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INCOME TAXATION > matching type > Flashcards

matching type Flashcards

1
Q

Estate

A. Legal arrangement with a trustee
B. Has equitable title to property
C. Holds estate in trust for others
D. Excludes heirs’ income from property transfer
E. Can be canceled by the grantor
F. Sum of estate’s income items
G. Tax on property transfer value
H. Legal process for estate closure
I. Shares estate among co-owners
J. Cannot be altered after creation

A

C

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2
Q

Beneficiary

A. Legal arrangement with a trustee
B. Has equitable title to property
C. Holds estate in trust for others
D. Excludes heirs’ income from property transfer
E. Can be canceled by the grantor
F. Sum of estate’s income items
G. Tax on property transfer value
H. Legal process for estate closure
I. Shares estate among co-owners
J. Cannot be altered after creation

A

B

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3
Q

Fiduciary

A. Legal arrangement with a trustee
B. Has equitable title to property
C. Holds estate in trust for others
D. Excludes heirs’ income from property transfer
E. Can be canceled by the grantor
F. Sum of estate’s income items
G. Tax on property transfer value
H. Legal process for estate closure
I. Shares estate among co-owners
J. Cannot be altered after creation

A

C

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4
Q

Trust

A. Legal arrangement with a trustee
B. Has equitable title to property
C. Holds estate in trust for others
D. Excludes heirs’ income from property transfer
E. Can be canceled by the grantor
F. Sum of estate’s income items
G. Tax on property transfer value
H. Legal process for estate closure
I. Shares estate among co-owners
J. Cannot be altered after creation

A

A

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5
Q

Revocable Trust

A. Legal arrangement with a trustee
B. Has equitable title to property
C. Holds estate in trust for others
D. Excludes heirs’ income from property transfer
E. Can be canceled by the grantor
F. Sum of estate’s income items
G. Tax on property transfer value
H. Legal process for estate closure
I. Shares estate among co-owners
J. Cannot be altered after creation

A

E

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6
Q

Gross Income

A. Legal arrangement with a trustee
B. Has equitable title to property
C. Holds estate in trust for others
D. Excludes heirs’ income from property transfer
E. Can be canceled by the grantor
F. Sum of estate’s income items
G. Tax on property transfer value
H. Legal process for estate closure
I. Shares estate among co-owners
J. Cannot be altered after creation

A

F

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7
Q

Estate Tax

A. Legal arrangement with a trustee
B. Has equitable title to property
C. Holds estate in trust for others
D. Excludes heirs’ income from property transfer
E. Can be canceled by the grantor
F. Sum of estate’s income items
G. Tax on property transfer value
H. Legal process for estate closure
I. Shares estate among co-owners
J. Cannot be altered after creation

A

G

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8
Q

Judicial Settlement

A. Legal arrangement with a trustee
B. Has equitable title to property
C. Holds estate in trust for others
D. Excludes heirs’ income from property transfer
E. Can be canceled by the grantor
F. Sum of estate’s income items
G. Tax on property transfer value
H. Legal process for estate closure
I. Shares estate among co-owners
J. Cannot be altered after creation

A

H

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9
Q

Co-ownership

A. Legal arrangement with a trustee
B. Has equitable title to property
C. Holds estate in trust for others
D. Excludes heirs’ income from property transfer
E. Can be canceled by the grantor
F. Sum of estate’s income items
G. Tax on property transfer value
H. Legal process for estate closure
I. Shares estate among co-owners
J. Cannot be altered after creation

A

I

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10
Q

Irrevocable Trust

A. Legal arrangement with a trustee
B. Has equitable title to property
C. Holds estate in trust for others
D. Excludes heirs’ income from property transfer
E. Can be canceled by the grantor
F. Sum of estate’s income items
G. Tax on property transfer value
H. Legal process for estate closure
I. Shares estate among co-owners
J. Cannot be altered after creation

A

J

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11
Q

GPP

a. Partnership taxed as corporation
b. Limited to preservation activities, taxed individually
c. Deduction choice up to 40% gross income
d. Profits taxed as dividends to partners
e. Income passed directly to partners
f. Partners’ portion in GPP net income
g. GPP deduction method, individual expenses
h. Tax-free income status when limited to preservation activities
i. Document detailing partner shares and GPP income
j. Tax concept where income is taxed when available, even if not received

A

E

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12
Q

OSD

a. Partnership taxed as corporation
b. Limited to preservation activities, taxed individually
c. Deduction choice up to 40% gross income
d. Profits taxed as dividends to partners
e. Income passed directly to partners
f. Partners’ portion in GPP net income
g. GPP deduction method, individual expenses
h. Tax-free income status when limited to preservation activities
i. Document detailing partner shares and GPP income
j. Tax concept where income is taxed when available, even if not received

A

C

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13
Q

General Co-Partnership

a. Partnership taxed as corporation
b. Limited to preservation activities, taxed individually
c. Deduction choice up to 40% gross income
d. Profits taxed as dividends to partners
e. Income passed directly to partners
f. Partners’ portion in GPP net income
g. GPP deduction method, individual expenses
h. Tax-free income status when limited to preservation activities
i. Document detailing partner shares and GPP income
j. Tax concept where income is taxed when available, even if not received

