sm02 - CHAPTER 2 TAX DETERMINATION; PERSONAL AND DEPENDENCY...

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Unformatted text preview: CHAPTER 2 TAX DETERMINATION; PERSONAL AND DEPENDENCY EXEMPTIONS; AN OVERVIEW OF PROPERTY TRANSACTIONS SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 Tax formula New 2 Current versus past income tax rates New 3 Gross income: exclusions New 4 Gross income: inclusions New 5 Income tax: international considerations Unchanged 5 6 Issue recognition New 7 Issue recognition Unchanged 7 8 Dependents and the determination of their Unchanged 8 standard deduction and personal exemptions 9 Dependency exemption: treatment of scholarships Unchanged 9 for the support and gross income tests 10 Dependency exemption: multiple support New agreement 11 Dependency exemption: gross income test New 12 Issue recognition Unchanged 12 13 Dependency exemption: relationship test Unchanged 13 14 Issue recognition Unchanged 14 15 Characteristics of the kiddie tax Unchanged 15 16 Filing requirement Unchanged 16 17 Marriage penalty Unchanged 17 18 Marriage penalty Unchanged 18 19 Surviving spouse status Unchanged 19 20 Head of household requirements New 21 Issue recognition Unchanged 21 22 Treatment of capital gains New 23 Treatment of capital gains Unchanged 23 24 Capital loss tax treatment Unchanged 24 2-1 2-2 2002 Comprehensive Volume/Solutions Manual Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 25 Capital transactions: treatment of collectibles Unchanged 25 26 Issue recognition 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 New 31 Standard deduction of dependent New 32 Personal and dependency exemptions Unchanged 32 33 Personal and dependency exemptions Unchanged 33 34 Personal and dependency exemptions Unchanged 34 * 35 Exemption deduction determination: phaseout Unchanged 35 * 36 Determine taxable income New * 37 Unearned income of child under age 14 Unchanged 37 38 Dependency exemptions: joint return test Unchanged 38 39 Dependents tax liabilityunearned income Unchanged 39 * 40 Tax liability calculations New * 41 Taxable income calculation Unchanged 41 * 42 Childs income taxed at parents rate Unchanged 42 * 43 Childs income taxed at parents rate Unchanged 43 * 44 Marriage penalty Unchanged 44 45 Filing requirements Unchanged 45 46 Filing requirements Unchanged 46 47 Filing status determination New 48 Filing status determination New 49 Filing status determination Unchanged 49 50 Filing status determination; dependency Unchanged 50 exemptions * 51 Capital transactions: determination of tax New * 52 Capital transactions: determination of tax Unchanged 52 53 Tax planning: alternating years for itemized Unchanged 53 deductions with standard deduction * 54 Cumulative New * 55 Cumulative Unchanged 55 *The solution to this problem is available on a transparency master. Tax Determination, Exemptions 2-3 CHECK FIGURES 28.a. $30,100....
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sm02 - CHAPTER 2 TAX DETERMINATION; PERSONAL AND DEPENDENCY...

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