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David Freiler
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Decks in this class (54)
Tax 1-1 Describe terms related to income taxation.
Tax 1 1 terms related to income t...,
Tax 1 1 terms related to income t...,
Tax 1 1 terms related to income t...
34
cards
Tax 1-2 Identify the steps in the tax calculation process.
Tax 1 2 identify the steps in the...
1
cards
Tax 1-3 Identify items of inclusion, exclusions, deductions, or tax credits.
Tax 1 3 1 all of the following ar...,
Tax 1 3 3 which one of the follow...,
Tax 1 3 19 qualified private acti...
24
cards
Tax 1-4 Analyze a situation to calculate total income for tax purposes.
2 which one of the following item...,
Some expenses are subject to a __...,
Items such as wages commissions t...
4
cards
Tax 1-5 Analyze a situation to calculate adjusted gross income.
Adjusted gross income 1,
Adjusted gross income 2,
Adjusted gross income 3
30
cards
Tax 1-6 Analyze a situation to calculate taxable income.
Calculate taxable income 1,
Calculate taxable income 2,
Calculate taxable income 3
39
cards
Tax 1-7 Analyze a situation to calculate available tax credits or total tax due.
In 2016 a taxpayer buys 8 000 of ...,
John and karen postman have spent...,
9 john and karen postman will spe...
16
cards
Tax 1-8 Analyze a situation to calculate the equivalent tax benefit of exclusions or deductions to tax credits.
Exclusions deductions and tax cre...,
Exclusions deductions and tax cre...,
Exclusions deductions and tax cre...
5
cards
Tax 1-9 Evaluate a situation to select fundamental methods of managing the client’s tax liability.
Managing the client s tax liabili...,
Managing the client s tax liabili...,
Managing the client s tax liabili...
11
cards
Tax 2-1 Identify characteristics, advantages and disadvantages of the cash or accrual method of accounting.
Question 1 of 30 which one of the...,
Question 2 of 30 under which one ...,
Question 16 of 30 with respect to...
8
cards
Tax 2-2 Evaluate a situation to select the most appropriate method of tax accounting to use.
Accounting methods the taxpayer i...,
Accounting methods businesses tha...,
Accounting methods a business may...
19
cards
Tax 2-3 Identify an advantage or disadvantage of a particular method of inventory valuation.
Question 4 of 30 which of the fol...,
Question 5 of 30 which one of the...,
Question 20 of 30 which one of th...
8
cards
Tax 2-4 Explain characteristics, advantages, or disadvantages of a business form.
Question 6 of 30 which of the fol...,
Question 7 of 30 the partner s ta...,
Example as mentioned earlier the ...
14
cards
Tax 2-5 Identify requirements for a valid S corporation election.
S corporations question 10 of 30 ...,
S corporations question 11 of 30 ...,
S corporations question 13 of 30 ...
32
cards
2-6 Evaluate a situation to recommend the most appropriate business form.
Business forms simplicity of form...,
Risk of personal liability 2,
Business forms to qualify as an _...
17
cards
Tax 2-7 Analyze a situation to calculate the allowable home-office deduction.
Home office deduction 1,
Home office deduction 2,
Home office deduction 3
9
cards
3-1 Identify the type of property in a situation.
Types of property initially a fin...,
Examples of property classificati...,
Examples of property classificati...
18
cards
Tax 3-2 Analyze a situation to determine the correct treatment for property related expenditures.
Capital expenditures like improve...,
Personal expenditures like life h...,
Management repairs a currently de...
20
cards
Tax 3-3 Analyze a situation to calculate the adjusted basis of property.
Basis a taxpayer s basis in an as...,
Basis when an asset is received a...,
Basis when an asset is received a...
28
cards
Tax 3-4 Analyze a situation to calculate the cost recovery deductions over the recovery period.
Cost recovery when a taxpayer pur...,
Cost recovery a taxpayer may be e...,
Cost recovery both personalty and...
25
cards
Tax 3-5 Analyze a situation to calculate the election or deduction amount under Section 179.
Section 179 section 179 expense e...,
Section 179 under section 179 of ...,
Section 179 there are two distinc...
18
cards
Tax 3-6 Analyze a situation to calculate the amount of cost recovery recapture, or unrecaptured Section 1250 income.
Section 1250 income certain sales...,
Section 1250 income 12 cindy hoff...,
Section 1250 income 13 julian kle...
20
cards
Tax 3-7 Analyze a situation to determine the tax treatment of Section 1231 property transactions.
Section 1231 rules 14 which of th...,
Section 1231 rules 22 the lookbac...,
Section 1231 rules 29 during the ...
10
cards
Tax 4-1 Analyze a situation to identify an exchange of assets that qualifies for like-kind treatment.
Like kind exchange of assets 1,
Like kind exchange of assets 2,
Like kind exchange of assets 3
25
cards
Tax 4-2 Analyze a situation to calculate the gain or loss realized, the gain or loss recognized, or the substituted basis for a like-kind exchange.
Computations for a like kind exch...,
Computations for a like kind exch...,
Computations for a like kind exch...
