This program explores farm income and expenses, which are properly reported on Schedule F and Line 18 on Page 1 of Form 1040, as well as other types of income properly reported on Line 21 on Page 1 of Form 1040. This program includes expert analysis by E. Lynn Nichols, CPA, and John L. Norman, Jr., JD, on audio and video.

Use of Materials

Audio or DVD
The user should begin by watching the DVD segment or listening to the audio CD for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD or listening to the CDs and reading the text, s/he may wish to review her/his notes and any sections of the text or DVD that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.

Online
The user should follow the procedures discussed above. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. When the user has finished reading the text, s/he may wish to review her/his notes and any sections that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.

Chapter 1 focuses on how to properly report items of income and expense generated by a farming activity. The expert analysis for this program by E. Lynn Nichols, CPA, and John L. Norman, Jr., JD, on audio and video is located in Chapter 1.

Chapter 2 examines other types of income properly reported on Line 21 on Page 1 of Form 1040, including discharge of indebtedness income, gambling winnings, and income from illegal activities.

Edward K. Zollars, CPA, is a partner in the firm of Thomas and Zollars, CPAs, in Phoenix, Arizona. A former member of the AICPA Tax Section Tax Technology Committee, Mr. Zollars specializes in individual and business tax planning, as well as tax technology. He has been an expert speaker at numerous AICPA Tax Section meetings and has made presentations at the AICPA National Conference on Federal Taxes. (Contributing Author)

John L. Norman, Jr., JD, is an attorney in private practice in Washington, D.C., where he specializes in closely held business organizations, as well as estate and financial planning. He is the former National Director of Taxation for the accounting firm Pannell Kerr Forster, and the former chair of PKF's International Tax Committee. He is also a member of the International Tax Planning Association. Previously, he was the Director of Tax Policy for Potomac Electric Power Company. He also taught at Keller Graduate School of Management, College of William and Mary, and George Washington University. Mr. Norman is a noted speaker and author of several publications in the area of federal taxation and a regular contributor to Bisk Education's CPE Network. (Contributing Author and Speaker)

E. Lynn Nichols, CPA, a practicing CPA for more than 35 years, is the founder of Mares Nichols CPE, Inc., a developer of continuing education programs and practice aids for CPAs. He is a regular contributor to CPE Network, a member of the Board of Visitors of the School of Accounting in the College of Business of the University of Oklahoma and a former member of the Editorial Board of the Ohio CPA Journal. In 2005, Mr. Nichols was honored by the Ohio Society of CPAs with its Gold Medal for Meritorious Service to the Accounting Profession. In 2008, he was selected by the Ohio Society of CPAs as one of Ohio's outstanding CPAs. Mr. Nichols serves as an advisor to CPA firms across the U.S. on matters of federal income taxation, litigation services, and IRS procedures. He has authored more than 20 highly rated tax CPE programs and his Current Federal Tax Developments program is always among the highest rated in the nation. (Speaker)