cumulative Flashcards
1
Q
filing status
A
MFJ MFS single Qualifying widower Single Head of Household
2
Q
Gross income
A
income from money, service, property
+ gain from property disposal
-muni bond int
+sale of home
3
Q
1245 recapture rules
A
-Applies to personal property
-lesser of gain or A/D is characterized as ordinary income
excess is 1232 Gain
4
Q
291 recapture
A
- applies to corp selling building
- 20% of the lesser of gain or A/D is ordinary income
5
Q
unrecaptured 1250 G
A
-applied to individuals, prtns, s-corp
-Gain is 1231 g–> netted with other G/L to determine new 1231 G/L for the year
-Lesser of gain or A/D taxed at 25%
excess is taxed as LTCG 0/15/20
6
Q
book tax differences
A
Permanent Vs Temporary
7
Q
Marginal Tax rate
A
=(new tax - Old tax) / (new taxable income - old taxable income)
