This module, which contains questions and answers regarding CFP Income Tax Planning topics covered in the CFP exam. Get the CFP exam preparation you need.
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These flashcards will cover these topics:
A. Taxable Income, Computations, Credits and Penalties – determination of taxable income, book to tax, limitations on corporate charitable contributions, goodwill, organizational costs, bad debts, warranty costs, meals and entertainment, casualty losses, interest expense, R&D costs, business gifts, taxes, life insurance premiums, foreign tax credit, tax filing process.
B. AMT, NOL, AET, PHC and ACE – PHC penalty tax, two requirements of PHC, accumulated earnings, affiliated group, dividend received deduction, controlled group, estimated tax payments, corporate AMT, ACE adjustment, NOL rules.
C. Contributions, Distributions, Liquidations and Reorganizations – stock distributions, corporate reorganizations, complete liquidations, money/property distributions, nonliquidating distribution, stock redemptions, capital contributions, property contributions.
D. S. Corporations – eligibility requirements, allowable trusts, qualified subchapter S subsidiary, election of S status, termination of S status, characteristics of an S corporation, determination of shareholder’s basis, S corporation distributions, built-in gains, LIFO recapture, excess passive income, tax reporting period. |
