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Unformatted text preview: Path: K:/TL-WFT-05-0802/Application/TL-WFT-05-0802-003_V1-SM.3d Date: 10th April 2006 Time: 16:33 User ID: 40223 CHAPTER 3 TAX DETERMINATION; PERSONAL AND DEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS SOLUTIONS TO PROBLEM MATERIALS Question/ Problem Topic Status: Present Edition Q/P in Prior Edition 1 Tax formula Unchanged 1 2 Transactions with no income tax effect Unchanged 2 3 Gross income: exclusions Unchanged 3 4 Gross income: inclusions Unchanged 4 5 Double taxation of income earned abroad by U.S. taxpayer Unchanged 5 6 Effect of AGI on some deductions from New 7 Conflict in claiming additional standard deduction and itemizing Unchanged 7 8 Dependents and the determination of their standard deduction and personal exemptions New 9 Dependency exemption: multiple support agreement New 10 Dependency exemption: a son as a qualifying relative New 11 Dependency exemption: qualifying child versus qualifying relative categories Unchanged 11 12 Dependency exemption: ex-spouse and relationship test Unchanged 12 13 Dependency exemption: exceptions to the citizenship or residency test Unchanged 13 14 Multiple support agreement: choice of eligible taxpayers New 15 Tax rate tables versus tax rate schedules New 16 Characteristics of the kiddie tax New 17 Filing requirement New 18 Surviving spouse status Unchanged 18 19 Head of household filing status Unchanged 19 20 Filing status Unchanged 20 21 Abandoned spouse filing status Unchanged 21 22 Treatment of capital gains Unchanged 22 23 Treatment of capital gains Unchanged 23 3-1 Path: K:/TL-WFT-05-0802/Application/TL-WFT-05-0802-003_V1-SM.3d Date: 10th April 2006 Time: 16:34 User ID: 40223 Question/ Problem Topic Status: Present Edition Q/P in Prior Edition 24 Capital loss tax treatment Unchanged 24 25 Capital transactions: treatment of collectibles Unchanged 25 26 Gross income test for married dependents: community property ramifications Unchanged 26 27 Multiple support agreement: planning for Unchanged 27 * 28 Taxable income calculation Unchanged 28 * 29 Taxable income calculation Unchanged 29 * 30 Taxable income calculation New 31 Standard deduction of dependent New 32 Qualifying child versus qualifying relative categories New 33 Personal and dependency exemptions Unchanged 32 34 Personal and dependency exemptions Modified 33 35 Personal and dependency exemptions Unchanged 34 36 Qualifying child and tie-breaker rule Unchanged 35 37 Personal and dependency exemptions Modified 36 38 Multiple support agreement: eligible taxpayers New * 39 Exemption deduction determination: phaseout New * 40 Unearned income of child under age 14 New 41 Dependency exemptions: joint return test Unchanged 40 * 42 Tax liability calculations Modified 42 * 43 Childs income taxed at parents rate New * 44 Childs income taxed at parents rate New 45 Filing requirements New 46 Filing requirements Unchanged 46 47 Filing status determination Unchanged 47 48 Filing status determination Unchanged 48 49 Filing status determination...
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- Spring '07