Regu 2 Flashcards

1
Q

State income tax refund

A

Taxable

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2
Q

Federal governmental obligations

A

Taxable

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3
Q

Tax consequences

A

Cash + fmv bond

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4
Q

Corporation casualty loss

A

Corporations do not have to reduce casualty losses by either a statutory floor or by 10% of AGI

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5
Q

Consolidated company (if parent 80%) do not report

A

Dividend income

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6
Q

Medical standard deduction

A

12,200

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7
Q

No recognition of gain

A

In order to qualify, a taxpayer has to acquiere qualified replacement property within 2 years after close of the 1st year.

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8
Q

Reorganization exchange

A

Nontaxable

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9
Q

Brankruptcy chapter 11 annual monetary incentives

A

Must be 10X average inducements offered to non-management employees and the inducement should be less than that

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10
Q

A taxpayer pays self employment tax on the earnings of the business if.

A

Net earnings of self-employment taxes are $400 or more

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11
Q

How to determine taxable gain each year?

A
  1. Calculate gross profit (sales price- cost basis)
  2. Calculate gross profit % = (gross profit)/ sales price
  3. Cash collection year 1 = down payment + installment payment
    Taxable gain in year 1 = 5000 * .5
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12
Q

Add back in alternative minimum tax

A
  1. Standard deduction
  2. Real estate taxes paid
  3. State income taxes paid
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13
Q

Charitable contribution deduction on schedule A

A
  1. Do not qualify contribution to senador campaign

2. Contribution to foreign organization

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14
Q

Adoption credit

A

Up to $14,080

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15
Q

Gross estate in the federal tax return includes

A

All property own including personal items and jewerly as wel as the jointly held land

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16
Q

Separate stated partnership income includes

A
  1. Interest income from checking account

2. Charitable contribution

17
Q

Securities act 1933

A

Investor is required only to prove the existence of a false statement or material omission

18
Q

Securities exchange act 1934

A

should include reliance on the inaccurate statement. The plaintiff must show that losses were caused by the accountant fraud, neglicence or breach of contract.

19
Q

Personal tax return deduction

A

The lesser of the basis or losses

20
Q

The age discrimination in employment act

A

Prohibited compulsory retirement of employees below the age of 65

21
Q

Voluntirlu filed requieres

A

The person must surrender inherited money within 180 days