A

A

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14
Q

Pass-Through Entity

a. Partnership taxed as corporation
b. Limited to preservation activities, taxed individually
c. Deduction choice up to 40% gross income
d. Profits taxed as dividends to partners
e. Income passed directly to partners
f. Partners’ portion in GPP net income
g. GPP deduction method, individual expenses
h. Tax-free income status when limited to preservation activities
i. Document detailing partner shares and GPP income
j. Tax concept where income is taxed when available, even if not received

A

E

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15
Q

Distributive Share

a. Partnership taxed as corporation
b. Limited to preservation activities, taxed individually
c. Deduction choice up to 40% gross income
d. Profits taxed as dividends to partners
e. Income passed directly to partners
f. Partners’ portion in GPP net income
g. GPP deduction method, individual expenses
h. Tax-free income status when limited to preservation activities
i. Document detailing partner shares and GPP income
j. Tax concept where income is taxed when available, even if not received

A

F

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16
Q

Co-ownership

a. Partnership taxed as corporation
b. Limited to preservation activities, taxed individually
c. Deduction choice up to 40% gross income
d. Profits taxed as dividends to partners
e. Income passed directly to partners
f. Partners’ portion in GPP net income
g. GPP deduction method, individual expenses
h. Tax-free income status when limited to preservation activities
i. Document detailing partner shares and GPP income
j. Tax concept where income is taxed when available, even if not received

A

B

17
Q

Itemized Deductions

a. Partnership taxed as corporation
b. Limited to preservation activities, taxed individually
c. Deduction choice up to 40% gross income
d. Profits taxed as dividends to partners
e. Income passed directly to partners
f. Partners’ portion in GPP net income
g. GPP deduction method, individual expenses
h. Tax-free income status when limited to preservation activities
i. Document detailing partner shares and GPP income
j. Tax concept where income is taxed when available, even if not received

A

G

18
Q

Corporate Tax Treatment

a. Partnership taxed as corporation
b. Limited to preservation activities, taxed individually
c. Deduction choice up to 40% gross income
d. Profits taxed as dividends to partners
e. Income passed directly to partners
f. Partners’ portion in GPP net income
g. GPP deduction method, individual expenses
h. Tax-free income status when limited to preservation activities
i. Document detailing partner shares and GPP income
j. Tax concept where income is taxed when available, even if not received

A

D

19
Q

Annual Information Return

a. Partnership taxed as corporation
b. Limited to preservation activities, taxed individually
c. Deduction choice up to 40% gross income
d. Profits taxed as dividends to partners
e. Income passed directly to partners
f. Partners’ portion in GPP net income
g. GPP deduction method, individual expenses
h. Tax-free income status when limited to preservation activities
i. Document detailing partner shares and GPP income
j. Tax concept where income is taxed when available, even if not received

A

I

20
Q

Constructive Receipt

a. Partnership taxed as corporation
b. Limited to preservation activities, taxed individually
c. Deduction choice up to 40% gross income
d. Profits taxed as dividends to partners
e. Income passed directly to partners
f. Partners’ portion in GPP net income
g. GPP deduction method, individual expenses
h. Tax-free income status when limited to preservation activities
i. Document detailing partner shares and GPP income
j. Tax concept where income is taxed when available, even if not received

A

J

21
Q

Royalties

a. Payments for intellectual property use
b. Payments from investments
c. Sale of property at a profit
d. Shareholder profits
e. non-cash payments for services
f. Small-value employee benefits
g. Additional employee perks
h. Income from tenant payments
i. Retirement payments
j. Time interval for wage computation

A

A

22
Q

Interest

a. Payments for intellectual property use
b. Payments from investments
c. Sale of property at a profit
d. Shareholder profits
e. non-cash payments for services
f. Small-value employee benefits
g. Additional employee perks
h. Income from tenant payments
i. Retirement payments
j. Time interval for wage computation

A

B

23
Q

Gains from property dealings

a. Payments for intellectual property use
b. Payments from investments
c. Sale of property at a profit
d. Shareholder profits
e. non-cash payments for services
f. Small-value employee benefits
g. Additional employee perks
h. Income from tenant payments
i. Retirement payments
j. Time interval for wage computation

A

C

24
Q

Dividends

a. Payments for intellectual property use
b. Payments from investments
c. Sale of property at a profit
d. Shareholder profits
e. non-cash payments for services
f. Small-value employee benefits
g. Additional employee perks
h. Income from tenant payments
i. Retirement payments
j. Time interval for wage computation

A

D

25
Q

Compensation in Kind

a. Payments for intellectual property use
b. Payments from investments
c. Sale of property at a profit
d. Shareholder profits
e. non-cash payments for services
f. Small-value employee benefits
g. Additional employee perks
h. Income from tenant payments
i. Retirement payments
j. Time interval for wage computation

