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Tax Planning

カード 140枚 作成者: JS star (作成日: 2013/11/29)

  • Relationship test for qualifying child

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  • 1

    Relationship test for qualifying child

    補足(例文と訳など)

    答え

    • Must be the taxpayer's lineal descendant, stepchild, eligbile foster child, taxpayer's sibling, step-brother/sister, or descendent of any such relative

    解説

  • 2

    Qualifying relative test

    補足(例文と訳など)

    答え

    • - Sames as relationship test for qualifying child but also includes parents or great/grand-parents, stepparents, neice/nephew, uncle/aunt, and inlaws (father/mother, brother/sister, son/daughter) - OR - 

    解説

  • 3

    Qualifying relative test

    補足(例文と訳など)

    答え

    • - Principal resident is the taxpayer's home & is a member of household

    解説

  • 4

    Qualifying relative test

    補足(例文と訳など)

    答え

    • - Gross income is less than the exemption amount

    解説

  • 5

    Qualifying relative test

    補足(例文と訳など)

    答え

    • - Taxpayer provided over half of support

    解説

  • 6

    Qualifying relative test

    補足(例文と訳など)

    答え

    • - Is not a qualifying child for anyone

    解説

  • 7

    Support test

    補足(例文と訳など)

    答え

    • -Provided more than half of total support during tax year. Includes, but not limited to, clothing, food, lodging, medical care, recreation, and education.

    解説

  • 8

    Support test

    補足(例文と訳など)

    答え

    • - An individual's own personal funds are not considered support unless the funds are actually spent for support

    解説

  • 9

    Effective tax rate

    補足(例文と訳など)

    答え

    • Average income tax rate.

    解説

  • 10

    Effective tax rate

    補足(例文と訳など)

    答え

    • Example: , $31,179 (tax) / $155,000 (taxable income) = 20.1%

    解説

  • 11

    The 2012 wage base for the OASDI tax is ____; for the Medicare tax, the wage base is _____.

    補足(例文と訳など)

    答え

    • $110,000, unlimited

    解説

  • 12

    Adoption expense

    補足(例文と訳など)

    答え

    • - Tax credit of up to $12,650 for qualified adoption expenses (reasonable & necessary expenses/fees). 

    解説

  • 13

    Adoption expense

    補足(例文と訳など)

    答え

    • - Unused credits may be carried forward for up to 5 years.

    解説

  • 14

    Adoption expense

    補足(例文と訳など)

    答え

    • - Phase out between $189,710 and $229,710 of modified AGI

    解説

  • 15

    Types of tax credits

    補足(例文と訳など)

    答え

    • - Excess social security taxes

    解説

  • 16

    Types of tax credits

    補足(例文と訳など)

    答え

    • - Adoption expenses

    解説

  • 17

    Types of tax credits

    補足(例文と訳など)

    答え

    • - Child tax credit

    解説

  • 18

    Types of tax credits

    補足(例文と訳など)

    答え

    • - Child and dependent care credit

    解説

  • 19

    Types of tax credits

    補足(例文と訳など)

    答え

    • - Residential energy credits

    解説

  • 20

    Types of tax credits

    補足(例文と訳など)

    答え

    • - Residential energy-efficient property credit

    解説

  • 21

    Types of tax credits

    補足(例文と訳など)

    答え

    • - Homebuyer credit

    解説

  • 22

    Child & dependent care credit

    補足(例文と訳など)

    答え

    • - A nonrefundable tax credit that may be claimed for household and depending care expenses if that care enables the taxpayer to be gainfully employed.

