WFT2008_Individual_ch03_SM

WFT2008_Individual_ch03_SM - CHAPTER 3 TAX DETERMINATION;...

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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 Modified 1 2 Transactions with various income tax effects New 3 Gross income: inclusions New 4 Gross income: exclusions New 5 Double taxation of income earned abroad by U.S. taxpayer Unchanged 5 6 Effect of AGI on some deductions from Unchanged 6 7 Conflict in claiming additional standard deduction and itemizing Unchanged 7 8 Dependents and the determination of their standard deduction and personal exemptions Unchanged 8 9 Personal exemption: claiming spouse on a separate return New 10 Dependency exemption: children as qualifying child and as qualifying relative New 11 Qualifying child: tie-breaker rules New 12 Dependency exemption: ex-spouse and relationship test New 13 Multiple support agreement: choice of eligible taxpayers Unchanged 14 14 Dependency exemption: exceptions to the citizenship or residency test Unchanged 13 15 Tax rate tables versus tax rate schedules Unchanged 15 16 Characteristics of the kiddie tax Unchanged 16 17 Filing requirement Unchanged 17 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
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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 Modified 28 *29 Taxable income calculation New *30 Taxable income calculation Unchanged 30 31 Standard deduction of dependent New 32 Qualifying child versus qualifying relative categories Modified 32 33 Personal and dependency exemptions Unchanged 33 34 Personal and dependency exemptions Unchanged 34 35 Personal and dependency exemptions Modified 35 36 Qualifying child and tie-breaker rule Unchanged 36 37 Personal and dependency exemptions Modified 37 38 Multiple support agreement: eligible taxpayers Unchanged 38 *39 Exemption deduction determination: phaseout New *40 Unearned income of child under age 18 New 41 Dependency exemptions: joint return test Unchanged 40 *42 Tax liability calculations New *43 Child’s income taxed at parents’ rate Unchanged 43 *44 Child’s income taxed at parents’ rate Unchanged 44 45 Filing requirements Modified 45 46 Filing requirements Unchanged 46 47 Filing status determination New 48 Filing status determination Unchanged 48 49 Filing status determination Unchanged 49 50 Filing status determination; dependency exemptions Unchanged 50 51 Capital transactions: determination of tax Unchanged 51 52 Capital transactions: determination of tax Unchanged 52 *53 Tax planning: alternating years for itemized deductions with standard deduction Unchanged 53 *54
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WFT2008_Individual_ch03_SM - CHAPTER 3 TAX DETERMINATION;...

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