A

E

26
Q

De minimis benefit

a. Payments for intellectual property use
b. Payments from investments
c. Sale of property at a profit
d. Shareholder profits
e. non-cash payments for services
f. Small-value employee benefits
g. Additional employee perks
h. Income from tenant payments
i. Retirement payments
j. Time interval for wage computation

A

F

27
Q

Fringe Benefits

a. Payments for intellectual property use
b. Payments from investments
c. Sale of property at a profit
d. Shareholder profits
e. non-cash payments for services
f. Small-value employee benefits
g. Additional employee perks
h. Income from tenant payments
i. Retirement payments
j. Time interval for wage computation

A

G

28
Q

Rental Income

a. Payments for intellectual property use
b. Payments from investments
c. Sale of property at a profit
d. Shareholder profits
e. non-cash payments for services
f. Small-value employee benefits
g. Additional employee perks
h. Income from tenant payments
i. Retirement payments
j. Time interval for wage computation

A

H

29
Q

Pensions

a. Payments for intellectual property use
b. Payments from investments
c. Sale of property at a profit
d. Shareholder profits
e. non-cash payments for services
f. Small-value employee benefits
g. Additional employee perks
h. Income from tenant payments
i. Retirement payments
J. Time interval for wage computation

A

I

30
Q

Payroll Period

a. Payments for intellectual property use
b. Payments from investments
c. Sale of property at a profit
d. Shareholder profits
e. non-cash payments for services
f. Small-value employee benefits
g. Additional employee perks
h. Income from tenant payments
i. retirement payments
j. Time interval for wage computation

A

J

31
Q

Tips

a. Voluntary gift from a customer.
b. Non-compensation income.
c. Not applicable to tips paid directly by customers.
d. Includes gratuities received by employees.
e. Required for personal income tax computation.
f. Not mandatory for directly paid gratuities.
g. Distinct from voluntary tips.
h. Excluded from tips computation.
i. Source of gratuities.

A

A

32
Q

Gratuity

a. Voluntary gift from a customer.
b. Non-compensation income.
c. Not applicable to tips paid directly by customers.
d. Includes gratuities received by employees.
e. Required for personal income tax computation.
f. Not mandatory for directly paid gratuities.
g. Distinct from voluntary tips.
h. Excluded from tips computation.
i. Source of gratuities.

A

B

33
Q

Withholding Tax

a. Voluntary gift from a customer.
b. Non-compensation income.
c. Not applicable to tips paid directly by customers.
d. Includes gratuities received by employees.
e. Required for personal income tax computation.
f. Not mandatory for directly paid gratuities.
g. Distinct from voluntary tips.
h. Excluded from tips computation.
i. Source of gratuities.

A

C

34
Q

Taxable Income

a. Voluntary gift from a customer.
b. Non-compensation income.
c. Not applicable to tips paid directly by customers.
d. Includes gratuities received by employees.
e. Required for personal income tax computation.
f. Not mandatory for directly paid gratuities.
g. Distinct from voluntary tips.
h. Excluded from tips computation.
i. Source of gratuities.

A

D

35
Q

Employee Declaration

a. Voluntary gift from a customer.
b. Non-compensation income.
c. Not applicable to tips paid directly by customers.
d. Includes gratuities received by employees.
e. Required for personal income tax computation.
f. Not mandatory for directly paid gratuities.
g. Distinct from voluntary tips.
h. Excluded from tips computation.
i. Source of gratuities.

A

E

36
Q

Employer Reporting

a. Voluntary gift from a customer.
b. Non-compensation income.
c. Not applicable to tips paid directly by customers.
d. Includes gratuities received by employees.
e. Required for personal income tax computation.
f. Not mandatory for directly paid gratuities.
g. Distinct from voluntary tips.
h. Excluded from tips computation.
i. Source of gratuities.

A

F

37
Q

Service Charge

a. Voluntary gift from a customer.
b. Non-compensation income.
c. Not applicable to tips paid directly by customers.
d. Includes gratuities received by employees.
e. Required for personal income tax computation.
f. Not mandatory for directly paid gratuities.
g. Distinct from voluntary tips.
h. Excluded from tips computation.
i. Source of gratuities.

A

G

38
Q

Payroll Tax

a. Voluntary gift from a customer.
b. Non-compensation income.
c. Not applicable to tips paid directly by customers.
d. Includes gratuities received by employees.
e. Required for personal income tax computation.
f. Not mandatory for directly paid gratuities.
g. Distinct from voluntary tips.
h. Excluded from tips computation.
i. Source of gratuities.

A

H

39
Q

Customer Payment

a. Voluntary gift from a customer.
b. Non-compensation income.
c. Not applicable to tips paid directly by customers.
d. Includes gratuities received by employees.
e. Required for personal income tax computation.
f. Not mandatory for directly paid gratuities.
g. Distinct from voluntary tips.
h. Excluded from tips computation.
i. Source of gratuities.

A

I

INCOME TAXATION (9 decks)

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