deeds of brave warriors, wise philosophers, fabulous pharaohs, cunning high priests and greedy scribes.

We learn of gigantic pyramids and sinister castles, kings and queens, dukes and barons, powerful heroes and beautiful ladies, emaciated saints and low-life traitors.

Ancient history is based documents, manuscripts, printed books, paintings, monuments and artefacts - called primary sources.

The problem is that neither these ancient documents, nor events described therein can be irrefutably dated, moreover they contradict each other for the most part.

When a school textbook tells us that Genghis Khan in year X or Alexander in year Y, have each conquered half of the world, it means only that it is so said in some of the written sources.

There are no answers to simple questions:

When were these primary sources written?

Where and by whom were these sources found?

It is wrongly presumed that ancient and medieval chronicles, written by Genghis Khan's or Alexander the Great contemporaries and eyewitnesses, are readily available. Actually, only sources written hundreds or even thousands of years after the events are there, compiled mostly in the 16th 18th centuries, or even later.

As a rule, these sources suffered considerable multiple manipulations, falsifications and distortions by editing. At the same time,

innumerable originals of ancient documents under various pretexts were destroyed in Europe under various pretexts.

The names of persons and geographical sites often changed meaning and location during the course of the centuries.

Geographical locations became clearly defined on maps only with the advent of printing.

This made possible the circulation of identical copies of the same map for purposes of the military, navigation, education and governance tasks.

Historians from Oxford say: "hey, everybody knows that Julius Caesar lived in the first century B.C.

`Julius Caesar' statement is only a point of view as

there is simply no irrefutable documentary proof that Julius Caesar or any other great name of antiquity ever existed.

Better than that - extremely rare sources that can be reliably dated back to the 10th-14th centuries A D, do not show the polished picture of classical history.

They show a picture both contradictory and confusing.

All methods of dating of ancient sources and artefacts are erroneous:

Radio-carbon C14 method produces dating with exactitude of plus minus 1500 years, therefore it is too crude for dating of events in historical timeframe!

The Almagest tractate, which lies as corner stone contemporary chronology, compiled in the 2nd century A D by Ptolemy, the founding father of astronomy, contains astronomical data of 9th to 16th century!

The Bronze Age,that has supposedly began 5000 years ago. Bronze is made of 90% copper and 10% tin, but the technology for tin extraction dates back to 14th century A D!.

All eclipses contained in manuscripts, like Thucydides one, relating 'ancient' events have exclusively medieval dating. All horoscopes cut in stone or painted in Egyptian temples, like Dendera have exclusively early medieval dating solutions.

Not quite what you have learned in school? Open your eyes, and, you will find sufficient proof to reach step by step the inevitable conclusion that the classical chronology is false and therefore, that the history of ancient and medieval world universally accepted today, is also false. Have a fresh outlook on everything said or printed about "ancient" and "enigmatic" Roman, Greek and Egyptian, medieval as well as all other "lost and found" civilizations.

Antiquity and Dark Ages are phantoms invented in the 16th 18th and polished in 19th 20thcenturies. Human civilization is in fact barely 1000 years old!

This book will change your perception of History forever!
What if Ancient Rome, Greece and Egypt were invented during Renaissance?
What if The Old Testament was a rendition of events of the Middle Ages?
What if Jesus Christ was born in 1053 and crucified in 1086 AD?
Sounds Unbelievable?
Not after you've read "History: Fiction or Science?" by Anatoly Fomenko, the genius mathematician.
Armed with astronomy and computers Anatoly Fomenko turns History into a rocket science.