    解説

  • 23

    Child & dependent care credit

    補足(例文と訳など)

    答え

    • - Credit is equal to 20 - 35% of expenses depending upon AGI; for every $2k over $15k, reduces by 1%, until $43k+ = 20%

    解説

  • 24

    Child & dependent care credit

    補足(例文と訳など)

    答え

    • - max credit amount for one dependent is $3k, $6k for two+ dependents

    解説

  • 25

    Taxpayers are required to file a tax return under any one of the following circumstances

    補足(例文と訳など)

    答え

    • - Had net earnings of $400+ from self-employment income

    解説

  • 26

    Taxpayers are required to file a tax return under any one of the following circumstances

    補足(例文と訳など)

    答え

    • - Had wages of approx $110+ from a church that is exempt from paying the employer portion of SS taxes

    解説

  • 27

    Taxpayers are required to file a tax return under any one of the following circumstances

    補足(例文と訳など)

    答え

    • - Are subject to one of the special taxes (self-employmenet tax) - OR -

    解説

  • 28

    Taxpayers are required to file a tax return under any one of the following circumstances

    補足(例文と訳など)

    答え

    • - received advance earned income credit payments from their employers

    解説

  • 29

    Equivalent tax benefit of exclusions or deductions to tax credits formula

    補足(例文と訳など)

    答え

    • TC = d x m

    解説

  • 30

    Equivalent tax benefit of exclusions or deductions to tax credits formula

    補足(例文と訳など)

    答え

    • TC = amount of tax credit (tax savings)

    解説

  • 31

    Equivalent tax benefit of exclusions or deductions to tax credits formula

    補足(例文と訳など)

    答え

    • d = Before-tax benefit (amount of exclusion/deduction)

    解説

  • 32

    Equivalent tax benefit of exclusions or deductions to tax credits formula

    補足(例文と訳など)

    答え

    • m = marginal income tax bracket

    解説

  • 33

    Steps in Income Tax Calucation

    補足(例文と訳など)

    答え

    • 1. Determine total gross income

    解説

  • 34

    Steps in Income Tax Calucation

    補足(例文と訳など)

    答え

    • 2. Subtract adjustments to income (AGI)

    解説

  • 35

    Steps in Income Tax Calucation

    補足(例文と訳など)

    答え

    • 3. Determine total itemized deductions

    解説

  • 36

    Steps in Income Tax Calucation

    補足(例文と訳など)

    答え

    • 4. Subtract itemized deductions/standard deduction from AGI

    解説

  • 37

    Steps in Income Tax Calucation

    補足(例文と訳など)

    答え

    • 5. Determine personal exemption amount

    解説

  • 38

    Steps in Income Tax Calucation

    補足(例文と訳など)

    答え

    • 6. Determine taxable income

    解説

  • 39

    Steps in Income Tax Calucation

    補足(例文と訳など)

    答え

    • 7. Determine tax by using appropriate schedules/tax tables

    解説

  • 40

    Steps in Income Tax Calucation

    補足(例文と訳など)

    答え

    • 8. Subtract nonrefundable credits and add other taxes to determine net tax liability

    解説

  • 41

    Steps in Income Tax Calucation

    補足(例文と訳など)

    答え

    • 9. Subtract payments & refundable credits to determine amount owed or refundable

    解説

  • 42

    3 fundamental methods used to manage tax liability

    補足(例文と訳など)

    答え

    • Avoiding taxes, deferring taxes, and conversion

    解説

  • 43

    Avoiding taxes

    補足(例文と訳など)

    答え

    • - Use of exclusions, credits, and certain deductions to legitimately reduce tax liability

    解説

  • 44

    Avoiding taxes

    補足(例文と訳など)

    答え

    • - Aggressively pursuing this strategy may potentially trigger the AMT

    解説

  • 45

    Private activity bonds

    補足(例文と訳など)

    答え

    • 1. Used to finance PRIVATE activities that benefit the public

    解説

  • 46

    Private activity bonds

    補足(例文と訳など)

    答え

    • 2. Interest is usually taxable and/or subject to AMT

    解説

  • 47

    Private activity bonds

    補足(例文と訳など)

    答え

    • 3. Bonds issued in 2009 & 2010 do not generate an AMT preference

    解説

  • 48

    Conversion

    補足(例文と訳など)

    答え

    • Converting highly taxed income into more favorably taxed income. Example: convert ordinary income into long-term capital gains

    解説

  • 49

    Consumer (personal) interest

    補足(例文と訳など)

    答え

    • Interest on personal loans, credit cards, charge accounts is not allowable deduction

    解説

  • 50

    Exclusions

    補足(例文と訳など)

    答え

    • - Items that create economic benefits for the taxpayer but are not included as income/taxable. 

