Pearson's Federal Taxation 2026 Individuals, 39th edition

Published by Pearson (June 7, 2025) © 2026
  • Mitchell Franklin
  • Luke E. Richardson

Title overview

For undergraduate courses in taxation principles.

Practical applications of tax law and principles

Pearson’s Federal Taxation 2026 Individuals, of the hallmark Franklin and Richardson series, is a long-trusted resource blending the technicalities of tax law with maximum readability and relevance. While the Individuals volume covers all entities, its briefer treatment makes it ideal for colleges and universities requiring a semester or more of taxation. This volume adapts aspects of the AICPA-promoted Model Tax Curriculum.

The 39th Edition is a complete refresh built around current tax rulings and regulations. Real-world examples and extensive hands-on practice prepare students to apply tax law to real accounting and finance tasks.

Hallmark features of this title

Applications of tax law

  • UPDATED: Real-world examples relate the material to events, cases and statistics from tax and business environments, including some from the IRS’s Statistics of Income.
  • UPDATED: End-of-chapter problems and tax return problems immerse students in real-world accounting and finance tasks, building critical practical knowledge.

Analytical deep dives

  • Book-to-Tax Accounting Comparison analyzes tax discussions against accounting practices.
  • Ethical Points and Tax Strategy Tips dig deeper into material from the adjoining text.

Critical-thinking opportunities

  • What Would You Do in This Situation? challenges students to respond to real controversies.
  • Stop & Think “speed bumps” prompt learners to pause and apply what they’ve learned.

New and updated features of this title

A complete refresh

  • UPDATED: All thresholds and tax rate schedules were updated. Thresholds are now consistent with the 2024 tax year, and tax rate schedules reflect rate and inflation adjustments for 2025.
  • REVISED: Significant court cases and IRS rulings and procedures during 2024 and early 2025 demonstrate current tax law while helping prepare students for their field.

Hands-on practice

  • UPDATED: End-of-chapter tax return problems were revised to 2024.
  • UPDATED: All end-of-chapter problems reflect the most recent changes in tax law as of the time of publication.
  • UPDATED: All form-related problems reflect the most recent available tax forms as of the time of publication.

Key features

Features of MyLab Accounting for the 39th 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+ eTextbook lets students choose how they learn best. Part of your MyLab course, Pearson+ merges easy-to-use eTextbooks with study tools.
  • The Study Plan gives learners personalized recommendations, practice opportunities and learning aids to help them stay on track.

Table of contents

  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

QUICK REFERENCE

  • 2025 Tax Rate Schedules and Other Key Numbers

TABLES

  • 2024 Tax Tables and Rate Schedules and 2025 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. Index of Code Sections
  7. Index of Treasury Regulations
  8. Index of Government Promulgations
  9. Index of Court Cases
  10. Subject Index

Author bios

About our authors

Mitchell Franklin PhD, CPA, is The Distinguished Jack Collins ‘60 Chair in Accounting and Professor of Accounting at Le Moyne College, Madden College of Business and Economics, 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 Syracuse University, Whitman School of Management, for 15 years.

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 continues in his professional practice. Professor Richardson has published articles in practitioner journals such as Tax Notes, The Tax Adviser and the Journal of Accountancy.

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