The 2006 CCH Federal Tax Course is by far the most comprehensive and ambitious tax textbook on the market today. Long a favorite of tax teachers for its superior coverage of both the tax fundamentals and more technical tax concepts, it is used in the most challenging tax programs in the country where students are expected to leave the classroom with a real-world, practice-ready orientation. The book is easily distinguished from all other texts in that the CCH Federal Tax Course provides more in-depth coverage (e.g., chapters on tax credits and tax practice and procedure), a broader range of topics (e.g., specially-taxed corporations and taxation of securities), and a more detailed approach to the issues and practices evident throughout the text, as a whole. This new edition reflects the American Jobs Creation Act of 2004, Working Families Tax Relief Act of 2004, and other significant developments that took place throughout the year. The CCH Federal Tax Course is unique in that it is used in almost every type and level of tax course offered. Community college programs that target adults seeking to learn tax compliance for employment purposes adopt the text because it fosters technical tax knowledge and skill development that just isn"t available in any other text. Undergraduate tax programs that pride themselves in preparing students for immediate work in the accounting and financial services industries adopt the text, because of its no-nonsense approach and comprehensive coverage. Graduate business, accounting and tax programs adopt the book, because there is no other text that covers the wide range of tax topics covered in the CCH Federal Tax Course. Law Schools insist on having ample copies in their libraries because students need to reference the text for a working understanding of many of the concepts and principles that are not provided in the case approach textbooks used in this market. The CCH Federal Tax Course covers the vast realm of federal taxation with utmost clarity, insightful interpretation, and painstaking attention to detail. Written and compiled by CCH"s tax editorial staff and contributing outside academic contributors, the information contained is authoritative, yet easy to grasp and apply. The 2006 Edition has been completely updated to include key legislative and regulatory developments. Each CCH Federal Tax Course chapter is introduced with a Tax Concepts section which explains key concepts to the reader. CCH Explanations, keyed to the Internal Revenue Code, Income Tax Regulations, court cases, interpretive rulings and other sources, provide an indepth examination of practical tax issues. Examples of real-world cases are utilized to illustrate how the official rules are applied in practice. Chapter problems are found at the end-of-each chapter to supplement and reinforce the learning process. Practical "Taxpayers" Elections" comments appear throughout the text. These comments provide options available to taxpayers for saving taxes in various situations.