Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
13 Cards in this Set
- Front
- Back
|
Chapter 1
Title: Federal Income Taxation - An Overview |
-Definition of a Tax
-Tax Rates and Structures -Sources of Federal Income Tax Law -Federal Income Tax Terminology -Individual Income Tax Calulation -Deductions FOR and FROM AGI -Personal and Dependency Exemptions |
|
|
Chapter 2
Title: Income Tax Concepts |
-General Concepts
-Accounting Concepts -Income Concepts -Deduction Concepts |
|
|
Chapter 3
Title: Income Sources |
-What is Income?
-Common Income Sources -Income from Transfers of Others -Intro to Capital Gains and Losses -Cash, Accrual, and Hybrid Methods |
|
|
Chapter 4
Title: Income Exclusions |
-Donative Items
-Employment-Related Exclusions -Payments Made on Behalf of an Employee -Returns of Human Capital (workers compensation and damages) -Investment-Related Exclusions |
|
|
Chapter 5
Title: Introduction to Business Expenses |
-Reporting Deductions
-Classification of Deductions -Mixed Business and Personal Expenditure -Tests for Deductibility -Deductions not allowed -Limited Mixed-Use Expenses -Timing of Deductions -Related Party Accrued Expenses -Financial and Taxable Income Differences |
|
|
Chapter 6
Title: Business Expenses |
-Meals and Entertainment
-Auto Expenses -Business Gifts, Education Expenses, and Compensation of Employees -Bad Debts -Insurance Expense, Taxes, and Legal Fees -Reimbursed Employee Business Expenses -Deductions for Self-Employed Taxpayers -Individual Retirement Accounts (IRA) -Deductions for Higher Education Expenses -Interest on Education Loans -Moving Expenses |
|
|
Chapter 7
Title: Losses - Deductions and Limitations |
-Annual Losses and Transaction Losses
-Net Operating Losses -Tax Shelter Losses -The At-Risk Rules -Passive Activity Losses -Trade or Business Losses -Business Casualty and Theft Losses -Investment Related Losses -Personal Use Losses -Tax Treatment of Personal Casualty and Theft Losses |
|
|
Chapter 8
Title: Taxation of Individuals |
-Personal and Dependency Exemptions
-Filing Status -Deductions FROM AGI -Itemized Deductions -Calculating Tax Liability -Income Tax Credits -Filing Requirements |
|
|
Chapter 9
Title: Acquisitions of Property |
-Classes of Property
-The Property Investment Cycle -Adjusted Basis -Property Dispositions -Initial Basis -Purchase of a Business -Gift Basis -Split Basis Rule -Basis of Property Acquired by Inheritance |
|
|
Chapter 10
Title: Cost Recovery on Property: Depreciation, Depletion, and Amortization |
-Affects of Timing
-Capital Recovery from Depreciation or Cost Recovery -Accelerated Cost Recovery System (ACRS) -Section 179 Election to Expose Assets -Property Subject to MACRS -Alternative Depreciation System (ADS) -Limitations of Listed Property -Depletion -Depletion Methods -Intangible Assets |
|
|
Chapter 11
Title: Property Dispositions |
-Realized Gain/Loss v.s. Recognized Gain/Loss
-Realized Gain/Loss -Capital Gains/Losses -Capital Gains/Losses - Planning Strategies -Sections 1231 Gains/Losses -Depreciation Recapture -Section 1245 Recapture Rule -Unrecaptured Section 1250 Gain -Summary of the Property Disposition Process |
|
|
Chapter 12
Title: Nonrecognition Transactions |
-Exchange of Like-Kind Property and Involuntary Conversion
-Rational for Nonrecognition -Commonalities of Nonrecognition Transactions -Like-Kind Exchanges -Like-Kind Property Requirements -Effect of Boot -Involuntary Conversions -Qualified Replacement Property -Sale of a Replacement Property |
|
|
Chapter 16
Title: Tax Research |
-Primary and Secondary Tax Authorities Difference
-Primary Sources of Federal Income Tax Law -Administrative Sources and Judicial Sources -Citations to Primary Authorities -Secondary Sources of Federal Income Tax Law -Computer-Assisted Tax Research (CATR) -Tax Research - Tax Compliance v.s. Tax Planning -The Steps of Tax Research |
