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Federal Income Tax

This class was created by Brainscape user Adam Decker. Visit their profile to learn more about the creator.

By: Adam Decker
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Decks in this class (9)

Introduction
Progressive tax rates,
Filing status options,
Filing requirements
10  cards
Items Included in Gross Income
Items included in gross income
1  cards
Items Statutorily Excluded from Gross Income
Employer provided benefits,
Family and other similar transfers,
Personal injury recovery
8  cards
Deductions (Business and Investment Expenses)
Capital asset,
Expense,
Capital assets vs expense
9  cards
Capital Expenditures
Tax treatment of capital expendit...,
Depreciation,
What type of property does deprec...
5  cards
Personal Expenses
General rule on personal expenses,
Allowed itemized deductions inter...,
Allowed itemized deductions state...
6  cards
Gains and Losses from Property Dispositions
Realized gain,
Realized loss,
Amount realized
10  cards
Identifying Proper Taxpayer
Income from services,
Income from property,
Kiddie tax
3  cards
Accounting Rules
Two accounting methods,
Cash method,
Accrual method
5  cards

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Federal Income Tax

  • Class purpose General learning

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