Errors, Errata and Corrections
Dear Students,
Welcome to the "Errata and Corrections" section for our textbook, "Establishing the Tax Foundation." This page is dedicated to listing any identified errors or discrepancies found in the printed version of the book. Please note that the online version has been updated to include the necessary corrections.
We understand the importance of accuracy in our educational materials and strive to maintain the highest quality possible. As you come across any errors in the printed textbook, this page will provide the corresponding corrections to ensure you have the most reliable information.
Thank you for your understanding and your commitment to continuous learning.
Best regards,
Ken Bostrom
Director of Education and Operations
Universal Accounting Center
Page 4.16
Mileage Rate Updated
In the first paragraph, the mileage rate was corrected to 67¢ for 2024.
Page 5.6
Error in Example 4
In the Example 4. The last number had a transposed number.
Tom's basis is $26,618
(Not $26,681)
Pages 5.60 to 5.65
Appraisal fees are no longer added to Cost
In 2024 they removed the ability to add appraisal fees to the Cost of property. The Answer Key has several changes to reflect this new change.
Page 6.2
For FY2024, the phaseout range for the IRA deduction
QSS = $123,000 - $143,000
Page 6.48
1099-R Field 7 Distribution Code
On the Form 1099-R from Pention Management Fund, the Distribution Code was left off. Field 7 should be 7 (seven).
Page 10.32
Question 8, Option (d)
Option (d) should read:
d) Form 1040, Schedule 1, Line 18