    解説

  • 51

    Exclusions

    補足(例文と訳など)

    答え

    • - Examples: life insurance proceeds by reason of death, gift/inheritance, interest from municipal bonds, and many employee fringe benefits

    解説

  • 52

    Marginal income tax bracket

    補足(例文と訳など)

    答え

    • Refers to the rate of tax on a taxpayer's last dollar of income

    解説

  • 53

    The 2012 personal exemption amount is ___

    補足(例文と訳など)

    答え

    • $3,800. No phaseout limits

    解説

  • 54

    Tax credits

    補足(例文と訳など)

    答え

    • A direct offset against, or reduction of, a taxpayer's income tax liability on a dollar-for-dollar basis

    解説

  • 55

    Before income phaseouts, the maximum deduction for qualified education interest is ___

    補足(例文と訳など)

    答え

    • $2500 annually

    解説

  • 56

    Taxpayers dealing with ___ ___ contracts generally must use the ___ ___ ___ method of accounting.

    補足(例文と訳など)

    答え

    • long-term, percentage-of-completion.

    解説

  • 57

    Long-term contracts

    補足(例文と訳など)

    答え

    • 1. Work is not completed in the taxable year in which the contract was entered into

    解説

  • 58

    Long-term contracts

    補足(例文と訳など)

    答え

    • 2. Must be for manufacture of a unique item - OR -

    解説

  • 59

    Long-term contracts

    補足(例文と訳など)

    答え

    • 3. For an item that usually takes more than 12 mo to complete

    解説

  • 60

    During inflationary periods, the ___ method of valuation will provide ___ deductions for COGS than would the __ method.

    補足(例文と訳など)

    答え

    • LIFO, greater, FIFO. 

    解説

  • 61

    During inflationary periods, the ___ method of valuation will provide ___ deductions for COGS than would the __ method.

    補足(例文と訳など)

    答え

    • because during inflation, LIFO method has a higher COGS, lower taxable income and tax liability.

    解説

  • 62

    When is the taxpayer required to keep inventories and use the accrual method?

    補足(例文と訳など)

    答え

    • If the production, purchase, or sale of merchandise is a material income-producing factor

    解説

  • 63

    When is the formation of a partnership taxable?

    補足(例文と訳など)

    答え

    • 1. If 80%+ of the value of the partnership's assets is from marketable securities

    解説

  • 64

    When is the formation of a partnership taxable?

    補足(例文と訳など)

    答え

    • 2. Triggered when a partnership is formed w/ a service partner

    解説

  • 65

    When is the formation of a partnership taxable?

    補足(例文と訳など)

    答え

    • 3. If a partner's individual liability is decreased because the partnership assumes that debt

    解説

  • 66

    Section 751 assets

    補足(例文と訳など)

    答え

    • Unrealized receivables, appreciated inventory, and recapture on cost recovery property aka "hot assets"

    解説

  • 67

    Special allocation

    補足(例文と訳など)

    答え

    • Any amount for which an agreement exists among the partners of a partnership outlining the method used for spreading the item among the partners.

    解説

  • 68

    Name the three situations when a LP is used.

    補足(例文と訳など)

    答え

    • 1. Appropriate for the pass-through of losses from tax-advantage investments (REITs, hedge funds)

    解説

  • 69

    Name the three situations when a LP is used.

    補足(例文と訳など)

    答え

    • 2. LPs are well suited for investors who want to invest in a business w/o being subjected to personal liabilities for business obligations

    解説

  • 70

    Name the three situations when a LP is used.

