Chapter 14 and 8 notes
Long term capital gains are taxed at _ rates
Long Term capital Losses may only offset what?
Capital gains and up to $3000 of ordinary income
T/F: When dealing with offsetting Long Term capital
Losses and offsetting, the excess
Chapter 4 Notes
What is gross income?
All income from whatever source derived
What authorities further expand gross income?
judicial and administrative
What two types of money coming in that aren't
Loans and recovery of capital
Chapter 10 notes
T/F: unreimbursed medical expenses for taxpayer,
spouse, and dependents are allowed as an itemized
What do we include in medical expenses?
payments to doctors, dentists, hospital bills, prescription drugs, wheelchairs, rx
Chapter 7 notes
A Bad Debt deduction is only permitted if.?
the debt item was previously included in income
Under the Charge-Off-Method, you only get a
deduction for Business debt when it is
Under the Charge-Off-Method, you only
Chapter 1 notes
What are the three kinds of Tax Structure?
Rates that increase as taxable income increases
are known as what?
Give an example of a Progressive Tax.
Chapter 5 quiz
Statutory Authority: Although _ is broadly
defined, _ are not
T/F: With statutory authority, most courts won't allow
exclusions unless specifically provided in IRC.
What are gifts and inheritances?
Chapter 12 notes
What are credits?
Amounts a taxpayer is deemed to have paid toward the tax liability
What gets subtracted from AGI?
What gets subtracted from our tax?
What are two types of tax credits?
Refundable and non refundable
Test 3 Review
If a corporation has a bad debt, is it treated as
ordinary loss or capital loss?
If a corporation has a bad debt and they collect a
portion of bad debt next year, what do they do?
Include it in income because of the tax benefit
Test 2 Review
If we find money, like Treasure, do we have to include
it in Gross income?
If we embezzle money do we have to include it in
The lady accepts an annual salary and wants a bonus
in a certain number of years and she ha
Chapter 13 notes
The amount realized from a sale/disposition is known
The Sale/Disposition of realized gains/losses
Trade ins, casualties, condemnations, thefts, bond retirements, sales, exchanges
What equation is used t
Chapter 9 Notes
Employee or Self-employed (Independent contractor):
Included in benefit plan?
Employee or Self-employed: Receive payroll with
Where do you deduct business expenses:
Employee: unreimbursed expenses on Sched