The volume opens with Michael Erbschloe’s overview of the principles of taxation. Erbschloe outlines the five categories of taxation in the United States including income, property, and sales tax, import tariffs and social program taxes. Additionally, he describes the ways in which policymakers utilize taxes to promote social and behavioral changes, such as subsidies for “green” business and increasing taxes on tobacco and alcohol. Michael P. Auerbach then discusses the application of tax laws and regulations and describes the evolution of the tax system in the United States. Seth M. Azria reviews wills, trusts, and estate plans in general, as well as taxation and probates. Marie Gould describes the ways in which operating losses and valuation allowances affect income taxes. She then compares the tax code with Generally Accepted Accounting Principles (GAAP). Ruth A. Wienclaw examines small business taxation and examines the ways in which the government incentivizes small business owners with a number of tax provisions.