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