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Blake Hummel
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Decks in this class (23)
Unit 1: Business Entitles & Requirements
Can a sole proprietorship have mo...,
Can a sole proprietorship s owner...,
Do partnerships have to pay incom...
87
cards
Unit 2: Accounting Periods and Methods
What two accounting periods can b...,
What is a calendar tax year,
What is a fiscal tax year
57
cards
Unit 3: Business Income
Advance payments for services are...,
The election to defer some income...
31
cards
Unit 4: Business Expenses
To be deductible a business expen...,
What is a ordinary expense,
What is a necessary expense
47
cards
Unit 5: Employee Compensation and Fringe Benefits
Employers can deduct the compensa...,
Supp,
If an employer transfers property...
42
cards
Unit 6: Other Business Deductions and Credits
Nols arising in 202 and beyond ma...,
A nol deduction cannot exceed mor...,
Rules nols arising in 2018 2020
49
cards
Unit 7: Basis of Business Assets
An assets cost basis also may inc...,
The following settlement fees and...,
If a taxpayer builds property or ...
17
cards
Unit 8: Depreciation and Amortization
Can the cost of land be depreciated,
In order to be depreciated or amo...,
In order to properly y depreciate...
27
cards
Unit 9: Disposition of Business Assets
Related parties include,
4797,
Section 1231
24
cards
Unit 10: Partnerships in General
A partnership must file a tax ret...,
1065,
When is a 1065 due
15
cards
Unit 11: Partnership Distributions and Liquidations
Partnership distributions may inc...,
What are hot assets,
If a partner receives a distribut...
5
cards
Unit 12: C Corporations In General
Double taxation,
Shareholder meetings,
1120
35
cards
Unit 13: Corporate Transactions
Drawbacks of the c corporation st...,
An nol incurred for tax years 201...,
Nols arising in tax years prior t...
20
cards
Unit 14: Corporate Distributions and Liquidations
The most common types of corporat...,
A distribution may reduced by the...,
Corporations must furnish a 1099 ...
18
cards
Unit 5: S Corporations
To become an s corporation a corp...,
If the s election is made during ...,
The irs will generally accept a l...
7
cards
Unit 16: Farming Business
If a farmer rents his farmland to...,
Types of activities that count as...,
A farmer does not have to pay est...
18
cards
Unit 17: Nonprofit Organizations
In general there are two types of...,
Requirements organization,
Requirements exempt purpose
45
cards
Unit 18: Retirement Plans for Businesses
Retirement plans generally must a...,
An employer may establish a sep a...,
Do seps have to have an offical p...
43
cards
Unit 19: Trusts and Estates
Income tax returns for trusts and...,
If an estate or trust has a loss ...,
Niit
35
cards
Review
A nonprofit entity that is classi...,
Is an indiviudal considered an en...,
When must a 7203 be attached to a...
122
cards
Separately Stated Items
Net short term long term capital ...,
Charitable contributions,
Dividends received from a corpora...
13
cards
Exam 1 Review
What is the accumulated earnings tax,
To what entities do accumulated e...,
If a taxpayer exchanges a propert...
53
cards
Exam 2 Review
Up to how long does a c corporati...,
Can statutory employees qulaify for,
The computation of recapture amou...
22
cards
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EA PART 2
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