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l g
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Decks in this class (18)
Gross Income
Definition of gross income 1,
Gross income derives from 2,
In kind income 3
3
cards
Exclusions from Gross Income: Exclusions for Employees
Exclusions 1,
Life insurance 2,
Child elder care 3
8
cards
Exclusions from Gross Income: Gifts
Gifts 1,
Income from gifted property 2,
Employer gift to employee 3
3
cards
Exclusions from Gross Income: Damages/Settlements
What did the damages replace 1,
Exceptions 2
2
cards
Exclusions from Gross Income: Scholarships/Loans
Scholarships 1,
Loans 2,
Discharge of indebtedness 3
4
cards
Gross Income: Other Inclusions
Alimony 1,
Not alimony if 2,
Child support 3
12
cards
When is Gross Income Reportable: Accounting Methods: Cash Method
Cash method 1,
Constructive receipt 2,
Deduction 3
3
cards
When is Gross Income Reportable: Accounting Methods: Accural Method
Accrual method 1,
Deductions 2
2
cards
When is Gross Income Reportable: Accounting Methods: Installment Method
Installment method 1
1
cards
When is Gross Income Reportable: Accounting Methods: Claim of Right
Claim of right 1,
If plaintiff must pay back judgme...
2
cards
When is Gross Income Reportable: NonRecognition of Property Transaction
Nonrecognition on property transa...,
Gain loss not recognized on sale ...,
Transferred between spouses 3
8
cards
How Is Gross Income Taxed: Capital Gains
Capital gain 1,
Gain is taxed at 2
2
cards
How is Gross Income Taxed: Capital Assets
Capital assets 1,
Capital gain 2,
Capital ordinary loss 3
7
cards
Atrributing Gross Income To Someone
Personal services 1,
Income from one s property 2,
Kiddie tax 3
3
cards
Personal Deductions
Deductions 1,
Personal exception 2,
Casualty loss 3
7
cards
Business and Investment Deductions
Hobbies 1,
Attorney s fees 2,
Tax advice 3
11
cards
When is it Deductible
Current expenses v capital expend...
1
cards
Corporate and Partnership Taxes
Formation of corporation partners...,
Carry over basis 2,
C corp 3
5
cards
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Federal Income Tax
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