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test your recall > ITX - 43B > Flashcards

ITX - 43B Flashcards

1
Q

Taxed as/rate: Life insurance dividends

A

Not taxable

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2
Q

Taxed as/rate: Qualified dividends

A

10% & 15% = 0%
25%, 28%, 32%, 35% = 15%
39.6% = 20%

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3
Q

Taxed as/rate: Money market mutual fund dividends

A

Ordinary income

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4
Q

Taxed as/rate: S-corp dividends

A

Ordinary income

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5
Q

Taxed as/rate: REIT dividends

A

Ordinary income

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6
Q

Taxed as/rate: MF distributions of STCGs and interest

A

Ordinary income

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7
Q

Taxed as/rate: Preferred stock dividends (most)

A

Ordinary income

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8
Q

Taxed as/rate: Capital gains - LT (other than collectibles and unrecaptured real estate depreciation)

A

10% & 15% = 0%
25%, 28%, 32%, 35% = 15%
39.6% = 20%

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9
Q

Taxed as/rate: Capital gains - ST

A

Ordinary income

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10
Q

Taxed as/rate: Installment sale (seller)

A

Each payment is part capital gain, part return of basis, and part interest (ordinary income)

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11
Q

Taxed as/rate: Private annuities

A

Each payment is part capital gain, part return of basis, and part interest (ordinary income)

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12
Q

Taxed as/rate: Commercial annuities - withdrawals

A

Ordinary income on earnings, plus 10% penalty if under age 59 1/2

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13
Q

Taxed as/rate: Commercial annuities - annuitized payments

A

Part return of basis and part ordinary income

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14
Q

Taxed as/rate: Life insurance withdrawals (non-MEC)

A

Ordinary income once basis has been exceeded

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15
Q

Taxed as/rate: Life insurance loans (non-MEC)

A

Not taxable

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16
Q

Taxed as/rate: Life insurance withdrawals & loans (MEC)

A

Ordinary income on earnings, plus 10% penalty if under age 59 1/2

17
Q

Taxed as/rate: DI insurance benefits (group)

A

Ordinary income if premiums were pre-tax

18
Q

Taxed as/rate: US government bond interest

A

Ordinary income

19
Q

Taxed as/rate: TIPS

A

Ordinary income on both the interest and the increase in principal each year

20
Q

Taxed as/rate: GNMA, FNMA, FHLMC interest

A

Ordinary income

21
Q

Taxed as/rate: Municipal bond interest

A

Federal tax exempt if public purpose; state and local tax exempt if resident

22
Q

Taxed as/rate: Zero coupon bond interest

A

Ordinary income on imputed interest

23
Q

Taxed as/rate: Passive losses (LP & rental)

A

Deduction limited to passive income

24
Q

Taxed as/rate: Alimony

A

Ordinary income to the receiver

25
Q

Taxed as/rate: Excess alimony

A

Recaptured as ordinary income in 3rd post-separation year

26
Q

Taxed as/rate: Social Security Income

A

Up to 85% of SS income may be taxed as ordinary income if combined (provisional) income exceeds the threshold

27
Q

Taxed as/rate: Restricted stock

A

Ordinary (W-2) income at maturity/exercise (no longer substantial risk of forfeiture on restricted stock

28
Q

Taxed as/rate: Phantom stock

A

Ordinary (W-2) income at maturity/exercise (no longer substantial risk of forfeiture on restricted stock

29
Q

Taxed as/rate: SARs

A

Ordinary (W-2) income at maturity/exercise (no longer substantial risk of forfeiture on restricted stock

30
Q

Taxed as/rate: Life Insurance Death Benefit

A

Not taxable unless transferred for value

31
Q

Taxed as/rate: ISO - At grant

A

no tax

32
Q

Taxed as/rate: ISO - At exercise

A

no tax

33
Q

Taxed as/rate: ISO - At sale if qualifying disposition

A

LTCG

34
Q

Taxed as/rate: ISO - At sale if disqualifying disposition

A

ordinary income on bargain element

rest is LT or ST capital gain based on holding period from exercise

35
Q

Taxed as/rate: NQSO - At grant

A

no tax

36
Q

Taxed as/rate: NQSO - At exercise

A

ordinary (W-2) income on bargain element (basis becomes full FMV on date of exercise)

37
Q

Taxed as/rate: NQSO - At sale

A

LT or ST capital gain based on holding period from exercise

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