Reg O Flashcards
Defense a surety can assert to limit the liability
Incapacity of the surety
Partnership with no define term
Partnership at will
Tax exempt organization
Can exempt the entiee income from tax on unrelated business income
Fair value of appreciated long-term stock
the deduction is limited to 30% of adjusted gross income
Non-like-kind exchanges
FMV + boot
Like kind-exchanges
Tax basis - Boot
Suspended loss
Se prorratear entre las dos
Overpayment
Report complete payment in year 1 and report refund in year 2
fob shipping contract, the risk of loss passes to the buyer when the goods
Are delivered to the carrier
Distribution
No se divide
Estate are allowed to elect
Calendar year or fiscal year
Trust are allowed to elect
fiscal year
Bad debt deduction
Only actual write off
Involuntary bankruptcy
3 o more people needed if there 12 creditor( need 15775)
Partnership realized gain
Cash received + parte de la deuda
Rollover cost basis
Se corre si en el caso de los regalo
seguro social tax base
Se deduce del net profit del self-employment
Passive losses could offset nonpassive income
If taxpayer participate actively up to the excess of 100,000
Income 100,000-15,000 50% deduction
Section 179
2,550,000
What % you need yo reclaim a dependant
More than 10%
Máximum nontaxable coverage
50,000
Ira distribution
Ordinary income
