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. Types and Basis of Assets – acquired by purchase, personal use converted to income producing use, acquired by gift, acquired by a decedent, acquired in taxable/tax-free exchange, acquired from spouse, capital asset vs. Section 1231 property, personal property, investment property, ordinary business assets, capital gains and losses, holding periods, Section 1245 property, Section 1250 property, depreciation recapture, alternative minimum tax.
B. Depreciation and Amortization – depreciable property, MACRS, classes of personal property, classes of real property, date placed in service, depreciation conventions, Section 179, Section 197, depletion.
C. Sales and Exchanges – principal residence, involuntary conversions, replacement property, related taxpayers, like kind property, installment method.
D. Security Transactions – wash sales, short sales, selling short against the box, tax shelters, at-risk limitations, passive activity loss limitations, qualified small business stock. |
