100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Grade A+ REG Mnemonics Exam Questions & Answers 2024/2025 $9.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Grade A+ REG Mnemonics
  4.  
  5. Grade A+ REG Mnemonics

Exam (elaborations)

Grade A+ REG Mnemonics Exam Questions & Answers 2024/2025
 7 views  0 purchase
  • Course
  • Grade A+ REG Mnemonics
  • Institution
  • Grade A+ REG Mnemonics

Grade A+ REG Mnemonics Exam Questions & Answers 2024/2025 Dependency Exemptions - ANSWERS"CARES" & "SUPORT" -*C*lose Relative -*A*ge Limit (19/24=College) -*R*esidency and Filing Requirements (more than half yr) -*E*liminate Gross Income Test (Gross inc not included) -*S*upport Test Cha...

[Show more]

Preview 3 out of 19  pages

Document information

  • August 13, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • grade a reg mnemonics exam questions answers 20

Written for

  • Grade A+ REG Mnemonics
  • Grade A+ REG Mnemonics

Seller

avatar-seller
Bensuda

Reviews received

Content preview

Grade A+ REG Mnemonics Exam
Questions & Answers 2024/2025

Dependency Exemptions - ANSWERS"CARES" & "SUPORT"



-*C*lose Relative

-*A*ge Limit (19/24=College)

-*R*esidency and Filing Requirements (more than half yr)

-*E*liminate Gross Income Test (Gross inc not included)

-*S*upport Test Changes (More than half support)



-*S*upport (over 50%) Test

-*U*nder a specific amount of (taxable) gross income test (Taxable inc under std deduction)

-*P*recludes dependent filing a joint tax return test

-*O*nly citizens (reisdents of US/Canada/Mexico) Test

-*R*elative test (step-children & in-laws included)

OR

-*T*axpayer lives with individual for whole year test



Taxpayer entitled to *full dependency exemption* even if dependent was *(1)* was born *(2)* died



Exception to Penalty Tax - Taking Retirement Funds out Early (Still subject to ordinary income tax) -
ANSWERS"HIM DEaD"



-*H*ome buyer (1st time)

-*I*nsurance (Medical)

-*M*edical expenses in excess of 10% of AGI

-*D*isability

,-*E*ducation: College tuition, books, fees, etc

-*a*nd

-*D*eath



Unemployment vs workers' Compensation Tax - ANSWERSUnemployment compensation = Taxable



Workers' Compensation = Nontaxable



Casualty Loss Itemized Deduction - ANSWERS-10% AGI Limit

-Reduce the eligible loss by $100 per incident

-Use lesser of FMV or adjusted basis for determining eligible loss

-Must be Sudden, swift and unexpected

-Does not include "Diseased Plant" or "Lost Ring"



Alternative Minimum Tax Adjustments - ANSWERS"PANIC TIMME"



INC/DECR

-*P*assive activity losses

-*A*ccelerated depreciation

-*N*et operating loss of the individual taxpayer

-*I*nstallement income of a dealer

-*C*ontract - percentage completion versus completed contract



INC ONLY

-*T*ax "Deductions"

-*I*nterest deductions on some home "equity loans"

-*M*edical deductions

-*M*iscellaneous deductions not allowed

-*E*xemptions (personal) and standard deduction

, AMT Tax Preference Items - ANSWERS"PPP"



Always add backs



-*P*rivate activity bond interest income

-*P*ercentage depletion the excess over adjusted basis of property

-*P*re-1987 accelerated depreciation



AMT Credits - ANSWERS"FACCE"



-*F*oreign tax credit

-*A*doption credit

-*C*hild tax credit

-*C*ontributions to retirement plans credit

-*E*arned income credit



Interest Expense Itemized Deduction - ANSWERS"HIPPE"



-*H*ome Mortgage Interest

-*I*nvestment Interest Expense

-*P*ersonal (Consumer) Interest is not deductible

-*P*repaid interest (Allocate to property period)

-*E*ducational Loan Interest (adjustment/not itemized)



Uniform Capitalization Rules of Code Sec 263A Apply to retailers whose average gross receipts for the
preceding three years exceeds? - ANSWERS10 million



Nondeductible Taxes - Itemized Deduction - ANSWERS"FIB"

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Bensuda. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart