Comp SM_Ch06 - CHAPTER 6 DEDUCTIONS AND LOSSES IN GENERAL...

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Unformatted text preview: CHAPTER 6 DEDUCTIONS AND LOSSES: IN GENERAL SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 Allowed income and deductions Unchanged 1 2 Deductions for and from AGI Unchanged 2 3 Deductions from AGI Unchanged 3 4 Deductions for and from AGI Modified 4 5 Deductions for and from AGI Modified 5 6 Deductions for and from AGI Unchanged 6 7 Ordinary and necessary requirement New 8 Ordinary and necessary requirement Unchanged 8 9 Reasonable compensation New 10 Business versus nonbusiness losses Unchanged 10 11 Reporting procedures Unchanged 11 12 Method of accounting: cash versus accrual Unchanged 12 13 Actually paid requirement for cash basis taxpayer Unchanged 13 14 All events and economic performance tests Unchanged 14 15 Reserves and economic performance test Unchanged 15 16 Illegal activities Unchanged 16 17 Issue ID Unchanged 17 18 Legal expenses Unchanged 18 19 Illegal activities Unchanged 19 20 Political contributions Unchanged 20 21 Lobbying expenditures Unchanged 21 22 Excessive executive compensation Unchanged 22 23 Investigation of a business Unchanged 23 24 Hobby/business New 25 Vacation home rental: classification New 26 Vacation home rental: IRS approach versus Unchanged 26 6-1 6-2 2005 Comprehensive Volume/Solutions Manual Status: Q/P Question/ Present in Prior Problem Topic Edition Edition court approach 27 Issue ID Unchanged 27 28 Conversion of a residence to rental property Unchanged 28 29 Another taxpayer’s obligation Unchanged 29 30 Capital expenditure versus repair New 31 Issue ID Unchanged 31 32 Tax-exempt income/expenses Modified 32 * 33 Deductions for and from AGI Unchanged 33 * 34 Deductions for and from AGI New * 35 Deductions for and from AGI Unchanged 35 36 Reasonable salaries Unchanged 36 * 37 Business and nonbusiness losses Modified 37 38 Cash method versus accrual method Unchanged 38 39 Cash basis and prepaid expenses Unchanged 39 * 40 Economic performance test Unchanged 40 41 Legal expenses and public policy limitations New * 42 Illegal business Unchanged 42 43 Political contributions Unchanged 43 44 Excessive executive compensation Unchanged 44 * 45 Excessive executive compensation Unchanged 45 46 Investigation of a business Unchanged 46 47 Investigation of a business Unchanged 47 * 48 Hobby/business New * 49 Hobby losses/business Unchanged 49 50 Vacation home rental: exclusion Modified 50 * 51 Vacation home rental: court’s approach and IRS’s approach Unchanged 51 * 52 Vacation home rental: primarily rental use Unchanged 52 * 53 Taxable income calculation and vacation home Unchanged 53 * 54 Another taxpayer’s obligations Unchanged 54 55 Capital expenditure and amortization Unchanged 55 56 Capital expenditures and amortization Unchanged 56 57 Losses between related parties Modified 57 58 Deductions between related parties and constructive ownership Unchanged 58 * 59 Losses between related parties Unchanged 59 60 Tax-exempt income/expenses Unchanged 60 61 Another taxpayer’s obligations and classifying...
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This note was uploaded on 03/14/2010 for the course ACC 11101 taught by Professor Sun during the Spring '10 term at Abraham Baldwin Agricultural College.

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Comp SM_Ch06 - CHAPTER 6 DEDUCTIONS AND LOSSES IN GENERAL...

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