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REG > Mnemonics > Flashcards

Mnemonics Flashcards

1
Q

HIM DEAD

A

No Penalty Tax:

Home-buyer

Insurance-medical

Medical expense

Disability

Education

And

Death

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2
Q

HIDE IT

A

Not taxable:

Homeowner exclusion (500,000 MJF)

Involuntary exchange (no gain recog)

Divorce property settlement

Exchange of like-kind

Installment sale

Treasury & capital stock

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3
Q

3.WRaP

A

Not deductible:

Wash sale losses

Related party losses losses (family, >50% owned)

And

Personal losses

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4
Q

HIPPE

A

Deductible Interest (to arrive AGI)

Home mortgage (home mortgage= $1,000,000; home equity = $100,000)

Investment

Personal (consumer)

Pre-paid

Educational loan ($2,500)

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5
Q

PANIC TIMME

A

AMT Adjustment (Individual):

+Passive loss

Accelerated depreciation

NOL

Installment sale income from dealer

Contracts - % vs. complete

+Tax deductions

+Interest deductions on home equity loans - (add back not for home portion)

+Med deductions (10% not 7.5%)

+Misc. deductions (add back 2%)

+Exemptions (personal) and standard deduction

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6
Q

FACCE

A

AMT Credits (Individual):

Foreign tax

Adoption

Child tax

Contribution to retirement plan

Earned income

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7
Q

3P

A

AMT Preference items (Individual + Corp)

Private bond

Pre-1987 accelerated depreciation

Percentage depletion deduction

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8
Q

ACE your MIND

A

(Adjusted Current Earnings - AMT Corp)

Municipal (or any tax exempt) interest income

Increase in CSV life insurance

Non SL depreciation

DRD (<20% owners, with 70% deduction)

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9
Q

CHRIST

A

Exempt Organizations not filing annual return:

Churches

High Schools - religious

Religious orders - priest, nun

Internal-supported groups

Societies - missionary related

Tax exempt - organized by Congress

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10
Q

DAMS

A

Fundamental Corporate Changes that require shareholders’ approval:

Dissolution

Amendment to the article

Mergers, consolidation, compulsory share exchanges

Sale of substantially all the corporation’s assets outside the regular course of business

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11
Q

RISE

A

Common Laws cover:

Real estate

Insurance

Services

Employment

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12
Q

MAIDS

A

Fraud:

Material misrepresentation

Actual & reasonable reliance

Intent

Damage

Scienter

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13
Q

MY LEGS

A

Statue of Frauds

Marriage > 1

Year

Land

Executors (to pay estate debt out of personal funds)

Goods > $500

Surety (pay the debt of another person)

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14
Q

SWAP

A

Exceptions to Statue of Frauds (UCC) - no writing needed

Specially manufactured goods

Written confirmation (bind it if not object by 10 days)

Admitted in court

Performed

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15
Q

SAVR

A

Attachment (creditor vs. debtor)

Security

Agreement

Value given by creditor debtor has

Rights to the collateral

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16
Q

CPR’S

A

Defense of Surety (discharge surety)

Creditor = bad guy

Payment or Tender of Payment(by debtor/3rd party)

Release of principal debtor covenant not to Sue (NOT discharge)

17
Q

RIBS

A

NOT file Chap.7

Railroads

Insurance companies

Banks S&L

18
Q

BIBS

A

NOT file Chap. 11

Brokers

Insurance

Banks

S&L

19
Q

WAFTED

A

Debts not discharged under Chap 7,11

Willful & malicious injury

Alimony Fines, debts from

Fraud

Taxes due <3 years

Educational Loans

Debts undisclosed in bankruptcy petition

20
Q

SAG WEG CTI

A

Priorities for distribution of debtor’s estate secured creditors

Support to spouse and children

Admin. fees

Gap Claims

Wages ($11,725)

Employee benefits ($11,725)

Grain farmers & fishermen ($5,775)

Consumer deposit ($2,600)

Tax claims

Intoxicated driving unsecured creditors

21
Q

BRINGS B/C

A

No required registrations (not covered by 1933 Act:

Banks

Railroads (common carriers)

Insurance POLICIES (but their securities need to register)

NFP

Government

Short-term commercial paper (<9mo)

Bankruptcy (issued under Chap 11)

Church

22
Q

LAM

A

Sec. 11 need to prove:

Loss

Acquired stock

Material misrepresentation and omission (Don’t need reliance + scienter, but Rule 10b-5 do)

23
Q

5% TIP

A

1934 Reporting requirement

10K,10Q,8K >=5% Owners

Tender offers

Insider (>10%) shareholders

Proxy solicitations (vote) and statements

24
Q

NIRD

A

Personal Holdings Company (PHC) income includes:

Net rent (if <50% ordinary income)

Interest - taxable portion

Royalties (no mineral, oil/gas, copyright royalties)

Dividends

REG (19 decks)

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