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56 Cards in this Set

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Benaglia
(1) when the benefits are for benefit of eer, this is not income
119
codification of Benagliaa
132
de minimis fringe benefits are not income
treasure trove
income, valued at fmv
61
general income provision
swapped services
are income under 61
104
no taxes on personal injuries, other judgments are 61 income
102
gifts; precludes tax for gifts and inheritance
102c
you don't tax awards from eer's but ee's must report other gifts from eers as income
Duberstein
detatched and disinterested generosity is req'd for donative intent
1001a
gain/loss = amount realized - adj basis
1001b
amount realized = any cash + FMV of all non-money property at tim
3 ways to get basis
1012 - cost
amount paid in taxes on property
gift/inheritance
Basis when x-ferred by living donor
take the donor's basis (TAFT/BOWERS)
Basis when x-ferred at death
take the FMV - 1014
CLARK
when one is compensated by an acct for the mistake leading to overpayment, it is not income; however, if you weren’t paid this money by the acct, it would not be a loss
172
adjustment of sanford/brooks, allows losses to be carried back 2 yrs and fwd 20
NET OPERATING LOSS
CLARK
when one is compensated by an acct for the mistake leading to overpayment, it is not income; however, if you weren’t paid this money by the acct, it would not be a loss
172
adjustment of sanford/brooks, allows losses to be carried back 2 yrs and fwd 20
NET OPERATING LOSS
111
tax benefit rule: when you take a loss in one year, and recover it in another, it does not matter what marginal rate you took the loss at; you take the recovery as income at the rate at which you receive it
KIRBY
discharge of debt = income
t/f - Borrowed money generates basis
T, only if that money is used to purchase, and does not include a re-finance
CRANE
when you sell an inherited property that you have taken deductions on, you must include the deductions and the boot as the proceeds of the sale
TUFTS
similar to crane, ends tax shelters, says that non-recourse borrowing that leads to relinquished property
MACOMBER
determination that new shares issued in dividend form are not immediately recognizeable
1031
non recognition provisions due to exchange of like kind goods
DRESCHER
when man's eer buys him an annuity, he has an econ benefit because the entitlement to payments is indefeasibly his
83
take options as income on their granting, pay nothing when exercised, cap gains when disposed - no loss allowed for diminished value at exercise
422
incentive stock option - tax on cap rate gains at disposition only?????
1041
settlements for divorce, treats settlements as gifts, basis is x-ferred

YOU MUST BE MARRIED
215/71
alimony - must be cash, can't be frontloaded
456
AAA Inspired - allows prepaid dues to be expensed over the course of a year
165(c)(3)
allows deductions from losses, fire, shipwreck, storm or other casualty, subject to 10% AGI floor
213
Expenses paid for Medical Expenses, 7.5%
262
Non-deductible family expenses
170
personal charitable deductions
5163h2
Interest - only qualified residence interest is allowed
265
No deduction allowed for interest to purchase non taxable income
164
itemizes state and local taxes
183
No deduction for hobby losses
162a
expenses that are "ordinary and necessary in carrying on trade or business" are deductible
212
expenses for generating income are allowed, subject to 67 (2% floor)
280A
home office
183
Hobby basket?
274
meals and entertainment "directly related" to business are 50% deductible
162a2
commuting expenses, must be "while away from home"
168
useful life for amortization purposes
263
main capitalization provision
465
can't borrow to take a deduction on a single premium annuity; you must be at risk (i.e. with a qualified bank)
469
passive activity loss rule; response to shelter, losses can only be offset from your basket
163a
interest from money borrowed to buy investments can only be offset from other gains in that basket
LUCAS/EARL
money is taxed to the person who earns it
BLAIR
income from property taxable to the person who owns it
1221
Defines capital gain provision
1222
Capital gain/loss comes from 'sale or exchange of a capital asset'
HORT
when you get paid in lump sum in exchange for future income, wihtout disposing of the property, ordinary income