Reg 5 Flashcards
Charitable contribution subject to the 60% limit that are not fully deductible in the year
Carried forward 5 years
Tax benefit rule
If refund was not deducted last year, refund is not taxable this year
Life insurance policy proceeds
Nontaxable
Interest in US treasury bonds
Should be included in gross income
Tax-free liquidation of an 80% or more owned subsidiary
The parent takes a carryover basis in the assets it receives from the subsidiary
Basis increase by 50% taxable income
s corporation
Basis in the new real property recieved
Fmv new property - deferred gaiin
1934 act apply
- share are traded on a national exchange
2. Which has at least 500 share holder in any 1 class are not accredited and more than $10 millions
Uniform capitalization rule of code 263A apply to retailers whose average gross receipts for the preceding 3 years exceed
10,000,000
Fob destination paper stolen and loss
Title passes to destination but risk dont transfer
Status of fraud
Doesn’t apply to contract that can be performed in less than a year
If an s corporation has no accumulated earning and income
The amount distributed to a shareholder decreases the shareholder basis
Credit for prior year alternative minimum tax liability may be
Carried forward indefenitely
Taxpayer may use the cash method of accounting
Qualified personal service corporation
Kiddie tax applies to child
Under age 24 full time college student
