The article focuses on a discussion on ramifications of tax deductibility of a visiting professor's travel expenses as discussed by researcher Allen Ford. The article deals extensively with the tax implications during the professor's stay; however, an addendum is needed for the professor who decides to remain permanently in the position, especially in light of the number of professors so inclined. The two tax questions facing the professor in a decision to stay or even to move to a new position are the taxability of any gain on the sale of the residence at the former location and the availability of a moving expense deduction. Under section 1034, gain from the sale of a taxpayer's principal residence is not recognized, provided certain conditions are met. Regulation 1.1034-1(c)(3) (i) states that the mere fact that property is, or has been, rented out is not determinative that such property is not used by the taxpayer as his principal residence. In the case where a taxpayer uses more than one property as a residence, the determination of whether property is used by the taxpayer as his principal residence depends upon all facts and circumstances in each case.

This article examines the financial reporting of the corporate income tax expense in annual reports to shareholders. Specifically, the research examines the extent to which the financial reporting of corporate income taxes is in accordance with pronouncements of the Accounting Principles Board (APB) and whether the extent of adherence to these pronouncements is related to corporate federal income tax rate incurred, corporate size and independent auditor. The implications of this study are many. First, a significant number of corporations did not adhere to selected APB Opinion income tax disclosure requirements. Since the sample was random, nonadherence can be projected to the population comprising the New York and American Stock Exchanges. The nonadherence to the presently required APB Opinion income tax disclosure requirements makes prediction of future net income more difficult. Without the "required" information, let alone additional needed information, the determination of the expected future income tax rate of a corporation becomes a near impossibility.

Reviews the book "Lexicon of Tax Terminology," by Richard A. Westin.

The article reviews the book "Federal Income Tax," by Charles B. Edelson, William O. Green and Ann H. Green.