REG Mnemonics Flashcards
CARES - Qualifying Child
C - Close Relative A - Age R - Residency E - Eliminate Gross Income (person does not have enough income) S - Support (more than half)
SUPORT - Qualifying Relative
S - Support (more than 50%) U - Under Gross Income P - Precludes MFJ O - Only citizens, residents, NAFTA R - Relative or T - Taxpayer lives with them WHOLE YR
HIMDEAD - IRA Penalty Exemptions
H - Home ( used $10,000 to buy first home)
I - Insurance (Health Insurance Premiums, unemployed)
M - Medical expenses from Sch A
D - Dead
E - Education
A - Adoption, or birth of child
D - Death
HIDEIT - Do not recognize Gains
H = Homeowner's Exclusions I = Involuntary Conversion D = Divorce Prop Settlement E = Exchange (Like-Kind) I = Installment Sale T = Treasury Capital and Stock
WRaP - Do not recognize Losses
W = Wash Sale Losses
R = Related Party Losses
and
P = Personal Losses
HAAALCE - Personal Service Corporation Fields
H = Health (Mari) A = Actuarial Science (Risk Assess - Casey Conrad) A = Accounting (Jambrina) A = Architecture (Howie) L = Law (Rosas) C = Consulting (BDO) E = Engineering (Richi)
TAPE - Order of Loss Limitations
T = Tax Basis A = At-Risk Loss P = Passive Activity Loss E = Excess Business Loss
LORA - Duties of Agent to Principal
L = Loyalty O = Obedience R = Reasonable Care A = Account
ALE - Elements of Enforceable Contract
A = Agreement made up on offer and acceptance. L = Lack of Defenses E = Exchange of Consideration
DIFDDS - 6 events that would terminate an agency by operation of law
D = Death of principal or agent. I = Incapacity of principal. F = Failure to acquire a necessary license. D = Discharge in bankruptcy of the principal. D = Destruction of the subject matter of the agency. S = Subsequent illegality.
RISE - Common law contracts
R = Real Estate I = Insurance S = Services E = Employment
PTINQ - Definite terms of a contract under common law?
P = Price. T = Time of performance. I = Identity of the person receiving the offer and the subject matter. N = Nature of the work. Q = Quantity.
MAIDS - 5 Elements of Fraud
M = Misrepresentation of Material Fact A = Actual Reliance I = Induce Reliance D = Damages S = Scienter
FIDI - Void Defenses
F = Fraud in the Execution I = Illegality D = Duress (Physical) I = Incompetency
MYLEGS - Written contracts:
M = Marriage Y = Year (contracts over) L = Land (Sale or lease) E = Executors (Estate) G = Goods (>$500) S = Surety
PCS - Conditions validly present in contracts
P = Precedent C = Concurrent S = Subequent
SWAP - Exceptions to MYLEGS
S = Specially Manufactured Goods W = Written Confirmation A = Admitted in Court P = Performed
PANICTS - Adjustments to AMT
PANIC increases or decreases
TS only increases
P - PAL A - Accelerated Depreciation N - NOL I - Installment income of a dealer C - Contracts T - Tax deductions - S - Standard Deduction
3Ps - AMT preference items
P - Private activity bond interest income
P - Percentage Depletion deduction
P - Pre-1987 accelerated depreciation
3Ps always increase
CPRS - Defenses of Surety (Do not have to pay the creditor).
C = Creditor acted in bad faith. P = Paid debt or tender of performance. R = Release of principal debtor. S = Surety is incapacitated/bankrupt.
ESI - Surety Rights Against Debtor.
E = Exoneration. S = Subrogation. I = Indemnification.
DEC - Surety Rights Against Debtor.
D = Defined 2> cosureties liable for the same obligation. E = Exoneration. C = Contribution.
FACTT - 5 methods of perfecting.
F = Filing (Financing Statement). A = Automatic perfection (PMSI for consumer goods, upon attachment). C = Control (investment property). T = Taking posession of the collaterial (pawn shop). T = Temporary perfection.
DIII - Property of the bankrupcty estate that can be taken from me within 180 days that I file for bankruptcy.
D = Divorce settlement. I = Inheritance. I = Insurance. I = Income generated from estate property.
WAFTED - Debts that survive bankruptcy under Ch 7 and Ch 11.
W = Willful and malicious injury (DWI). A = Alimony. F = Fraud, fines and penalties. T = Taxes. E = EStudent loans. D = Debts undisclosed.
SAG WEG CTI - 9 types of priority claimants under Ch 7, and the order in which they get paid.
S = Support obligations. A = Admin fees. G = GAP. W = Wages owed. E = Employee benefits owed. G = Grain farmers. C = Consumer deposits. T = Tax claims. I = Injury for DWI.
DAMS - Corporation Fundamental Changes
D = Dissolution. A = Amendments to the articles of incorp. M = Mergers. S = Sale.
MINTA - Preferential payments
M = More I = Insolvent N = 90 days T = Transfer A = Antecedents
GRA - 3 elements of Attachment
G = Give value R = Rights in collateral A = Agreement
