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56 Cards in this Set
- Front
- Back
Benaglia
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(1) when the benefits are for benefit of eer, this is not income
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119
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codification of Benagliaa
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132
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de minimis fringe benefits are not income
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treasure trove
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income, valued at fmv
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61
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general income provision
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swapped services
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are income under 61
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104
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no taxes on personal injuries, other judgments are 61 income
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102
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gifts; precludes tax for gifts and inheritance
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102c
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you don't tax awards from eer's but ee's must report other gifts from eers as income
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Duberstein
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detatched and disinterested generosity is req'd for donative intent
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1001a
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gain/loss = amount realized - adj basis
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1001b
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amount realized = any cash + FMV of all non-money property at tim
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3 ways to get basis
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1012 - cost
amount paid in taxes on property gift/inheritance |
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Basis when x-ferred by living donor
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take the donor's basis (TAFT/BOWERS)
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Basis when x-ferred at death
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take the FMV - 1014
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CLARK
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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
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172
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adjustment of sanford/brooks, allows losses to be carried back 2 yrs and fwd 20
NET OPERATING LOSS |
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CLARK
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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
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172
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adjustment of sanford/brooks, allows losses to be carried back 2 yrs and fwd 20
NET OPERATING LOSS |
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111
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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
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KIRBY
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discharge of debt = income
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t/f - Borrowed money generates basis
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T, only if that money is used to purchase, and does not include a re-finance
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CRANE
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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
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TUFTS
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similar to crane, ends tax shelters, says that non-recourse borrowing that leads to relinquished property
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MACOMBER
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determination that new shares issued in dividend form are not immediately recognizeable
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1031
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non recognition provisions due to exchange of like kind goods
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DRESCHER
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when man's eer buys him an annuity, he has an econ benefit because the entitlement to payments is indefeasibly his
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83
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take options as income on their granting, pay nothing when exercised, cap gains when disposed - no loss allowed for diminished value at exercise
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422
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incentive stock option - tax on cap rate gains at disposition only?????
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1041
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settlements for divorce, treats settlements as gifts, basis is x-ferred
YOU MUST BE MARRIED |
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215/71
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alimony - must be cash, can't be frontloaded
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456
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AAA Inspired - allows prepaid dues to be expensed over the course of a year
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165(c)(3)
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allows deductions from losses, fire, shipwreck, storm or other casualty, subject to 10% AGI floor
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213
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Expenses paid for Medical Expenses, 7.5%
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262
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Non-deductible family expenses
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170
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personal charitable deductions
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5163h2
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Interest - only qualified residence interest is allowed
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265
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No deduction allowed for interest to purchase non taxable income
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164
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itemizes state and local taxes
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183
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No deduction for hobby losses
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162a
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expenses that are "ordinary and necessary in carrying on trade or business" are deductible
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212
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expenses for generating income are allowed, subject to 67 (2% floor)
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280A
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home office
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183
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Hobby basket?
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274
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meals and entertainment "directly related" to business are 50% deductible
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162a2
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commuting expenses, must be "while away from home"
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168
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useful life for amortization purposes
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263
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main capitalization provision
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465
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can't borrow to take a deduction on a single premium annuity; you must be at risk (i.e. with a qualified bank)
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469
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passive activity loss rule; response to shelter, losses can only be offset from your basket
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163a
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interest from money borrowed to buy investments can only be offset from other gains in that basket
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LUCAS/EARL
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money is taxed to the person who earns it
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BLAIR
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income from property taxable to the person who owns it
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1221
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Defines capital gain provision
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1222
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Capital gain/loss comes from 'sale or exchange of a capital asset'
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HORT
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when you get paid in lump sum in exchange for future income, wihtout disposing of the property, ordinary income
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