Tax

Question 1

Are revenue rulings precedent?

Answer 1

yes

Question 2

penalties

Answer 2

frivolous $5k, negligent 20%, fraud 75%, failure to file five %, failure to pay point5% up to 25%

Question 3

estimated tax

Answer 3

90% of current yr, 100% of prev yr, 110% of prev year if >150k

Question 4

qual widow parent

Answer 4

MFJ yr of death, +2 yr after w/kids in care (watch yr vs filing yr)

Question 5

SE amount & applied to?

Answer 5

.1413, sched C, K-1, bd of dir, 1099

Question 6

Casualty loss calc

Answer 6

lesser of basis/FMV, less ins, less $100, less 10% AGI

Question 7

Order of 1040

Answer 7

gross > adjustments > AGI > deductions > taxable income > tax > less credits/add other > liability > less tax pd > net

Question 8

adjustments FOR AGI

Answer 8

SEP/IRA, 1/2 SE, health ins, HSA

Question 9

other taxes

Answer 9

Schedule 2, SE, H, AMT

Question 10

schedules ABCDEFH

Answer 10

abode, bank, company, dealer, easy, household

Question 11

sect 197

Answer 11

intangibles

Question 12

criteria for $500 dep credit

Answer 12

less than $5050 income

Question 13

dependent care credit

Answer 13

20% of 3k or 6k

Question 14

profitable biz, no QBI

Answer 14

c-corp

Question 15

losses, liability

Answer 15

s-corp, LLP

Question 16

losses, no liab

Answer 16

sole prop, partnership

Question 17

basis increased in s-corp for?

Answer 17

direct loans only

Question 18

$25k real estate phaseout

Answer 18

100-150k

Question 19

AMT preference

Answer 19

intangible drilling, private activity muni bond, oil & gas % depletion, depreciation

Question 20

AMT add back

Answer 20

ISO bargain element, SALT

Question 21

personal use RE

Answer 21

> 14 days or 10% rental use

Question 22

low income housing

Answer 22

$25k times tax bracket for 10 yrs

Question 23

QCD subtract what

Answer 23

IRA contrib

Question 24

Annuity penalty if annuitized

Answer 24

0

Question 25

charity 30% of AGI (FMV) only if

Answer 25

use related LTCG

Question 26

bargain sale =

Answer 26

sale price/FMV X basis