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17 Cards in this Set
- Front
- Back
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Individual Tax Calculation |
Gross Income AGI Taxable Income |
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Federal Income Tax Due/Refund Calculation |
Federal Income Tax
Other Taxes Tax Due/Refund |
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Exceptions to 10% penalty for premature withdrawal from IRA |
Home buyer (1st time, $10,000, 120 days) Insurance Medical Expenses (in excess of 10% of AGI) Disability Education Death |
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Itemized Deductions Not Phased Out |
Gambling losses Investment interest expense Medical expenses Casualty/death |
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Adjustments for AMTI |
PALs Accelerated Depreciation (Post-1986) NOLs Installment Income of a Dealer Contracts Tax "Deductions" Interest Deductions for "Equity Loans" Medical Expenses (>10% of AGI) Miscellaneous Deductions Not Allowed Exemptions (personal & standard) |
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Tax Preference Items |
Private Activity Bond Interest Income Percentage Depletion (Excess > Adjusted Basis of Property) Pre-1987 Accelerated Depreciation |
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AMT Credit |
Foreign Tax Credit Adoption Credit Child Tax Credit Contributions to Retirement Plan Credit Earned Income Credit |
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Adjusted Current Earnings Adjustments |
Municipal Interest Income
Organizational Expense Amortization Life Insurance Proceeds Difference between AMT and ACE Depreciation DRD |
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Exempt Entities Not Required to Annually File |
Churches High Schools (Religious) Religious Orders Internal Support Auxillaries Societies (MIssionary-Related) Tax Exempt - Organized by Congress |
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Requirements of Negotiability |
Written Signed Unconditional Fixed amount of money Payable on demand or at a particular time To order or bearer |
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Requirements to be a HDC |
Give value Act in good faith Be "without notice" of any claims or defenses Negotiable |
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Maker/Drawer Real Defenses |
Forgery/Fraud in the Execution Altered materially/Adjudicated Insane Infancy/Illegal Duress/Discharged in bankruptcy Surety/Statute of Limitations |
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Required for Attachment |
Written, signed agreement or creditor takes possession of collateral Creditor gives value Debtor has to have the rights to the collateral |
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Order of Priority Payment of Debtor's Estate |
Secured creditors Priority creditors Support Admin expenses/fees Gap period creditors Wages > 12475 earned within 180 days Employee benefits General creditors |
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Statute of Frauds |
Marriage contracts that can't be performed in a Year sale of Land or Leases Executor takes responsibility of debts of decedent sale of Goods > $500 Surety contract |
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Merchant's Firm Offer Requirements |
Seller has to be a merchant Has to be in writing and signed by the merchant Has to promise to keep the offer open Maximum amount of time open: 90 days unless you pay consideration for it to be open longer |
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Statute of Frauds Exceptions |
Specially manufactured Written confirmation Admitted in court Performed in full |
