Roger's Stuff Flashcards
For AGI Adjustments
I EMBRACED ED/HEALTH/FARMS I-Interest on Student Loans-2500 E-Employment Tax-50%, Med Premiums-100% M-Moving Expenses B-Business Expense (Sch C) R-Rent/Royalty & Flow Through Entities (Shc E) A-Alimony (CANNOT) C-Contributions to Retirement (KEOGH/IRA) E-Early Withdrawal Penalty D-Jury Duty Pay Education-4000 Health Savings Accounts Farm Income (Sch F)
Itemized (Sch A) Deductions
COMMIT C-Charitable Contributions O-Other Misc M-Misc Other Expenses (2%) M-Medical Expenses I-Interest T-Taxes T-Theft or Casualty
Requirements to Deduct Alimony Paid?
CANNOT C-Cash Only (Not Property) A-Apart when payments are made (Not living together) N-Not Child Support N-Not Designated as property settlement O-Own return for payer/payee T-Terminates on death of recipient
Requirements to be a dependent?
C-IRS-Jack you up
C-Citizen
I-Income (Limited to personal exemption amount)
R-Relationship or unrelated and living with all year
S-Support over 50%
J-No Joint return with spouse
AMT Individuals Calculation
Regular Taxable Income \+/- Adj and preferences =AMTI before Exemption -Exemption =AMTI * Tax Rate (26%/28%) =Tentative minimum tax -Regular Tax \+AMT
AMT Adjustments?
SIMPLE-PIE
S-Standard Deduction NO
I-Interest on home equity loans for cash NO
M-Medical Exp under 10% of AGI NO
P-Personal and dependent exemptions NO
L-Local and State Inc, property and sales tax NO
E-Employee bus exp, Tax prep, Invest exp (2%) NO
TAX PREFERENCES
P-Private activity bond interest-Fully Taxable
I-Incentive stock options (Exercise market price)
E-Excess Depreciation on personal property (150%vsDDB)
Required to file a Registration Statement and Prospectus when?
SPIN S-offer Securities P-Public Issue (Large # of People) I-Interstate Commerce N-No other exemption is available GRIND G-Govt Securities R-Regulated Companies I-Insurance Contracts N-Non-Profit Orgs D-Debt to be paid w/in 9 Mo of borrowing
Exemptions for filing Registration Statement and Prospectus?
ACID-BRAINS
A-reg A-Small offerings
C-Commercial Paper (=<9mo)
I-Intrastate offerings-At least 80% sales in state.
D-reg D-Private Placement Offerings (504,505,506)
B-Brokerage Transactions
R-Regulated Industries
A-Agencies of the Govt (RR, Muni Bonds)
I-Insurance Contracts/Polices-Not stock in Ins Co.
N-Not for Profit
S-Stock Dividends and Splits-No Commission Pd.
Who can Sue? Plaintiff/Purchaser must prove?
MILE
M-Material Misstatement or Omission
I-Info in the Fin Smts was the cause of harm
L-Loss-Must have suffered financial loss because of info
E-Error caused by breach/non-performance.
A partnership formation is required to be in writing if…?
GROSS
G-sale of Goods is worth $500 or more
R-Real Estate Sales
O-Over one year is required to perform contract
S-Suretyship (Cosign)
S-Statements in consideration of marriage
In a partnership unanimous consent is required for…?
AGAST
A-Admitting new partner
G-Guaranteeing the debts of a 3rd party
A-Admitting or submitting a legal claim in court
S-Sale or pledge of partnership assets
T-Third parties are notified of a limit to the partners actual authority.
Corporate Income Tax Return (1120)
Gross Income (Worldwide) -Ordinary Deductions =Income before "Special Deductions" -Charitable Deductions -Dividend Received Deductions =Taxable Income *Tax Rate =Gross Tax Liability -Foreign Tax Credit =Regular Tax Liability \+Personal Holding Company Tax \+Accumulated Earnings Tax \+Alternative Minimum Tax =Total Tax Liability
Corporate AMT?
Regular Taxable Income \+/- Adj and Pref =AMTI before ACE Adj \+/-Adj Current Earnings (ACE) Adj =AMTI *Tax Rate =Tentative Minimum Tax -Regular Tax =AMT
What are the Adj and Pref for Corp AMT?
PILE
P-Private Activity Bonds
I-Installment sales of Inv (diff between accrual and…)
L-L/T contract inc calculated w/ % Completion
E-Excess deprec. on personal property-150% over DDB
What are the ACE (Adj Current Earnings) adjustment additions?
SLIM
S-70% DRD on dividends from unrelated corps
LI-Life Insurance proceeds on death of key employee
M-Muni Bond interest