    補足(例文と訳など)

    答え

    • 3. Offers the entrepreneur the advantage of locking any financial partners out of the management of the venture

    解説

  • 71

    Limited Partnership restrictions

    補足(例文と訳など)

    答え

    • 1. Must contribute cash or property, can not be service

    解説

  • 72

    Limited Partnership restrictions

    補足(例文と訳など)

    答え

    • 2. LPs can not have control of the day-to-day mangement

    解説

  • 73

    Limited Partnership restrictions

    補足(例文と訳など)

    答え

    • 3. Can lose limited liability status for failure to file required certificates or files false certificate

    解説

  • 74

    Ultra vires

    補足(例文と訳など)

    答え

    • beyond the legal power or authority of a person or official or body etc

    解説

  • 75

    With net capital loss, the taxpayer is limited to offsetting income from other sources at a rate of ___ per year.

    補足(例文と訳など)

    答え

    • $3,000

    解説

  • 76

    Section 1244 losses

    補足(例文と訳など)

    答え

    • -if the investor eventually sells the stock at a gain, it is characterized as capital gain 

    解説

  • 77

    Section 1244 losses

    補足(例文と訳など)

    答え

    • -If the investor sells the stock at a loss or if the stock becomes worthless, it is treated as ordinary (business loss). Able to deduct up to $50k for singles, $100k for MFJ

    解説

  • 78

    Section 1244 losses

    補足(例文と訳など)

    答え

    • -Any excess loss is treated as a capital loss

    解説

  • 79

    Personal service corporations

    補足(例文と訳など)

    答え

    • Closely held corps owned by individuals who perform services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting who are taxed on a flat rate of 35% on every dollar of taxable income

    解説

  • 80

    Personal holding company tax

    補足(例文と訳など)

    答え

    • A penalty tax levied on personal holding companies in addition to the regular corporate income tax. This penalty tax equals 15% of undistributed after-tax corporate income for the year

    解説

  • 81

    Qualified small business stock

    補足(例文と訳など)

    答え

    • Stock in a corporate business that meets certain statutory requirements. Individuals who recognize gain on the sale of qualified business stock may be eligible to exclude 50% of the gain from income

    解説

  • 82

    Requirements of a S corporation

    補足(例文と訳など)

    答え

    • - Must be a domestic corporation

    解説

  • 83

    Requirements of a S corporation

    補足(例文と訳など)

    答え

    • - No more than 100 shareholders (family members are treated as one)

    解説

  • 84

    Requirements of a S corporation

    補足(例文と訳など)

    答え

    • - Shareholders must be a citizen or resident of the US

    解説

  • 85

    Requirements of a S corporation

    補足(例文と訳など)

    答え

    • - May not have more than a single class of stock

    解説

  • 86

    Requirements of a S corporation

    補足(例文と訳など)

    答え

    • - All shareholders must consent in writing to the election

    解説

  • 87

    Requirements of a S corporation

    補足(例文と訳など)

    答え

    • - Must elect a calendary tax year if incorprated after 1982

    解説

  • 88

    Features of a limited liability company

    補足(例文と訳など)

    答え

    • - limited liability to all members

    解説

  • 89

    Features of a limited liability company

    補足(例文と訳など)

    答え

    • - perpetual life unless agreement states otherwise

    解説

  • 90

    Features of a limited liability company

    補足(例文と訳など)

    答え

    • - dissolution upon the death/retirement/resignation of a member unless remaining membors elect by majority to continue

    解説

  • 91

    Features of a limited liability company

    補足(例文と訳など)

    答え

    • -prohibition against transfer of management/mbrship rights w/o majority approval

    解説

  • 92

    Features of a limited liability company

    補足(例文と訳など)

    答え

    • - deferral to the LLC's op agreement for purposes of determining the LL's mgmt structure

    解説

  • 93

    The domestic production activities deduction

    補足(例文と訳など)

    答え

    • Production activities income reduced by expenses that may be traced to the production of the qualified income

    解説

  • 94

    Internal Revenue Code

    補足(例文と訳など)

    答え

    • the source of statutory tax law

    解説

  • 95

    Section 1245 Recapture

    補足(例文と訳など)

    答え

    • Full recapture rule applying to gains recognized on the sales of depreciable personalty and amortizable intangibles. All depreciation (including Section 179) up to the amount of the gain will be considered an ordinary gain instead of a capital gain

    解説

  • 96

    Section 1250 Recapture

    補足(例文と訳など)

    答え

    • Recapture of excess accelerated depreciation over straight-line depreciation allowed for buildings placed in service before 1987.

