Chat 3 - Cpt 6 Tax - ACC432A Chat#3 Chapter 6 Deductions...

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ACC432A Chat #3 Chapter 6 Deductions: General Concepts and Trade or Business Deductions a Signature Project: Must be completed on your own (honor system) Questions For pp6115 From pp6125 Chapter 6 Deductions: General Concepts and Trade or Business Deductions SUMMARY OF CHAPTER Revenue Code. Deductions allowable to individual taxpayers fall into four categories: trade or business expenses, expenses incurred for the production of income, losses, and personal expen In addition to discussing the general requirements for deductibility for each of the above types expenses, this chapter also discusses the tax treatment of many commonly encountered expen incurred by taxpayers, from trade or business expenses such as rent, insurance, interest, taxes, debts, etc. to employee business expenses (travel, transportation, etc.) to expenses that can be categorized as adjustments to gross income (moving expenses, student loan interest, etc.). The chapter also discusses how capital expenditures are allocated across multiple taxable years in th form of depreciation, amortization, depletion, etc. PARAGRAPH SECTION OF TEXT TO PROBLEMS DISCUSSED IN CHAT Topical List of Problems Chat 30. Deductions for AGI or from AGI (¶6115 and ¶6125) Chat 31. Deductions for AGI or from AGI (¶6115 and ¶6125) Add Pr 53. Multiple Choice—Rents and Royalties Expenses (¶6115 and ¶6301) Add Pr 54. Multiple Choice—Trade or Business Expenses (¶6115 and ¶6201) Tax deductions are allowed to taxpayers only if specifically authorized by the Internal
Add Pr 55. Multiple Choice—Trade or Business Expenses (¶6115 and ¶6201) Chat 26. Trade or Business, Production of Income, and Personal Expenses (¶6201, ¶6301, ¶6725) Chat 27. Trade or Business, Production of Income, and Personal Expenses (¶6201, ¶6301, ¶6725) Chat 29. Trade or Business Deductions (¶6201-¶6245) Chat 34. Salaries and Wages Deductions (¶6245) Chat 35. Property Tax Deductions (¶6245) Chat 32. Tax Planning and Compliance Expenses (¶6325) Chat 28. Deductions for Losses (¶6401) Chat 49. Transportation Expenses: Automobiles (¶6535) 50. Travel Expenses: Two Places of Business (¶6545) Chat 51. Travel Expenses: Business and Personal Travel (¶6545) Chat 52. Employee Moving Expenses (¶6560) Chat 33. Deductible Amounts Paid on Behalf of Another Taxpayer (¶6785) Chat 36. MACRS Depreciation (¶6801) Add Pr 37. Alternative Straight-Line Depreciation (¶6801) Add Pr 38. MACRS Depreciation (¶6801) Chat 39. Midquarter Convention Asset (¶6801) Add Pr 43. MACRS Depreciation and Residential Real Property (¶6801) Add Pr 44. MACRS Depreciation and Nonresidential Real Property (¶6801) Chat 24. Passenger Cars: Part Business/Part Personal Expenses (¶6805) Add Pr 25. Passenger Cars: Part Business/Part Personal Expenses (¶6805) 41. MACRS Depreciation and Passenger Cars (¶6805) 42. MACRS, Section 179, and Automobiles (¶6805) Chat 40. MACRS and Section 179 (¶6825) Add Pr 56. Multiple Choice—Immediate Expensing of Capital Expenditures (¶6825) chat 45. Conversion of Personal to Business Use Property (¶6855) 46. Conversion of Personal to Business Use Property (¶6855) Chat 47. Research and Experimentation Expenses (¶6875) Add Pr 48. Depletion Deduction (¶6885) 57. Comprehensive Problem—Deductible Expenses

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