Calculations are only as good as your numbers.......2007-08-03

Yes, we can all agree that mainstream history is nearly 100% BS due to politics, economics, ego, problems with dating techniques, and various conspiracies. Agreed. But, I've been researching the distinct possibility that human history (in terms of civilizations) are much more ancient than we've been told, so coming across this book was very interesting to me. I wondered how Fomenko could be wrong (if at all) because he is very persuasive in his presentations. Then it dawned on me. If at previous times in prehistory, due to the various catastrophies that are well documented (comets, asteroids, planetary disruptions, plasma discharge, pole reversals, etc) the Earth was in a different position in relation to the sun, different tilt on its axis, different orbit, different rotation (in terms of velocity and DIRECTION), and the continents were in different positions, then would this not cause the ancients to see the sky (constellations) differently? In other words, is Fomenko making erronious assumptions about the physics of the Earth in pre-history, which then corrupt his data with regards to dating the relevant astrology? The last event to seriously disrupt our planet occured roughly 3500 years ago, according to other good researchers, so is it possible Fomenko has been confused by this? The vastly different physics of our planet in the not so distant past may explain this confusion, which is not to say the "mainstream" version of history is correct; on the contrary. I am not an expert in these fields, but wanted to see if this idea could spark discussion.

Pants on fire?.......2007-07-19

Will people ever read before spamming? Yes, Jesuits could not rewrite world history alone, they had help. Anyway, Dr Prof Acad A.Fomenko does not point to jesuits as the driving force of world wide history manipulation in published volumes 1,2,3;, actually he barely mentions the poor devils. Check it with 'Search inside' feature, please. China is rarely mentioned either, in fact, Dr Fomenko is completely eurocentric. Right, his theory contradicts all mainstream schools of history, because in their actual state they are all built on blatantly erroneus chronology. You don't need a mysterious cabal (conspiracy) to falsify history, the falsification is its modus operandi. It is inherent to history(ians) to falsify (distort) events, as it is inherent to humans to boast as it is inherent to power (authority) to legimize itself by referrring to glorious past made to its own order. Dr Prof Fomenko and team have identified scores of instances of such manipulation in Russian, European, etc.. history, and delivered valid statistical proof thereof. His own 'reconstruction' is completely another story. Forget c14 as a valid method of dating. W.Libby has initially discovered a brilliant method of INDEPENDENT dating. Too bad, c14 method has become a joke after a forced marrige with dendrochronology with consensual chronological scale inbuilt. Radiocarbon method can't stand blind tests, but is so very productive as a rubberstamp.

Accepted History & Chronology Must Be Changed. .......2007-04-09

There is no doubt that history as most know it is a sham, & institution's version of History both University & Church is fradulent & inaccurate. Everything was established with an agenda, The real "Dark Ages" are now when we have access to incredible amounts of information past authorities & more important 'common folk' didn't have but our institutions & educators are slow to evolve because of what has ignorantly & arrogantly been taught for too long. This is on many subjects not just Chronology.

For anyone to question "Why would a Mathematician have anything credible to say of History?" The answer is from Dr. Fomenko's preface in the book: "It would be worthwhile to remind the reader that in the XVI-XVII century Chronology was considered to be a subdivision of Mathematics." These volumes could possibly be some of the most important works to date & should be read by everyone with an interest in History, especially professors & educators who have a duty to the public. I have read both books & must say that 'Chronology 1' has some very eye opening & revolutionary information. Even if these volumes are part true the implications are profound & opens the doors to further investigations & questions which must be done. I speak several different lanquages & must say the logic Dr. Fomenko uses with "inflection" of words & words being read from left to right in one region & right to left in another then written backwards, the removal of vowels & get down to basics of words, or different cities & locations having the same name etc. is correct. Vowel usage has always been optional & varied, actually complicating linquistics & study. The first thing one has to understand is that words never had a fixed spelling in history like we do now, the spelling of words was mutable & regional, as well as names & titles of people were vast, varied & changed, NOTHING WAS FIXED or understood linear. Matters of Life & Death as well as financial profiteering yesterday & today were & are made with ignorant, illogical & conspiratorial views of history & reality, it's time people get closer to the Truth & society collectively grow up.

Very Interesting.......2007-03-07

It is a good proposal and I believe it will mature into something even better in the future. I think it deserves to be read.

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Research Ethics: Cases and Materials

Manufacturer: Indiana University Press
ProductGroup: Book
Binding: Paperback

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ASIN: 0253209064

Research Ethics: Cases and Materials.: An article from: American Scientist

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Research Ethics: Cases and Materials.: An article from: American Scientist

Manufacturer: Sigma Xi, The Scientific Research Society
ProductGroup: Book
Binding: Digital

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