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FEDERAL TAXATION – INDIVIDUALS
A. Gross Income – Inclusions and Exclusions
- Gross income, earned income, business income, self-employment
tax, other income, portfolio income, passive income, social security
benefits, alimony, prizes and awards, gambling winnings and losses,
annuities, specific exclusions, employer-paid fringe benefits, interest
and dividends.
B. Deductions
to Arrive at AGI–Student loans, medical savings accounts,
moving expenses, self-employment taxes, health insurance premiums,
business expenses, early withdrawal penalties, alimony payments,
rent and royalty expenses.
C. Deductions
from AGI – Itemized deductions, standard deduction,
medical and dental, qualified residence interest, points, investment
interest, non-deductible interest, deductible and non-deductible
taxes, charitable contributions, casualty losses, miscellaneous
itemized deductions, marriage penalty.
D. Filing Status
and Exemptions – Personal exemption, dependency exemption,
phase-outs, multiple support agreements, single, married filing
jointly, married filing separately, head of household, qualifying
widower.
E. Tax Computations,
Credits and Penalties (20) – HOPE Scholarship Credit,
Lifetime Learning Credit, phase-outs, Section 529 Plans, Education
IRAs, child tax credit, dependent care credit, earned income credit,
tax credit for elderly or disabled, foreign tax credit, adoption
expense credit, excess social security tax, tax rates, statute of
limitations, refund claims, underpayment of tax penalty, AMT, adjustments
and preference items.
F. IRAs and Retirement
Plans - Traditional IRAs, ROTH IRAs, Education IRAS, SEP
Plans, SIMPLE Plans, Qualified Plans.
PROPERTY TRANSACTIONS
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.
FEDERAL TAXATION – CORPORATIONS
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.
FEDERAL TAXATION
– OTHER ENTITIES AND TOPICS
A. Partnerships – contribution of property,
pass-through entity, calculation of partner’s basis, services
rendered, changes in liabilities, organizational expenditures, partnership
losses, transactions outside capacity as partner, sale of partnership
interest, substantially appreciated inventory, guaranteed payments,
partner distributions, tax basis upon nonliquidating distribution,
tax basis upon liquidating distribution, termination of partnership
interest.
B. Estates, Trusts
and Gifts – simple trust, complex trust, grantor
trust, gross income, deductions, credits, distributable net income,
taxation of beneficiaries, estate tax, gift tax, GSTT, requirements
for gifts, gift tax exclusion limit, present vs. future interest,
unlimited marital deduction, qualified terminable interest property,
basis of gift property, federal estate tax, valuation of estate
assets, reconciliation of gross estate to taxable estate, tenancy
in common, joint tenancy, life insurance proceeds, calculation of
GSTT.
C. Exempt Organizations
– requirements to maintain tax-exempt status, common types,
501 (c)(3) status, organization test, operational test, inurement,
private foundations, unrelated business income, legal form, filing
requirements.
D. Other Topics – cash method vs. accrual
method, constructive receipt, uniform capitalization rules, establishment
and types of accounting periods.
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