2011 Regulation 1 Update - Regulation 1 Update 2010 Edition...

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Regulation 1 Update – 2010 Edition Regulation 1 Online Update for the 2011 Edition Last Updated March 3, 2011 [Newly Added Items Since the Previous Update: C.7] SECTION A: TEXT ERRATA A.1. Page R1-55, Items a. and b. at the top of the page The two notes at the top of page R1-55 (“a. Year 2010 General Rule” and “b. Year 2010 Gain Exclusion” should be items d. and e. , respectively. Please make a manual edit to your textbook. A.2. Page R1-10, Item I “Personal Exemptions” For 2011, the personal exemption amount is $3,700 , not the $3,750 (obtained from indexed numbers expected at the date of publication of this textbook). Please make a manual edit to your textbook. A.3. Page R1-54, Example at the Bottom of the Page At the very bottom of the example box at the end of the page, there is a note telling the student to “See Appendix A for answers to this exercise.” Please manually cross this sentence out in your textbook. The answer to the exercise is included with the exercise, and no appendix exists. A.4. Page R1-9, Item E.4.a(3) Head of Household for Divorced Parents Manual edits are required for this item. The paragraph should read as follows: (3) Divorced Parents : Assuming all other requirements are met, a custodial parent is entitled to the head of household status even if the custodial parent has waived his/her right to the dependency exemption by completing a Form 8332. A.5. Page R1-23 and R1-24, Item C.2.a(2)(b) Dividend Income: Special (Lower) Tax Rate : Disqualified Corrections are required to this item for the types of dividends that are considered “disqualified” dividends. First, provided the distribution of income would otherwise be considered qualified dividend income (and this is the assumption here), dividends from regulated investment companies and REITs are deemed qualified dividends and should not be listed in this section. Please line-out items (i) and (ii) from the list. Next, in addition to the items listed in (iii) through (vi) on page R1-24, the following types of “dividends” are also not qualified : dividends paid by credit unions, mutual savings banks, building and loan associations, mutual insurance companies, and farmer’s cooperatives. 1 © 2009 DeVry/Becker Educational Development Corp. All rights reserved.
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Regulation 1 Update – 2010 Edition SECTION B: PASSMASTER/SIMULATIONS/QUIZZES ERRATA B.1. R1 Simulation #5, Tab 1 There is a question box that states: “State income tax refund of $350 from the prior.” The question is missing some information. It should say, “State income tax refund of $350 from the prior year’s New York state income tax return (Form 1040-EZ was used in the prior year).” When the “solution” is clicked, the full text exists, but it does not exist in the question. Please make a note of this until a software update is made available. B.2.
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This note was uploaded on 09/25/2011 for the course ACCOUNTING AC591 taught by Professor W during the Spring '11 term at Keller Graduate School of Management.

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2011 Regulation 1 Update - Regulation 1 Update 2010 Edition...

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