Income Taxation
The Burnham System
HS 321
PDF & MP3
Basic Study Material

The Burnham System is written and frequently revised by

Ray Burnham, CPCU, CLU, ARM, AIC, AINS, AIS, API, SPPA, AIM, AIC-M, ARM-E, AU, AU-M, ALCM, AAI, AAI-M, APA, ARP, AIAF, AMIM, AAM, AIT, ARe, AFSB, ASLI, AIDA, ARC, ARM-P, REBC, RHU, ASF, LIA, CASL, and ChFC;

Jean O’Reilly, PhD, CPCU, ARM, AINS, AIS, API, AIC, SPPA, AIM, AIC-M. ARM-E, AU, AU-M, AAI, AAI-M, APA, AMIM, AIT, ARe, AFSB, ASLI, AIDA, ARC, ARM-P, and AIAF; and

Lisa Tobey, JD, CPCU, CLU, ARM, AINS, AIS, API, SPPA, AIM, AIC-M, ARM-E, AU, AU-M, AAI, AAI-M, APA, AIAF, AMIM, AIT, ARe, AFSB, ASLI, AIDA, ARC, ARM-P, ACS, RWCS, RHU, REBC, CASL, AIC, EA, and ChFC.

Copyright © 2018 The Burnham System

HS 321
Digital & Audio Book

Income Taxation Study Guide

The Burnham System is the gold standard for HS 321 study guide materials. Using our guide you will learn everything needed to pass the HS 321 Exam in the shortest time possible. Simply, you will learn more faster.


Included for FREE with your purchase of this Digital (PDF) Study Guide:

  • HS 321 Audio Study Guide Narrations, in MP3 file format, expertly narrated by Lisa Tobey
  • Definitions of each assignment's key words and other new terms
  • A sample diagnostic exam with answers and answer explanations


PDF Notice: PDF files are not printable. They are digitally annotatable.


Current Text Edition: 13th


Ray's estimate of course difficulty (1, easiest and 10, hardest): 7


Number of study guide pages: 72

Covered within this study guide:

  • Sources of Tax Law and New Legislation
  • Income Tax Law, Concepts, and Liability
  • Specific Items of Gross Income and Items Excluded from Gross Income
  • Business Deductions and Income Production Expenses
  • Losses and Bad Debts
  • Itemized Deductions for Individuals
  • Income Tax Credits
  • Cost Recovery Deductions
  • Passive Activity Losses
  • Sales and Exchanges: Income Realization and Recognition
  • Capital Gains and Losses
  • The Alternative Minimum Tax
  • Taxation of Life Insurance
  • Modified Endowment Contracts
  • Taxation of Corporations, Corporate Distributions, and Partners and Partnerships

As a good study guideline, figure anything in those 72 pages might be on your exam and that there will be nothing on your exam that is not covered in those 72 pages.


The Burnham System is written and frequently revised by

Ray Burnham, CPCU, CLU, ARM, AIC, AINS, AIS, API, SPPA, AIM, AIC-M, ARM-E, AU, AU-M, ALCM, AAI, AAI-M, APA, ARP, AIAF, AMIM, AAM, AIT, ARe, AFSB, ASLI, AIDA, ARC, ARM-P, REBC, RHU, ASF, LIA, CASL, and ChFC;

Jean O’Reilly, PhD, CPCU, ARM, AINS, AIS, API, AIC, SPPA, AIM, AIC-M. ARM-E, AU, AU-M, AAI, AAI-M, APA, AMIM, AIT, ARe, AFSB, ASLI, AIDA, ARC, ARM-P, and AIAF; and

Lisa Tobey, JD, CPCU, CLU, ARM, AINS, AIS, API, SPPA, AIM, AIC-M, ARM-E, AU, AU-M, AAI, AAI-M, APA, AIAF, AMIM, AIT, ARe, AFSB, ASLI, AIDA, ARC, ARM-P, ACS, RWCS, RHU, REBC, CASL, AIC, EA, and ChFC.

$195.00