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31 Cards in this Set
- Front
- Back
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Accelerated depreciation deductions/ amortization (property other than tangible) |
Adjusted to a straight-line deduction |
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Accelerated depreciation deductions/ amortization ( tangible property ) |
Adjusted to alternative depreciation system deduction under 168
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amortizable bond premium paid on tax exempt bonds |
deducted |
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borrowings against appreciated assets |
excluded
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cancellation of indebtedness income excluded under 108 and resulting in reduction of basis under 1017 |
excluded |
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capital losses disallowed |
deducted
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charitable contribution deduction for fair market value under 170 |
adjusted to basis deduction |
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compensation that is not resonable under 162 |
deducted |
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compensation for injuries or sicknesses excluded under 104 |
included |
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contributions to capital under 118 |
excluded |
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dividends received deduction |
not deducted |
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excess charitable contributions under 170 |
deducted |
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expensing of costs of tangible property under 179 |
adjusted to a ratable deduction over 5 years |
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federal income tax liabilities and tax penalties |
deducted |
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federal income tax refund due to a net operating loss carrybackf |
included in year in which the loss permittin the refund is sustained |
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gains deferred in a like kind exchange under 1031 |
excluded |
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gains deferred in an installment sale under 453 |
included |
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gains recognized in computing taxable income |
included |
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interest expense disallowed under 265 |
deducted |
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life insurance proceeds |
included |
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LIFO inventory accounting |
adjusted to FIFO accounting |
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original issue discount accrued during the taxable year |
deducted |
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other cancellation of indebtedness income |
included |
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percentage depletion deduction |
adjusted to cost depletion method
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receipts on issuance of corporation's own stock or options under 1032 |
excluded |
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recovery of amount for which a bad debt deduction was taken |
included |
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reduction of stated capital under state law to facilitate payment of dividends |
not deducted |
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state and local taxes |
deducted |
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stock dividends under 305 |
not deducted |
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stock option baragain element |
deducted |
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tax benefit rule exclusion under 111 |
included |
