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Exam_2_Study_sheet_Summer_2010 - 3 Corporate Tax Formula 4...

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TAX 4001 EXAM 2 STUDY SHEET SUMMER A 2010 Chapter Seven 1) Realized vs. Recognized gain/loss 2) Basis Allocation (e.g. lump-sum, stock dividend) 3) Basis of Property acquired as a gift (including dual basis issue) or inherited 4) Basis of Property converted from personal to business use 5) Disallowed losses (related party, personal-use assets) 6) Like-Kind Exchanges 7) Involuntary Conversions 8) Sale of Residence Chapter Eight 1) Capital Assets Defined 2) Tax Treatment of Capital Gains and Losses (e.g. different rates, netting rules, capital loss limitations) 3) Section 1231 Assets Defined 4) Section 1231 tax treatment (e.g. “bucket”, look-back rule) 5) Sec 1245 Depreciation Recapture 6) Sec 1250 Depreciation Recapture 7) Sec 291 Depreciation Recapture 8) Real Estate 25% gain (Un-recaptured Sec 1250 gain) Chapter Nine 1) Entity Choice Considerations – Advantages/Disadvantages of various entity types (including SE tax issues). 2) C Corp Tax Treatment (e.g. CC, Capital transactions, tax rates that apply)
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Unformatted text preview: 3) Corporate Tax Formula 4) Organizational Expenses 5) Dividends Received Deduction 6) Reconciliation of Book/Tax Income 7) Shareholder Basis, treatment of dividend distributions Chapter Eleven 1) Entities taxed as Partnerships, different types of partnerships 2) Partnership Taxation and Reporting 3) Ordinary Income vs. Separately Stated Items 4) Loss Limitations 5) Guaranteed Payments 6) Partner’s Basis in Partnership 7) Related Party Rules Chapter Twelve 1) Requirements to be an S Corp 2) Tax treatment of S Corp Income (e.g. Separately Stated vs. Ordinary Income) 3) S Corp Shareholder Loss Limitations 4) Shareholder Basis 5) Allocation of income/loss items NOTE: YOU WILL BE GIVEN THE TAX RATE SCHEDULES, AND THE DEPRECIATION TABLES. AS A REMINDER, YOU ARE ALLOWED TWO 8 1/2" BY 11" PAGES OF NOTES (YOU CAN USE THE BACK AND THE FRONT). YOU NEED A BROWN SCANTRON....
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