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Flashcards in REG 30 Deck (14):
1

Taxable income limitation 179

500K, up to 2 million
reduced by anything over 2M

2

what can 179 deduction not exceed in a year

taxable income

3

the mid-quarter convention is used for what type of property

not sure personal I think

4

Duties of Agent

Account
Obey
Notify
Fiduciary

NOAF

5

Federal Trade Commission Act does what

Deals with unfair competion
Deceptive acts and practices
That effect commerce in general, not just sale of goods or commodities

6

Does the Federal Trade Commission act deal with things other than goods or servcies

YEs

7

What are trebel damages and where are they applied

Federal Antitrust Laws (Clayton Act, Sherman Anti-Trust)
Private parties can file lawsuits for triple damages, court costs and legal fees

8

Can the antitrust laws (Clayton, Sherman) suspend corps right to engage in interstate commerce.

No

9

What are the remedies available to the Justice dept. (sanctions) for violation of anti trust laws.

Seizure
Fines and imprisonment of corporate officers
Trebel damages (awarded to private parties who sue)

10

involuntary bankruptcy - fewer than 12 creditors, how many does it take

one or more creditors with noncontingent claims of at least $15,325

less than 12 only takes one, or some combination that gets you over that $15,325

11

990 EZ who may file

under 200k gross receipts, 500K assets, nonexempt charitable trusts

12

Appelate Courts
TAx Court and District Court
to

Court of Appeals

13

5,000 in organizational fees that can be expensed must be reduced by ____
What is the amoritization period
Max deduction _________ and _____________
accounting fees to prepare the representations in offering materials

The amount over $50,000
15 years or 180 months
5000 each start-up and organizational
No they don't qualify - syndication fees

14

Prepaid Interest expense, cash basis taxpayer -

Is interest capitalized?

Now they want you to recognize income up front for rent, but not expenses

So prepaid interest expense is deducted for the year it is paid and amoritized over the other years (not the whole loan period)

Looks like only under UNICAP rules, and it looks like for both produced goods and equipment used to produce goods, retail inventory (over 10 Million in gross receipts)