    解説

  • 97

    Prohibited like-kind exchanges

    補足(例文と訳など)

    答え

    • These exchanges are not considered like-kind:

    解説

  • 98

    Prohibited like-kind exchanges

    補足(例文と訳など)

    答え

    • 1. Realty exchanged for personalty and vice versa

    解説

  • 99

    Prohibited like-kind exchanges

    補足(例文と訳など)

    答え

    • 2. An exhange of US realty with foreign realty

    解説

  • 100

    Prohibited like-kind exchanges

    補足(例文と訳など)

    答え

    • 3. Exchange of livestock of different sexes

    解説

  • 101

    Like-kind exchange rules

    補足(例文と訳など)

    答え

    • 1. Losses are never recognized by either taxpayer

    解説

  • 102

    Like-kind exchange rules

    補足(例文と訳など)

    答え

    • 2. The like-kind exchange provision is mandatory

    解説

  • 103

    Like-kind exchange rules

    補足(例文と訳など)

    答え

    • 3. No gain realized unless the taxpayer receives boot

    解説

  • 104

    Like-kind exchange rules

    補足(例文と訳など)

    答え

    • 4. Gain generally is recognized by the taxpayer who receives cash, experiences debt relefit, or receives nonqualifying property

    解説

  • 105

    Like-kind exchange rules

    補足(例文と訳など)

    答え

    • 5. Gain recognized is ALWAYS the lesser of the gain realized or the boot received. If no boot received, no recognized (taxable) gain.

    解説

  • 106

    Calculations in Like-kind Exchanges

    補足(例文と訳など)

    答え

    • Fair market value (FMV) of property received

    解説

  • 107

    Calculations in Like-kind Exchanges

    補足(例文と訳など)

    答え

    • + Boot received

    解説

  • 108

    Calculations in Like-kind Exchanges

    補足(例文と訳など)

    答え

    • + Liability assumed by other party (debt relief)

    解説

  • 109

    Calculations in Like-kind Exchanges

    補足(例文と訳など)

    答え

    • - Adjusted basis of property given

    解説

  • 110

    Calculations in Like-kind Exchanges

    補足(例文と訳など)

    答え

    • - Boot given

    解説

  • 111

    Calculations in Like-kind Exchanges

    補足(例文と訳など)

    答え

    • - Liability assumed

    解説

  • 112

    Calculations in Like-kind Exchanges

    補足(例文と訳など)

    答え

    • = gain or loss realized

    解説

  • 113

    Section 121

    補足(例文と訳など)

    答え

    • • $250,000 single /$500,000 MFJ & widow(er) exclusion

    解説

  • 114

    Section 121

    補足(例文と訳など)

    答え

    • • No Age Limit

    解説

  • 115

    Section 121

    補足(例文と訳など)

    答え

    • • Principal residence for two of prior five years

    解説

  • 116

    Section 121

    補足(例文と訳など)

    答え

    • • Once-every-two-years rule

    解説

  • 117

    Section 121

    補足(例文と訳など)

    答え

    • • Partial exclusion for health, job, unforeseen

    解説

  • 118

    Section 121

    補足(例文と訳など)

    答え

    • circumstances

    解説

  • 119

    Section 121

    補足(例文と訳など)

    答え

    • • Months of use/24 months x maximum exclusion

    解説

  • 120

    Section 121

    補足(例文と訳など)

    答え

    • • Nonqualified use—partial exclusion

    解説

  • 121

    Name various situations that may cause a casualty loss.

    補足(例文と訳など)

    答え

    • Earthquakes, hurricanes, tornadoes, floods, storms, volcanic eruptions, shipwrecks, mine cave-ins, sonic booms, vandalism, fire (unintential by taxpayer), and car accidients not caused by the taxpayer's willful neglect or act

    解説

  • 122

    Mary Falcon is a single taxpayer. On January 1, 2011, she received a gift from her mother of a house that immediately became her principal residence. On January 1, 2012, she sold this home for a realized gain of $133,000. She sold the home because she received a job promotion and was transferred to a new location.

