ac371 spring 2008 exam 2 study guide

ac371 spring 2008 exam 2 study guide - AC371 Spring 2008...

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AC371 Spring 2008 Exam 2 – Study Guide **This does not mean I have indicated every single question on the test below; I am just trying to assist you in understanding what topics we emphasized in class and in homework problems and those we did not.** Ex = example in the text of that chapter DQ = Discussion Question at end of that chapter P = Problem at end of that chapter Chapter 7 §162 vs. §212 – activity rules, differences, the relationship rules: Ex 1 and 2, DQ4. Ordinary and necessary rules: Ex 6, P22. Reasonable rules: treatment of excess as dividend: DQ11. Cash basis taxpayer – basic rule for when paid/incurred. Restrictions on use of cash method: inventories, capital expenditures. You will not be tested in detail on prepaid expenses, but please skim. Skip accrual method rules (pg 13-19). Importance of classification of for AGI vs. from AGI deductions: DQ8, DQ10. Deductions for AGI: those discussed in chapters 6-11 (#1, #2a, 3, #4, #7, #8, #10, #11, #13, #14, #15, #16: many of these are discussed in chap 8 and 11) Itemized: see chapter 11 outline as these are discussed in great detail in Chap 11. However, pg 22-23 of Chap 7 serve as an excellent overview of Chap 11. P42 Self-employed vs. employee – where are deductions taken on tax return? Why does it matter how classified? Reimbursed vs. unreimbursed expenses of an employee: Ex 24 and 25; DQ7, P40, P41, P56, P57, P58. Hobby rules:
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ac371 spring 2008 exam 2 study guide - AC371 Spring 2008...

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