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41 Cards in this Set
- Front
- Back
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LT contract % of completion exceptions |
HeLP SWiM |
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Qualifying child |
CARES |
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Qualifying relative |
SUPORT |
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exempt orgs that don't need to file |
CHRIST |
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gains you don't need to recognize |
HIDE IT |
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losses you cannot deduct |
WRaP |
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What you need to prove for a negligent tort |
BCDI |
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what you need to prove for Section 11 |
ALM |
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what you need to prove for 10b-5 |
MSIRD and 10b-5 |
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Fraud |
MSIRD |
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Collon law |
RISE |
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Real Defenses |
FAIDS |
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Who can't do a Ch 7 |
RIIBS |
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Who can't do a Ch 11 |
SCIIBS |
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non-dischargeable debt in bankruptcy |
WAFFTEED |
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priority claims on bankruptcy estate |
Secured priority- SAG WEG CTI Unsecured |
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Suretyship Defenses |
CPRBB |
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Not covered by 1933 Act |
BRINGS |
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NOt covered by 1934 Act |
SLIC |
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Fundamental chagnes |
DAMS |
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Penalty when taking out of a Roth IRA |
HDD |
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Penalty when taking out of an IRA |
HIM DEAD |
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AMT deduction (personal/corporate) |
personal - PANIC TIMME corporate - LID both - PPP personal exemption - dw corporate exemption - 40,000 minus 25% of excess AMTI over 150,000 |
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Included in bankruptcy estate |
divorce settlement Inheritance insurance received 180 days after filing |
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Estate calculation |
estate gross - discretionary (MACOFT) - non-discretionary * rate (varies) - Credits: $2,117,800 = estate taxes |
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DNI calculation |
Gross income - necessary expenses - charity listed in will - capital gains not included = DNI Expenses allocated to corpus included exempt interest included |
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estate/trust taxable income |
Adjusted total income - distributions - estate taxes paid - exemption (600/300/100) Expenses allocated to corpus not included tax exempt interest not included |
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means test #s |
7, 475 and 12,475 |
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involuntary bankruptcy #s |
15,325 |
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max gifts in life |
5.25M |
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Max GSTT |
5.43M |
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Credit for estate |
2,117,800 |
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Accrual needed |
> $5M gross receipts |
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Uniform capitalization needed |
> $10M GR or assets |
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LT contracts % completion needed |
> $10M GR or assets |
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Safe harbor expensing |
< $10M GR in past 2 tax years Building AB <= $1M you can expense lesser of: - 2%*(building AB) or - $10k |
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no estimated tax needed if your tax liab is... |
corp - $500 or less personal less than $1,000 |
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qualified business stock |
< $50M capital 80% of capital active in TOB original owner hold for >5 years you can exclude 50% of agin on sale remainder taxed at 28% |
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worthless stock |
not received through servides only for first $1M must be private you can deduct 50k loss as ordinary |
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PHC undistributed Income |
TI + federal tax + LTCG * 20% |
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AETaxes |
TI - charity - cap loss - tax - div - (250,000 - (beginning E&P - corp needs)) * 20% |
