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Pearson's Federal Taxation 2025 Comprehensive, 38th edition

Published by Pearson (July 22, 2024) © 2025

  • Mitchell Franklin Le Moyne College
  • Luke E. Richardson University of South Florida

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For principles of taxation courses.

Mastering the principles of taxation with the latest tax regulations

Pearson’s Federal Taxation 2025 Comprehensive, of the hallmark Richardson and Franklin series, combines all chapters of the Individuals and Corporations volumes. Suitable for any undergraduate course in federal taxation, this long-trusted resource blends technical aspects of tax law with maximum readability and relevance. Strategic pedagogy helps students apply tax principles to practical accounting practices.

The 38th Edition incorporates tax information from 2023 and early 2024. The new edition reflects the latest updates to tax legislation, while assessing the implications for both Individual and Corporate entities.

Hallmark features of this title

Technical considerations

  • Financial Statement Implications sections assess Accounting Standards Codification (ASC) 740.
  • Book-to-Tax Accounting Comparison comments analyze tax discussions in the text against accounting and finance practices.

Real-world insight

  • UPDATED: Real examples relate the material to events, cases and statistics occurring in tax and business environments, including some from the IRS’s Statistics of Income.
  • Ethical Points and Tax Strategy Tips dive deeper into material from the text.

Critical-thinking resources

  • What Would You Do in This Situation? boxes challenge students to respond to controversies that are either unresolved or in review with the courts.
  • Stop & Think “speed bumps” prompt learners to pause and apply what they’ve learned.

New and updated features of this title

Key revisions to Individuals chapters

  • REVISED: A complete refresh of the new edition includes the most recent laws passed, along with their implications, to help prepare students for their field.
  • EXPANDED: Significant court cases and IRS rulings and procedures during 2023 and early 2024 have been added to demonstrate the current tax law at work.
  • UPDATED: All thresholds for the 2023 tax year have been updated, and all tax rate schedules now reflect rate and inflation adjustments for 2024.

Key revisions to Corporations chapters

  • UPDATED: Content and problems across chapters have been updated to reflect tax legislation and subsequent administrative guidance or judicial decisions announced in 2023 and early 2024.
  • UPDATED: Chapters C:1 and C:15 now incorporate the AICPA’s revisions to its Statements on Standards for Tax Services (SSTS), which became effective January 1, 2024.
  • UPDATED: Tax return problems were revised to feature 2023 tax forms, deepening students’ comprehension of the current tax law.

Features of MyLab Accounting for the 38th Edition

  • Homework and practice exercises in MyLab are correlated to exercises in the text, reflecting each author’s approach. The exercises regenerate algorithmically to give students unlimited opportunity for practice and mastery.
  • With LMS Integration, you can link your MyLab course from Blackboard Learn™, Brightspace® by D2L®, Canvas™ or Moodle®.
  • Pearson eText is an easy-to-use digital textbook available within MyLab. The mobile app lets students learn on the go, online or offline.
  • The Study Plan gives students personalized recommendations, practice opportunities and learning aids to help them stay on track.

INDIVIDUALS

  1. An Introduction to Taxation
  2. Determination of Tax
  3. Gross Income: Inclusions
  4. Gross Income: Exclusions
  5. Property Transactions: Capital Gains and Losses
  6. Deductions and Losses
  7. Business Expenses and Deferred Compensation
  8. Itemized Deductions
  9. Losses and Bad Debts
  10. Depreciation, Cost Recovery, Amortization, and Depletion
  11. Accounting Periods and Methods
  12. Property Transactions: Nontaxable Exchanges
  13. Property Transactions: Section 1231 and Recapture
  14. Special Tax Computation Methods, Tax Credits, and Payment of Tax
  15. Tax Research
  16. Corporations
  17. Partnerships and S Corporations
  18. Taxes and Investment Planning

CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS

  1. Tax Research
  2. Corporate Formations and Capital Structure
  3. The Corporate Income Tax
  4. Corporate Nonliquidating Distributions
  5. Other Corporate Tax Levies
  6. Corporate Liquidating Distributions
  7. Corporate Acquisitions and Reorganizations
  8. Consolidated Tax Returns
  9. Partnership Formation and Operation
  10. Special Partnership Issues
  11. S Corporations
  12. The Gift Tax
  13. The Estate Tax
  14. Income Taxation of Trusts and Estates
  15. Administrative Procedures

QUICK REFERENCE

  • 2024 Tax Rate Schedules and Other Key Numbers

TABLES

  • 2023 Tax Tables and Rate Schedules and 2024 Withholding Tables (Partial)

APPENDICES

  1. Tax Research Working Paper File
  2. Tax Forms
  3. MACRS Tables
  4. Glossary
  5. AICPA Statements on Standards for Tax Services Nos. 1-4
  6. Comparison of Tax Attributes for C Corporations, Partnerships, and S Corporations
  7. Actuarial Tables
  8. Index of Code Sections
  9. Index of Treasury Regulations
  10. Index of Government Promulgations
  11. Index of Court Cases
  12. Subject Index

About our authors

Luke E. Richardson is an Associate Professor of Instruction and Kerkering Barberio Fellow in the Lynn Pippenger School of Accountancy at the University of South Florida. He received undergraduate and graduate degrees in accounting from the University of South Florida and a JD from the Stetson University College of Law. Professor Richardson, a CPA and lawyer in Florida, worked with Deloitte prior to his current role. He teaches several courses in taxation of individuals and business entities. Outside the classroom, he serves as a faculty advisor for the Delta Gamma chapter of Beta Alpha Psi and is active with the Florida Institute of CPAs. Professor Richardson has published articles in professional journals such as Tax Notes, The Tax Adviser and the Journal of Accountancy.

Mitchell Franklin, PhD, CPA, is an Associate Professor of Accounting at the Le Moyne College Madden School of Business, in Syracuse, New York. His research interests explore the impact of tax policies on individual and business decisions, as well as pedagogical issues in both financial accounting and taxation. Dr. Franklin has published more than 50 articles in journals that include Issues in Accounting Education, Advances in Accounting Education, Journal of Taxation, Tax Notes and The Tax Adviser. Dr. Franklin presently serves on the editorial board of Issues in Accounting Education and is an associate editor for The Accounting Educators’ Journal. Professionally, Dr. Franklin previously served as President of the American Accounting Association Northeast Region and served as Chair of the 2023 American Taxation Association Conference for Teaching and Learning. Prior to joining Le Moyne College, Dr. Franklin served on the accounting faculty at the Syracuse University Whitman School of Management for 15 years.

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