    補足(例文と訳など)

    答え

    • $125,000: An exception to the general rule is available for a taxpayer who fails to use the residence for the required two-year period because of a job-related move. A pro rata exclusion, based on the full $250,000 exclusion multiplied by the percentage of the required time period that was completed, is available. In this situation, the full exclusion of $250,000 multiplied by 50% (one year of use divided by the two years of required use) results in a maximum exclusion of $125,000.

    解説

  • 123

    In calculating the deduction, a loss must be reduced by a ___ floor per occurrence and also must be reduced by ___ of the taxpayer's AGI.

    補足(例文と訳など)

    答え

    • $100, 10%

    解説

  • 124

    Judy Langer's rental real estate was completely destroyed by a fire in June of 2011, and she received the reimbursement check from the insurance company later that month.

    補足(例文と訳など)

    答え

    • December 31, 2013: The replacement period for a casualty or theft begins on the date the property was damaged, destroyed, or stolen and ends on the last day of the second taxable year following the year in which the taxpayer realizes a gain with respect to the property.

    解説

  • 125

    Special allocation

    補足(例文と訳など)

    答え

    • aka, non pro rata. An allocation of one or more items of income, gain. losses, deductions, or credits that depart from the partner's general profit and loss sharing ratio IOT receive the greatest individual tax advantage from the allocation

    解説

  • 126

    For vacation homes, the Tax Court method of allocating expenses uses the ___, as opposed to the IRS method, which uses the ____ the property is actually used during the year.

    補足(例文と訳など)

    答え

    • number of days in the year, total number of days

    解説

  • 127

    The passive activity loss rules apply to...

    補足(例文と訳など)

    答え

    • individuals, estates, trusts, closely held C corps, and personal service corps

    解説

  • 128

    Which of the following describes the phaseout rules as they apply to active participation rental real estate?

    補足(例文と訳など)

    答え

    • The phaseout occurs on a two-for-one basis as the taxpayer's adjusted gross income increases from $100,000 to $150,000.

    解説

  • 129

    Name the requirement for a taxpayer to be considered a real estate professional under the passive activity rules.

    補足(例文と訳など)

    答え

    • (1) more than 50% of the individual's personal services during the year are performed in the real property trades or businesses in which the individual materially participates, AND, 2) the individual performs more than 750 hours of service int he real property trades/businesses in which the individual materially participates

    解説

  • 130

    appropriate economic unit

    補足(例文と訳など)

    答え

    • - Similarities & differences in types of businesses

    解説

  • 131

    appropriate economic unit

    補足(例文と訳など)

    答え

    • - The extent of common control

    解説

  • 132

    appropriate economic unit

    補足(例文と訳など)

    答え

    • - The extent of common ownership

    解説

  • 133

    appropriate economic unit

    補足(例文と訳など)

    答え

    • - The geographical location

    解説

  • 134

    appropriate economic unit

    補足(例文と訳など)

    答え

    • - The interdependencies between/among the activities

    解説

  • 135

    Qualifying child test

    補足(例文と訳など)

    答え

    • - Meets relationship test

    解説

  • 136

    Qualifying child test

    補足(例文と訳など)

    答え

    • - Same principal residence as taxpayer for more than 1/2 of tax year

    解説

  • 137

    Qualifying child test

    補足(例文と訳など)

    答え

    • - Under 19 during tax year - OR -

    解説

  • 138

    Qualifying child test

    補足(例文と訳など)

    答え

    • - FT student at least 5 months during year and under 24

    解説

  • 139

    Qualifying child test

    補足(例文と訳など)

    答え

    • - totally or permanently disabled at any time during tax year

    解説

  • 140

    Qualifying child test

    補足(例文と訳など)

    答え

    • - Child did not provided more the half of total support

    解説

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