IRC Code Where things Are Flashcards Preview

REG LISA > IRC Code Where things Are > Flashcards

Flashcards in IRC Code Where things Are Deck (15):
1

Net Operating Losses

26-Subtitle A Income Taxes-Chapter 1 Normal Taxes &. Surchargees
Sub Chapter B - Computation of Taxable Income
Part IV - Itemized Deductions for Individuals and Corporation
Section 172 - Net Operating Loss Deduction

2

Distributions by S Corps with Accumulated Earnings and Profits

Title 26 IRC
Sub-Title A Income Taxes
Chapter 1 - Normal Income Taxes and Surchargers
Subchapter S - Tax Treatment of S corporations and Their Shareholders
Part II - Tax treatment of Shareholders
Section 1368 - Distributions
Section C - S corporation having earnings and profits

3

C Corp Distributions
look at this further Ithink it's 301 c but they mention it in the previous cards section

x

4

What section of the internal revenue code tells you what type oif forms you have to file, extensions, ksigning returns, etc.

Title 26
Sub-Title F - Procedure and Administration
Chapter 61 Administration and Returns
Sub-Chapter A - Returns and Records
Section 6000 ===> 6096

5

Transfer property to corporation.

Section 351

6

Where is the definition of "capital assets"

Title 26
Subtitle A Income Taxes
Chapter 1 Normal Income Taxes and Surcharges
Sub-Chapter P Capital Gains and Losses
Part III - General Rules for Determining Capital Gains and Losses
Section 1221 - Capital Assets Defined

7

Where it says who is eligible to take advantage of exchanges of property for corporate stock:

Section 26, Subtitle A Income Taxes
Chapter 1 Normal Taxes and Surchargers
Sub-Chapter C - Corporate Distributions and Adjustments
Part III - Corporate Organizations and Reorganizations
SubPart D - Special Rule; Definitions
Part 368(c) Control Defined

Defines people eligible to take advantage of Section 351 - transfers to corporations - must own 80% of all classes of stock and 80% of all classes of stock eligible to vote

8

Where is the part of the code that regulates transfers to the corporation

SubTitle A: Regular income taxes
Chapter 1: Normal Taxes and Surcharges
Sub-Chapter C: Corporate Distributions and Adjustments
Part III: Corporate Organizations and Reorganizations
Subpart A: Corporate Organizations
Section 351: Transfer to Corporation Controlled by Transferor

9

What Part of Code controls basis of the stock received under Section 351 Transfers
including assumptions of liability

Subtitle A: Income Taxes
Chapter 1: Normal Taxes and Surcharges
Subchapter C: Corporate Distributions and Adjustments
Part III: Corporate Organizations and Reorganizations
Subpart B: Effects on Shareholders and Security Holders
Section 358: Basis to Distributees

General Rules 358(a)
Assumption of Liability is 358(d)

10

Part of Code that governs corporations cvu in exchanges under section 351

Subtitle A: Income Taxes
Chapter 1: Normal Taxes and Surcharges
Subchapter C: Corporate Distributions and Adjustments
Part III: Corporate Organizations and Reorganizations
Subpart C: Effects on Corporation
Section 362(a) Property Acquired by Issuance of Stock
Section 362(d) Covers value when liability assumed (never above mvu)

11

Well here's one: 351 you would think talks about gain or loss on transfers of property, but it says non-recognition of gain or loss by corporation in exchange of money or property in exchange for stock is covered by Subchapter O - 1032 Exchange of Property

26/Subtitle A/Chapter1/
Subchapter O - Gain or Loss on Disposition of Property
(as opposed to capital gain or loss which is in Subchapter P)
Part III Common NonTaxable Exchanges
1032(a) - Exchange of Stock for Property

12

What section covers: Non Taxable Exchanges of Property such as
for stock
involuntary conversions
tranfer of certain farm
transfer between spouses incident to divorce
EE stock plans
rollover small business stock

26/Subtitle A/Chapter1/
Subchapter O - Gain or Loss on Disposition of Property
(as opposed to capital gain or loss which is in Subchapter P)
Part III Common NonTaxable Exchanges
1031-1045
There's a lot here: Exchange of Stock for Property, Involuntary Conversions, Sale of stock to ee ownership plans, Rollover of Qualified small business stock

13

Just was Doing a brief list of Chapter 1 Normal Income Taxes and Surcharges (but notice accounting periods and methods are here)
Subchapter C - ?
Subchapter E
Subchapter F
Subchapter G
Subchapter J
Subchapter 0
Subchapter P
Subchapter S

C - Corporations Organizations, Distributions
E - Accounting Periods and Methods
F - Exempt Organizations
G - Corps Used to Avoid Tax on Shareholders (Undistributed Surplus, Personal HOlding, DRD)
J - Estates and Trusts
K - Partnerships
O - Regular Gain or Loss on Disposition of Property (NonTaxable Exchanges here - Stock fr property, involuntary conversions, Divorce, Conflict of Interest Sales, Small Business Stock)
P - Capital Gains and Losses
S - Subchapter S

14

Stock dividends

Subchapter C: Corporate Distributions and Adjustments
Part I: Distributions By Corporations
Subpart A: Effects on REcipients
Section 305: Stock and Stock Rights

15

Uniform Capitalization Rules

263a