This class was created by Brainscape user Sara S. Visit their profile to learn more about the creator.
By:
Sara S
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Decks in this class (30)
Filling Requirement and Filling Status
Individual income tax formula 1,
When to file tax return 2,
Filling status 3
6
cards
Gross Income
Pass key event taxable income fmv...,
Realization vs recognition 2,
When can you use accrual method 3
29
cards
Items from Other Entities
Flow through entities 1,
K1 business income business expen...,
S corp 3
10
cards
Loss limitation for Individuals
Tax basis limitation 1,
At risk basis limitation 2,
Passive activity loss 3
9
cards
Adjustments
Adjustments vs itemized deduction 1,
Adjustments for agi above the lin...,
Educator expense 3
18
cards
Itemized Deductions
Itemized deduction 1,
Standard deduction 2,
The additional standard deduction...
16
cards
Tax Computations & Credits
Long term capital gains and quali...,
Tax credits 2,
1 child and dependent care credit 3
23
cards
R3. Basis & Holding Period of Assets
Basis holding period 1,
Basis holding period 2,
Basis holding period 3
4
cards
R3. Taxable and Non taxable Dispositions
Realized vs recognized 1,
Amount realized 2,
Gain loss 3
13
cards
Gains & Losses
Capital assets 1,
Capital gain n loss rule for indi...,
C corporation capital gains n los...
9
cards
Related Party Transaction
Related party provisions 1,
Constructive ownership 2,
Capital gains and related parties 3
5
cards
R3. Cost Recovery
Depreciation 1,
Macrs personal property 2,
Macrs real property 3
8
cards
R4. Corporate Formation
Formation of c corp 1,
Formation of c corp 2,
Shareholders basis of common stock 3
3
cards
R4. Book tax difference
Temp and permanent difference 1
1
cards
R4. Corporate taxable income
Crop gross income 1,
Cash basis vs accrual basis 2,
Trade biz deductions ordinary and...
7
cards
R4. Tax Computation and Credits - Corp
Taxation of c corporation 1,
Corp tax 2,
Tax credits c corp 3
6
cards
R4. Consolidated tax return
Consolidated tax return 1,
Consolidated taxable income calcu...,
Tax accounting method and periods 3
3
cards
R4 NOL and Capital loss limitations + Entity/owner transactions
Nol and capital loss 1,
Contribution to corp 2,
Dividends from current accumulated 3
9
cards
R5 S corp
S corporation 1,
Eligibility to be scorp 2,
Effect of s corp election on c co...
12
cards
R5 Partnership
Formation 1,
Partnership interest 2,
Property subject to an excess lia...
22
cards
R5. Multi-jurisdictional tax issues
Federal 1,
Arms length standard 2,
Transfer pricing issues 3
7
cards
R5. International tax issues
Worldwide tax system 1,
Foreign tax credit 2,
Participation exemption or divide...
14
cards
R6 Trust & Gifts
Simple trust vs complex trust 1,
Gift tax 2,
Gift tax issues 1 present vs futu...
6
cards
R6 Circular 230
Circular 230 1,
1 authority to practice before irs 2,
2 duties and restrictions part 1 3
8
cards
R6 professional responsibilities and tax preparer penalties
Tax preparer tax practitioner 1,
Signing tax return preparer 2,
Substantial authority 3
13
cards
R6 Federal tax procedure
Audit process 1,
Review for mathematical error cor...,
Formal examination office or fiel...
6
cards
R6 legal duties and responsibilities
Legal liabilities 1 breach of con...,
Ordinary negligene fraud construc...,
Damages 3
4
cards
R7 Agency
Agency 1,
1 power of attorney 2,
Principal remedies if agent breac...
10
cards
R7 Contracts
Contract 1,
Source of contract law 2,
Agreement mutual assent offer and...
7
cards
R7 Contracts Part 2
Defenses 1,
List of defenses void remember sh...,
More defenses 3
4
cards
More about
REG
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