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By:
Drew Johnson
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Decks in this class (46)
Overview of tax
Which courts have original jurisd...,
Tax court,
Us district courts
26
cards
Tax formula
Tax formula,
Pay roll tax section,
Unemployment taxed section
4
cards
Role of Income tax
Role of income tax,
Raising revenues,
Redistribute income
13
cards
Gross Income
Economic income,
What makes up economic income,
How do we measure economic income
19
cards
Time value of money
Time value of money,
Delaying tax is,
Timing is
7
cards
debtor/creditors
Are loans income,
Can you take a loss when you repa...,
Can creditors take a deduction fo...
3
cards
Gains on dealing in property
Gains on dealings in property and...,
Two concepts of gains on dealing ...,
Adjusted basis section
21
cards
Exclusion Provision (Gifts)
Exclusion provision,
What is a gift,
What do you look for in gift
22
cards
Gifts in a commercial context
Gifts in commercial context,
When its not a gift must include,
If donee can exclude from income
5
cards
Part gift part Sale
Seller must,
Buyer has a discount sale and,
Buyers basis
8
cards
Estate tax/gift tax
Part of basis step up rationale is,
Estate tax applies toa,
Estate tax exemption
6
cards
Taxation of Damage Awards
3 type of awards we talk about,
Property awards,
Lost profits
14
cards
Damage awards for emotional distres
Damages for emotional distres,
Leg history says if physical inju...,
If only emotional distress
9
cards
Punitive Damages
Punitive damages,
Punitive damages for defendant bu...,
Exxon example issue
4
cards
Structured Settlements
Normal award and ss,
Difference between ss and normal ...,
Law favors
5
cards
state and local bonds
State and local bonds,
Issue
2
cards
Deductions in general
Formula for deductions,
Why are you entitled to deductions,
Why not personal expenses entitle...
10
cards
Deductible ATL OR BTL
Where to look for atl deductions,
What does 62 do,
General rough rule
15
cards
business deductions
Business expense if,
Courts dont rule on,
Expenses of employees
10
cards
investment expenses
Pse are investment exp,
Court said personal investment ex...,
Congres responded to ct ruling th...
5
cards
Determining if trade or business
Trade or bus if,
Renting 1 house,
Renting 5 houses
8
cards
Capital Expenditures
Cap expenditures,
Expense items,
Capital expenditures
14
cards
Casualty losses
Casualty losses are exception for,
Under casualty losses,
Tradeoff cor casualty loss
11
cards
Depreciation
Depreciation is,
Depreciates,
In depreciation dont get
3
cards
Rules for intangible assets
Rules for intangible assets,
3 rules of intangible assets,
Acquisition costs
10
cards
Depreciation
Depreciation is a economic loss,
Deudction is depedent upon,
Is land depreiable
25
cards
accelerated dep. quick dep
Quicker than econ depreciation,
Policy
2
cards
Casualty Losses
Individuals can deduct losses if ...,
The loss cant be,
In casualty losses you need
21
cards
Related Property Losses
No deduction under 267 for any sa...,
Analysis,
Relative sale
13
cards
Loose End deductions
Using business to buy business pr...,
Governs deductions on interest,
Investment interests generally
14
cards
Deduction for taxes
Business taxes deductible as,
Personal state income tax and rea...,
Fed income tax ss medicare
8
cards
Misc itemized deductions
67 itemized deductions only to ex...,
Creates a ____ threshold,
Hypo expenses were 3k 100k agi ra...
9
cards
Capital Gains Beginning
Steps to this point,
Rates for oi,
Capital gains are taxed
10
cards
Policy for Capital Gains preference
Capital gains preferential rates ...,
Lock in effect,
Economists on lock in effect
12
cards
Nuts and bolts of capital assets
What defines what is a capital asset,
In 1221a cap asset def,
What defines ltca stca and net ca...
16
cards
Determining capital assets
Property isnt a capital asset if ...,
Personal residence,
Book manuscript
6
cards
LTCA/STCA
Ltca held for,
1year,
Stca held for
11
cards
Dividends
Issue is with dividends,
Where are corporate profits taxed...,
Partnerships and llcs are taxed
6
cards
Taxing Capital Gains
Max capital gains rate via,
Taxing inceom is broken down into...,
Different types of ncg are taxed at
9
cards
calculating capital losses
Calculating capital losses is dif...,
Stcl offset in this order,
Ltcl offset in this order
15
cards
1231b Property
1231b property isnt 1221 property bu,
1231 is aka,
Function of 1231 is to allow for
14
cards
1245 propr/AKA 25% rate gain
25 rate gain applies to,
25 rate gain doesnt apply to or i...,
Policy
11
cards
Beg of Misc: Sale of Business
Rules for sale of busienss apply ...,
A sole proprietorship,
Llcs are taxed differently
17
cards
Allocation for sale of business
Cant just take proceeds and the a...,
The allocations will lead to type...,
Allocation via residual method order
14
cards
Tax Consequences of Divorce
A property transfers between spou...,
1 alimony payments,
Requirements to be alimony 71
15
cards
Like Kind Exchanges
Definition of lk exchange,
1031 lk exchanges requirements,
If there is boot
8
cards
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Federal Income Tax
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