REG 2 Flashcards
Separate Items
- Charitable controb.
- interest inc.
- dividend inc
- rent
- sect 179
- (foreign) tax credits
- G/L on sale of collectables
S-Corp member income
S-Corp Oper. inc * % ownership
***Dont include S-Corp distributions
Qualifying Bus
- Architect
- Engineering firm
QBI above phase out calculation
Greator of: 1. % ownership * (50% * W-2) 2. % own * [(25% * w-2) + (2.5% of unadj. prop)] Lessor of: 1. QBI * 20% 2. Above Lessor of: 1. Above 2. 20% taxable inc. in excess of capt. gains
QBI Phase out
Single: 157- 207
MFJ: 221400 - 321400
Actively part. in rental prop calc
income
(phase out)
* .5 = x
25 - x
Emp Stock Purch Plan
exceptions
- opt. exercise price cant be less than 85% of FMV of the stock when grant/ exersice
- Must be exercised within 27 months after grant
Limited Liability company must file
Articles of Organization w/ the secretary of state
LLC must file
- Bylaws
- Articles of Incorporation
Operating Agreement is
agreement between members containing provisions relating to mgt, profit sharing, transferring interests. Not filled w/ the state
Like kind exchange gain realized
FMV of new prop
+ Boot rec.
- Boot paid
- Adj basis of old prop
Basis in new property
Adj. basis in old prop
+ Gain
+ Boot paid
- Boot rec
Types of taxable payments to foreign person
- interest pmt from a savings account at a US bank
- pmt to a foreign fin. institution that does not provide information about US person
- a dividend pmt from a US corp
Casualty Loss calc
Lessor of damages/decrease in FMV after event/adj basis
- ins. proceeds
- 10% income
- 100
Deduction for intrest on investment indebtedness is limited to…
the taxpayer net investment income
