Outline_4_vocabulary - Outline 4 Nolo Chapter 1 Tax...

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Outline 4 Nolo Chapter 1 Tax write-off Personal deductions Personal, living, and family expenses Investment deductions Expenses for the production of income Business deductions Sole proprietor Independent contractor Small business owner Legal basis for deductions Legislative grace Partnership Corporation Legal entity distinct from its owners S corporation Small business corporation C Corporation Limited Liability Company Members Separate legal entity Pass-through entity Election Form 1065 Information return Schedule K-1 Fringe benefit De minimus Qualified joint venture Materially participate Regular, continuous, and substantial Community property Progressive income tax system Marginal tax bracket Self-employment tax Start-up expense Operating expense Capital expense Section 179 Net Operating Loss Carryback Carryforward Form 1040 X Amended U.S. Income tax return NOLO : Chapter 2 Primary purpose Regularly and continuously Profit test Presume Behavior test 1
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Income-producing activity Passive investor Security dealer Professional stock trader Stock market investor Real estate dealer Property held primarily for sale to customers (inventory) Ordinary income tax rate Actively managing rental real estate Regular, systematic, and continuous Nolo Chapter 11 Most of the vocabulary has been covered in other vocabulary lists. Accountable plan Return excess payments Per diem Substantiate Standard mileage rate (50 cents per mile) Unaccountable plan Unreimbursed employee expense Chapter 6 pages 1-8 Vocabulary
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This note was uploaded on 11/07/2011 for the course ACCT 508 taught by Professor Frankel during the Spring '10 term at S.F. State.

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Outline_4_vocabulary - Outline 4 Nolo Chapter 1 Tax...

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