20
cards
Tax 4-3 Identify the rules related to the Section 121 exclusion (Sale of Residence)
Sale of a principal residence 1,
Sale of a principal residence 2,
Sale of a principal residence 3
33
cards
Tax 4-4 Analyze a situation involving a disposition of a personal residence to calculate the gain or loss realized and the gain or loss recognized.
Personal residence gain or loss c...,
Personal residence gain or loss c...,
Personal residence gain or loss c...
14
cards
Tax 4-5 Identify the rules relating to an installment sale.
Installment sales the general rul...,
Installment sales the ____ ____ t...,
Installment sales it is possible ...
10
cards
Tax 4-6 Analyze a situation to calculate the taxable portion of an installment sale.
Calculate tax of installment sale 1,
Calculate tax of installment sale 2,
Calculate tax of installment sale 3
12
cards
Tax 4-7, 8 Identify rules related to casualty and theft losses.
Casualty and theft losses 1,
Casualty and theft losses 2,
Casualty and theft losses 3
32
cards
Tax 4-9 Identify rules relating to an involuntary conversion.
Involuntary conversions 1,
Involuntary conversions 2,
Involuntary conversions 3
14
cards
Tax 5-1 Identify legal forms or structures a direct participation program may use and the tax and nontax considerations in selecting a form.
Direct participation programs 1,
Direct participation programs 2,
Direct participation programs 3
6
cards
Tax 5-2 Identify tax mechanisms that enable direct participation programs to provide specific tax advantages.
Tax benefits the benefits that fl...,
Direct participation program 2,
Direct participation program 3
18
cards
Tax 5-3 Identify factors that may limit the availability of federal income tax benefits from a direct participation program.
Limitations of tax benefits 1,
Limitations of tax benefits 2,
Limitations of tax benefits 3
19
cards
Tax 5-4, 5, 6, 7 Passive Activity Rules
Passive activity loss rules 1,
Passive activity loss rules 2,
Passive activity loss rules 3
61
cards
Tax 5-8, 9 Vacation Home Rules
Vacation home rules clients of fi...,
Vacation home rules if a taxpayer...,
Vacation home rules section 280a ...
17
cards
Tax 6-1 & 2 Life Insurance
Life insurance the life insurance...,
Life insurance in 1984 congress a...,
Life insurance presuming that the...
34
cards
Tax 6-3 & 4 Annuities
Annuities the buyer of an annuity...,
Annuities annuities also vary as ...,
Annuities exclusion ratio even th...
23
cards
Tax 6-5 & 6 Capital Gains and Losses
Capital gains and losses 1,
Capital gains and losses 2,
Capital gains and losses 3
70
cards
Tax 6-7 Analyze a situation to calculate the amount of investment interest expense that is deductible.
Investment interest expense 1,
Investment interest expense 2,
Investment interest expense 3
13
cards
Tax 6-8 Identify characteristics of a form of real or potential dividends.
Dividends identify characteristic...,
Dividends identify characteristic...,
Dividends identify characteristic...
17
cards
Tax 7-1,2,3 Intrafamily Transfers
Unearned income rules 1,
Unearned income rules 2,
Unearned income rules 3
53
cards
Tax 7-4 Analyze a situation involving a trust to determine whether its income is taxed to the grantor, the trust entity, or some other person.
Trusts examine each of the follow...,
Trusts examine each of the follow...,
Trusts examine each of the follow...
24
cards
Tax 7-5 Analyze a situation involving a charitable contribution to calculate the maximum allowable income tax deduction for the current year.
Charitable contributions 1,
Charitable contributions 2,
Charitable contributions 3
43
cards
Tax 7-6,7 Divorce Considerations
Divorce considerations 1,
Divorce considerations 2,
Divorce considerations 3
27
cards
Tax 7-8 Identify characteristics of a valid and enforceable premarital agreement.
Premarital agreements 1,
Premarital agreements 2,
Premarital agreements 3
4
cards
Tax 8-1 Identify the purpose of a given provision of the federal tax law.
Federal tax law why is it importa...,
Federal tax law what is a relief ...,
Federal tax law what is an incent...
8
cards
Tax 8-2 Identify characteristics of the audit process.
Audit process what compares the i...,
Audit process briefly discuss the...,
Audit process briefly discuss the...
8
cards
Tax 8-3 Identify the sources of authority for reliance on tax-related issues.
Authority of tax law there are th...,
Authority of tax law in the major...,
Authority of tax law briefly disc...
7
cards
Tax 8-4 Identify the steps necessary to research a tax problem properly.
Tax research describe the approac...,
Tax research what are the sources...,
Tax research what weight should b...
8
cards
Tax 8-5,6 Additional Taxes
Additional taxes identify allowab...,
Additional taxes identify itemize...,
Additional taxes explain the effe...
35
cards
Tax 8-7 Analyze a situation to calculate the self-employment tax.
Self employment tax identify the ...,
Self employment tax john blake ha...,
Self employment tax john blake ha...
12
cards
Tax 8-8,9,10 Tax Traps, Penalties & Penalty Taxes
Tax traps penalties and penalty t...,
Tax traps penalties and penalty t...,
Tax traps penalties and penalty t...
44
cards
Tax 8-11,12 Penalties
Tax penalties identify the potent...,
Tax penalties identify the potent...,
Tax penalties legitimate methods ...
13
cards
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CFP 3 Tax
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