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Dr. Milam is Professor of Accounting at Mississippi State University (MSU). In 1995, the Federation of Schools of Accountancy selected him for its Outstanding Educator Award, and he was named Mississippi's 1994 Educator of the Year by the Mississippi Society of CPAs. In 1993, he was named the Outstanding Graduate Teacher of the Year in the College of Business and Industry at MSU. Prior to joining the MSU faculty, Dr. Milam served on the accounting faculty at the University of Mississippi from 1971 to 1990. He was chair of the accounting department when the School of Accountancy was established. He became the first dean of the School of Accountancy and during his tenure, the School of Accountancy became 1 of the first 20 schools in the nation to receive separate accounting accreditation. In 1989, he was selected as the Outstanding Teacher in the School of Accountancy at the University of Mississippi. In the fall of 1990, Dr. Milam joined the accounting faculty at MSU and assisted MSU in obtaining separate accounting accreditation. Also at MSU, he has been instrumental in designing, developing, and implementing a graduate program in taxation. Dr. Milam has served as president of the Federation of Schools of Accountancy (FSA), on the Standards Committee of the American Academy of Collegiate Schools of Business (Business and Accounting Accrediting Association), as treasurer/secretary of the American Taxation Association (ATA), on the Mississippi Tax Institute Board of Directors, and on various committees of the ATA, FSA, American Institute of Certified Public Accountants, American Accounting Association, and the Mississippi Society of Certified Public Accountants. He authored numerous articles that appeared in publications including Journal of Accountancy, Taxes, Management Accounting, Financial Executive, Estate Planning, Trusts and Estates, the CPA Journal, and others. He also coauthored seven books.

Dr. Milam retired in 2006.

Fundamental Financial Accounting Concepts

Milam, Edward E.
Fourth Edition,2003
ISBN: 0072472960
Collaborators: Thomas P. Edmonds, Frances M. McNair, and Philip R. Olds

Students are often overwhelmed by the amount of information presented in the introductory financial accounting course. By focusing on fundamental concepts in a logical sequence, students are able to fully comprehend the material rather than memorize seemingly unrelated terms and topics. The goal of Fundamental Financial Accounting Concepts is to enable students to understand how any given business event affects the financial statements. The "financial statements model" is a highly praised feature because it allows students to visualize the simultaneous impact of business events on all of the key financial statements (the income statement, the balance sheet, and the statement of cash flows). The mechanics of accounting coverage (debits and credits) is delayed until chapter 4. Instructors have flexibility as to the amount of emphasis they want to place on this topic.

Fundamental Financial Accounting Concepts

Milam, Edward E.
Publisher: McGraw-Hill, Inc.
Third Edition,2000
ISBN: 0072299037
Collaborators: Frances M. McNair, Thomas P. Edmonds, Philip R. Olds, and Cindy D. Edmonds

Fundamental Financial Accounting Concepts

Milam, Edward E.
Publisher: McGraw-Hill, Inc.
Second Edition,1998
ISBN: 0070217785
Collaborators: Frances M. McNair, Thomas P. Edmonds, and Philip R. Olds

Keys to Estate Planning and Trusts

Milam, Edward E.
Publisher: Barron's Educational Series, Inc.
ISBN: 0812017102
Collaborators: D. Larry Crumbley

Estate Planning: A Guide for Advisors and Their Clients

Milam, Edward E.
Publisher: Bureau of Business and Economic Research
ISBN: 9991702520
Collaborators: James H. Sellers

INTRODUCTION: The public has traditionally considered the practitioner of any of the learned professions to be primarily a public servant and not a profit-motivated individual. In recent years, however, it appears that the public's perceptions of professional practitioners have changed or, at least, are changing. To help retain the public respect, as well as to provide protection to the unwary, the professions have imposed certain rules of conduct on their members. These rules of conduct are usually considered to come under the broad heading of "Ethics."

Business and professional ethics are problems of growing concern in today's depersonalized environment. The post-Watergate backlash has forced the business and professional communities to reevaluate the impact of their actions on the various segments of society.

A dependence on ethical values by a profession is vital, because the common beliefs and ideals that such values express become the force that molds the members into a professional relationship. In recognition of the need for a professional system of values, the American Institute of Certified Public Accountants Code of Professional Ethics considers five divisions of ethical principles. They are:

  1. Independence, integrity, and objectivity,
  2. Competence and technical standards,
  3. Responsibilities to clients,
  4. Responsibilities to colleagues, and
  5. Other responsibilities and practices.

Using these broad descriptions, the Rules of Conduct express the enforceable aspects of each category. The inclusion of the concepts and their close relationship with the Rules of Conduct are the backbone of the code.

Failure to comply with these ethical guidelines can cause a member of the accounting profession to be barred from practicing his profession. Such a result means that the person must find another means of livelihood. Of course, this Code of Ethics should not only reflect what the profession thinks, but also what society views as proper conduct for CPAs.

A Practical Guide to Preparing a Tax Return for a Closely-Held Corporation

Milam, Edward E.
Publisher: Lawyers and Judges Publishing Company
ISBN: 0884505014
Collaborators: James H. Sellers

Estate Planning After the 1976 Tax Reform Act

Milam, Edward E.
Publisher: American Management Association
ISBN: 0814454682
Collaborators: D. Larry Crumbley

The Tax Reform Act of 1976 has caused sweeping changes in the estate and gift areas. In fact, these changes have been so dramatic, and so extensive that they are surpassed in scope only by the original estate and gift tax legislation.

Estate planning is still possible. Since the estate tax was removed from approximately two-thirds of the current estates, the tax burden has shifted to the large estates. For example, the new rates reach the top rate of 70 percent at $5 million; whereas the old estate tax rates reached a macimum of 77 percent for a taxable estate of more than $10 million. Thus, estate planning is quite critical for large estates if they are to avoid the erosion of estate assets by federal and state death taxes.

Even though the tax changes have been far-reaching, the effect on any particular taxpayer depends entirely on his own specific circumstances. To be in the best possible position, taxpayers should first be aware of all the property they own and, secondly, resolve in their minds how the property might best be distributed among future heirs. As soon as these steps are taken, expert estate and gift planning advice should be sought in order to ensure that these wishes are fulfilled at the minimum tax cost.

The major areas to scrutinize are explained in this volume. One of the most pervasive provisions of the Reform Act is that dealing with the adjusted carry-over tax basis for property passing to an heir. The effect of this rule will become more apparent as time progresses. Particular attention must be given each year to the difference between the market value and the adjusted carry-over basis of all property, especially in light of the prospective heirs' income tax status. Another major provision to be wary of is the generation-skipping tax when reviewing wills for changes prompted by the Reform Act. Careful analysis will avoid unexpected hardship years aftter an estate has been probated.

All taxpayers and their estate planners must be aware of the ramifications of the Reform Act, not only currently, but also for several years to come. As is usually the case with new tax legislation, many provisions will be defined and refined further through future regulations and court decisions, which will restrict, modify, and expand many of the new rules.