exam_1_study_sheet - TAX 6845 Tax planning consulting...

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TAX 6845 – Tax planning & consulting Exam 1 – Study sheet General overview of tax planning Goals and objectives of tax planning Factors to consider in tax planning The five basic tax questions Fundamentals of tax planning Tax planning – controlling the facts vs. tax saving elections Legislative & judicial constraints on tax planning Explicit taxes vs. implicit taxes Investment issues and the loss limiters Why do we have the loss limiters? Passive activity limitations – purpose (what are they trying to limit) & mechanics At risk limitations – purpose (what are they trying to limit) & mechanics How does one get labeled as “passive” – material participation defined Exceptions to the passive loss rules – rental real estate activities Investment interest expense limitation Rental activities and vacation homes – 3 possible outcomes Beginning a business – Formation, periods and methods How do you distinguish between business activities, investment-related activities and
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