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Decks in this class (43)
Formulas
Tax equation 1,
Marginal tax rate equation 2,
Average tax rate equation 3
13
cards
CH 1: An introduction to tax
0
cards
Ch. 1-2: What qualifies as a tax
A payment required by a governmen...,
The general purpose of a tax is to 2,
How do taxes differ fromm fines a...
10
cards
Ch. 1-3: How to calculate a tax
The item that is being taxes purc...,
The level of taxes imposed on the...,
A tax in which a single tax rate ...
14
cards
Ch. 1-4: Types of taxes
A tax imposed on the producer of ...,
Income taxes employment and unemp...,
Which of the 4 taxes that are inc...
54
cards
Ch. 1-5: Evaluating alternative tax systems
A standard for evaluating a good ...,
The process of forecasting tax re...,
The process of forecasting tax re...
12
cards
Ch 4 Indidivual income tax overview, dependents, and filing status
A definition of income that says ...,
Blank 2
2
cards
Ch. 4-1: The individual income tax formula
The tax base for the income tax 1,
A definition of income that says ...,
Realized income minus excluded an...
54
cards
Ch. 4-2: Dependent of the taxpayer
What are the 3 requirements to qu...,
Food school lunches toilet articl...,
Tiebreaker rules to see which tax...
10
cards
Ch. 4-3: Filing status
Places taxpayers into 1 of 5 cate...,
Which of the 5 filing statuses is...,
How many filing statuses are there 2
12
cards
Ch. 5 Gross income and exclusions
Blank 1
1
cards
Ch. 5-1 Realization and recognition of income
All income from whatever sourced ...,
Taxpayers recognize income when 2,
Blank 3
22
cards
Ch. 5-2 Types of income
Compensation and other forms of i...,
Income from property that accrues...,
An investment that pays a stream ...
17
cards
Ch. 5-3 Exclusion provisions
Tax laws that allow taxpayers to ...,
2 main reasons congress allows ex...,
3 common exclusion provisions 3
36
cards
Exam 1
0
cards
Ch. 6 Individual deductions
Blank 1
1
cards
Ch. 6-1: Deductions for AGI
How many categories of deductions...,
3 categories of deductions for agi 2,
A profit motivated activity that ...
43
cards
Ch. 6-2: Deductions from AGI: itemized deductions
Include any payments for the care...,
Taxpayers may also deduct medical...,
Prescription medication insulin a...
32
cards
Ch. 6-3: The standard deduction
A fixed deduction offered in lieu...,
Taxpayers generally deduct the __...,
Taxpayers who are at least ___ ye...
6
cards
Ch. 6-4: Other fromm AGI deductions
What are the 4 new deductions und...,
Cash tips received by an individu...,
Taxpayers can conduct up to _____...
11
cards
Ch. 7: Investments
0
cards
Ch. 7-1 - Portfolio Income: Interest and Dividends
2 key characteristics that affect...,
Investments producing dividends i...,
______ are deferred until investm...
27
cards
Ch. 7-2 - Portfolio Income: Capital gains and losses
In general an asset other than an...,
The real advantages of investing ...,
The value of everything received ...
28
cards
Ch. 7-3 - Investment interest expense and net investment income tax
Interest paid on borrowing or loa...,
Expenses other than interest incu...,
Investment interest expense 3
3
cards
Ch. 7-4 - Passive activity income and losses
Typically an investment in a part...,
Ordinary losses for passive inves...,
Which of the 3 loss limits tax ba...
20
cards
Exam 2
0
cards
Ch. 9: Business Income, Deductions, and Accounting methods
0
cards
9-1 Business Deductions
Determines if a business qualifie...,
A business is classified as small...,
Gross receipts include these 3 th...
13
cards
9-2: Limitations on Business Deduction
When businesses incur fines and p...,
Key facts limitations on business...,
Political contributions and lobby...
32
cards
9-3: Accounting periods
A fixed period in which a busines...,
A fixed period in which a busines...,
3 types of tax years each with di...
8
cards
9-4: Accounting methods
The procedure for determining the...,
2 types of accounting methods 2,
Income recognized when actually o...
45
cards
Ch. 10
0
cards
10-1: Cost recovery and tax basis for cost recovery
The method by which a company exp...,
The cost recovery method to alloc...,
The method of recovering the cost...
24
cards
10-2: Depreciation
Key facts tax depreciation to dep...,
The current tax depreciation syst...,
5 things you need to compute macr...
34
cards
10-3: Special rules relating to cost recovery
An incentive for small businesses...,
What is th maximum amount a quali...,
179 expenses must happen when com...
30
cards
10-4: Amortization
Businesses recover cost of intang...,
Expenses for research including c...,
A contractual promise to refrain ...
24
cards
Ch. 11
0
cards
11-1: Dispositions
The value of everything received ...,
Amount realized equation 2,
3 situations when an assets 3
18
cards
11-2: Character of gain or loss
In order to determine how a recog...,
Every gain or loss is characteriz...,
When selling an asset the charact...
12
cards
11-3: Depreciation Recapture
The conversion of 1231 gain into ...,
Depreciatin recapture 2,
The key facts 1244 assets persona...
13
cards
11-4: Other Provisions Affecting The Rate At Which Gains Are Taxed
What is another provision other t...,
Who doesnt recognize 1250 recaptu...,
The key facts unrecaptured 1250 g...
5
cards
11-5: Calculating Net §1231 Gains or Losses
After considering the depreciatio...,
The key facts netting and look ba...,
One strategy taxpayers may attemp...
5
cards
11-6: Tax deferred transaction
A transaction where at least a po...,
A nontaxable trade or exchange of...,
3 criteria to be a like kind exch...
17
cards
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Tax Accounting
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