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David Freiler
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Decks in this class (54)
Tax 1-1 Describe terms related to income taxation.
Tax 1 1 terms related to income t...,
Tax 1 1 terms related to income t...,
Tax 1 1 terms related to income t...
34
cards
Tax 1-2 Identify the steps in the tax calculation process.
Tax 1 2 identify the steps in the...
1
cards
Tax 1-3 Identify items of inclusion, exclusions, deductions, or tax credits.
Tax 1 31 all of the following are...,
Tax 1 33 which one of the followi...,
Tax 1 319 qualified private activ...
24
cards
Tax 1-4 Analyze a situation to calculate total income for tax purposes.
2 which one of the following item...,
Some expenses are subject to a __...,
Items such as wages commissions t...
4
cards
Tax 1-5 Analyze a situation to calculate adjusted gross income.
Adjusted gross income4 which one ...,
Adjusted gross income5 if neither...,
Adjusted gross income12 mary is a...
30
cards
Tax 1-6 Analyze a situation to calculate taxable income.
Calculate taxable income mary a 6...,
Calculate taxable income 10 janet...,
Calculate taxable income 11 john ...
39
cards
Tax 1-7 Analyze a situation to calculate available tax credits or total tax due.
In 2016 a taxpayer buys 8 000 of ...,
John and karen postman have spent...,
9 john and karen postman will spe...
16
cards
Tax 1-8 Analyze a situation to calculate the equivalent tax benefit of exclusions or deductions to tax credits.
Exclusions deductions and tax cre...,
Exclusions deductions and tax cre...,
Exclusions deductions and tax cre...
5
cards
Tax 1-9 Evaluate a situation to select fundamental methods of managing the client’s tax liability.
Managing the client s tax liabili...,
Managing the client s tax liabili...,
Managing the client s tax liabili...
11
cards
Tax 2-1 Identify characteristics, advantages and disadvantages of the cash or accrual method of accounting.
Question 1 of 30which one of the ...,
Question 2 of 30under which one o...,
Question 16 of 30with respect to ...
8
cards
Tax 2-2 Evaluate a situation to select the most appropriate method of tax accounting to use.
Accounting methodsthe taxpayer is...,
Accounting methodsbusinesses that...,
Accounting methodsa business may ...
19
cards
Tax 2-3 Identify an advantage or disadvantage of a particular method of inventory valuation.
Question 4 of 30which of the foll...,
Question 5 of 30which one of the ...,
Question 20 of 30which one of the...
8
cards
Tax 2-4 Explain characteristics, advantages, or disadvantages of a business form.
Question 6 of 30which of the foll...,
Question 7 of 30the partners tax ...,
Example as mentioned earlier the ...
14
cards
Tax 2-5 Identify requirements for a valid S corporation election.
S corporations question 10 of 30s...,
S corporations question 11 of 30w...,
S corporations question 13 of 30w...
32
cards
2-6 Evaluate a situation to recommend the most appropriate business form.
Business forms simplicity of form...,
Risk of personal liability there ...,
Business forms to qualify as an _...
17
cards
Tax 2-7 Analyze a situation to calculate the allowable home-office deduction.
Home office deductionan individua...,
Home office deductionquestion 14 ...,
Home office deductionquestion 15 ...
9
cards
3-1 Identify the type of property in a situation.
Types of property initially a fin...,
Examples of property classificati...,
Examples of property classificati...
18
cards
Tax 3-2 Analyze a situation to determine the correct treatment for property related expenditures.
Capital expenditures like improve...,
Personal expenditures like life h...,
Management repairsa currently ded...
20
cards
Tax 3-3 Analyze a situation to calculate the adjusted basis of property.
Basisa taxpayer s basis in an ass...,
Basiswhen an asset is received as...,
Basiswhen an asset is received as...
28
cards
Tax 3-4 Analyze a situation to calculate the cost recovery deductions over the recovery period.
Cost recoverywhen a taxpayer purc...,
Cost recoverya taxpayer may be en...,
Cost recoveryboth personalty and ...
25
cards
Tax 3-5 Analyze a situation to calculate the election or deduction amount under Section 179.
Section 179section 179 expense el...,
Section 179under section 179 of t...,
Section 179there are two distinct...
18
cards
Tax 3-6 Analyze a situation to calculate the amount of cost recovery recapture, or unrecaptured Section 1250 income.
Section 1250 incomecertain sales ...,
Section 1250 income12 cindy hoffm...,
Section 1250 income13 julian klei...
20
cards
Tax 3-7 Analyze a situation to determine the tax treatment of Section 1231 property transactions.
Section 1231 rules14 which of the...,
Section 1231 rules22 the lookback...,
Section 1231 rules29 during the c...
10
cards
Tax 4-1 Analyze a situation to identify an exchange of assets that qualifies for like-kind treatment.
Like kind exchange of assets reve...,
Like kind exchange of assets gene...,
Like kind exchange of assets in a...
25
cards
Tax 4-2 Analyze a situation to calculate the gain or loss realized, the gain or loss recognized, or the substituted basis for a like-kind exchange.
Computations for a like kind exch...,
Computations for a like kind exch...,
Computations for a like kind exch...
20
cards
Tax 4-3 Identify the rules related to the Section 121 exclusion (Sale of Residence)
Sale of a principal residencewhen...,
Sale of a principal residenceif t...,
Sale of a principal residencethe ...
33
cards
Tax 4-4 Analyze a situation involving a disposition of a personal residence to calculate the gain or loss realized and the gain or loss recognized.
Personal residence gain or loss c...,
Personal residence gain or loss c...,
Personal residence gain or loss c...
14
cards
Tax 4-5 Identify the rules relating to an installment sale.
Installment sales the general rul...,
Installment sales the _____ _____...,
Installment sales it is possible ...
10
cards
Tax 4-6 Analyze a situation to calculate the taxable portion of an installment sale.
Calculate tax of installment sale...,
Calculate tax of installment sale...,
Calculate tax of installment sale...
12
cards
Tax 4-7, 8 Identify rules related to casualty and theft losses.
Casualty and theft losses incurri...,
Casualty and theft losses the irs...,
Casualty and theft losses a _____...
32
cards
Tax 4-9 Identify rules relating to an involuntary conversion.
Involuntary conversionstaxpayers ...,
Involuntary conversionsa condemna...,
Involuntary conversionsfor tax pu...
14
cards
Tax 5-1 Identify legal forms or structures a direct participation program may use and the tax and nontax considerations in selecting a form.
Direct participation programsinve...,
Direct participation programsthe ...,
Direct participation programsthe ...
6
cards
Tax 5-2 Identify tax mechanisms that enable direct participation programs to provide specific tax advantages.
Tax benefits the benefits that fl...,
Direct participation program expl...,
Direct participation program expl...
18
cards
Tax 5-3 Identify factors that may limit the availability of federal income tax benefits from a direct participation program.
Limitations of tax benefits a spe...,
Limitations of tax benefits a par...,
Limitations of tax benefits essen...
19
cards
Tax 5-4, 5, 6, 7 Passive Activity Rules
Passive activity loss rules the p...,
Passive activity loss rules mater...,
Passive activity loss rules the m...
61
cards
Tax 5-8, 9 Vacation Home Rules
Vacation home rulesclients of fin...,
Vacation home rulesif a taxpayer ...,
Vacation home rulessection 280a o...
17
cards
Tax 6-1 & 2 Life Insurance
Life insurance the life insurance...,
Life insurance in 1984 congress a...,
Life insurance presuming that the...
34
cards
Tax 6-3 & 4 Annuities
Annuities the buyer of an annuity...,
Annuities annuities also vary as ...,
Annuities exclusion ratioeven tho...
23
cards
Tax 6-5 & 6 Capital Gains and Losses
Capital gains and lossespreferent...,
Capital gains and lossesproperty ...,
Capital gains and lossesassume th...
70
cards
Tax 6-7 Analyze a situation to calculate the amount of investment interest expense that is deductible.
Investment interest expenseinvest...,
Investment interest expenseinvest...,
Investment interest expensefor in...
13
cards
Tax 6-8 Identify characteristics of a form of real or potential dividends.
Dividends identify characteristic...,
Dividends identify characteristic...,
Dividends identify characteristic...
17
cards
Tax 7-1,2,3 Intrafamily Transfers
Unearned income rulesfor any taxp...,
Unearned income rulesassume that ...,
Unearned income rulesassume that ...
53
cards
Tax 7-4 Analyze a situation involving a trust to determine whether its income is taxed to the grantor, the trust entity, or some other person.
Trustsexamine each of the followi...,
Trustsexamine each of the followi...,
Trustsexamine each of the followi...
24
cards
Tax 7-5 Analyze a situation involving a charitable contribution to calculate the maximum allowable income tax deduction for the current year.
Charitable contributionsnormally ...,
Charitable contributionsdefine wh...,
Charitable contributionsexplain w...
43
cards
Tax 7-6,7 Divorce Considerations
Divorce considerationsidentify th...,
Divorce considerationsidentify th...,
Divorce considerations1 there are...
27
cards
Tax 7-8 Identify characteristics of a valid and enforceable premarital agreement.
Premarital agreementswhat is the ...,
Premarital agreementsidentify fou...,
Premarital agreementsmodule check...
4
cards
Tax 8-1 Identify the purpose of a given provision of the federal tax law.
Federal tax lawwhy is it importan...,
Federal tax lawwhat is a relief p...,
Federal tax lawwhat is an incenti...
8
cards
Tax 8-2 Identify characteristics of the audit process.
Audit processbriefly discuss the ...,
Audit processbriefly discuss the ...,
Audit processbriefly discuss the ...
8
cards
Tax 8-3 Identify the sources of authority for reliance on tax-related issues.
Authority of tax lawthere are thr...,
Authority of tax lawin the major ...,
Authority of tax lawbriefly discu...
7
cards
Tax 8-4 Identify the steps necessary to research a tax problem properly.
Tax researchdescribe the approach...,
Tax researchwhat are the sources ...,
Tax researchwhat weight should be...
8
cards
Tax 8-5,6 Additional Taxes
Additional taxesidentify allowabl...,
Additional taxesidentify itemized...,
Additional taxesexplain the effec...
35
cards
Tax 8-7 Analyze a situation to calculate the self-employment tax.
Self employment taxidentify the t...,
Self employment taxjohn blake has...,
Self employment taxjohn blake has...
12
cards
Tax 8-8,9,10 Tax Traps, Penalties & Penalty Taxes
Tax traps penalties and penalty t...,
Tax traps penalties and penalty t...,
Tax traps penalties and penalty t...
44
cards
Tax 8-11,12 Penalties
Tax penalties identify the potent...,
Tax penaltiesidentify the potenti...,
Tax penaltieslegitimate methods o...
13
cards
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