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Accounting 305 Federal Taxation 2010 Review Questions by ukr15189

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									                           Federal Personal Income Tax
                                    Fall 2010
                                David I. Kempler
It is imperative that you read the applicable provisions of the Internal Revenue Code
(the "Code") and the Income Tax Regulations ("Regulations") that are assigned for
each class. Many cases in the book have been changed by subsequent legislation.

In addition to the material listed below, there may be more cases and IRS
pronouncements assigned during the semester so please refer to Blackboard on a
regular basis. Also, please stay at least 35 pages ahead even if we do not cover all of
the material in a given assignment. If you have any questions concerning the class
please contact me.

FIRST CLASS ASSIGNMENT

Introduction

Klein, Bankman, Shaviro and Stark 15th edition ("Klein et al.") pp. 1-46.

SECOND CLASS ASSIGNMENT

Constructive Receipt Doctrine; Cash Equivalency Doctrine
Fringe Benefits; Valuation

Klein et al., pp. 276-283; 47-77

Code: Sections 119, 106, 125, and 132
Regulations: Sections 1.451-2;1.61-2, and 1.119-1

THIRD CLASS ASSIGNMENT

Windfalls and Gifts

Klein et al., pp. 77-111

Code: Sections, 74, 102 and 117

FOURTH CLASS ASSIGNMENT

Gifts (cont.)
Transfers at Death
Recovery of Capital; Annuities

Klein, et al. pp. 111-138

Code: Sections 102, 1014, 101(a), 72(a-c)
FIFTH CLASS ASSIGNMENT

Annualization Concept: Claim of Right Doctrine
Tax Benefit Doctrine
Recoveries from Injuries
Cancellation of Indebtedness Income

Klein et al. pp.138-174

Code: Sections 1341,111,104, and 108(a) and (d)

Other: Marrita Murphy v. IRS , 493 F.3d 170 (D.C. Cir. 2007)

SIXTH CLASS ASSIGNMENT

Cancellation of Indebtedness Income (Cont.)
Illegal Income
Municipal Bond Interest
Sale of Principal Residence

Klein et al. pp.174-209

Code: Sections 1001, 103, and 121.

SEVENTH CLASS ASSIGNMENT

Timing of Recognition of Gains and Losses
Calculation of Gains and Losses

Klein et al. pp.211-245

Code: Sections 305(a), 307, 109. 165(a) and 1001(a).

EIGHTH CLASS ASSIGNMENT

Nonrecognition Transactions in General
Like Kind Exchanges
Constructive Sales
Original Issue Discount
Open Transactions
Installment Sales

Klein et al. pp. 246-276

Code: Sections 1031(a)-(d), 165(a)-(g), and 453(a)-(d).
Other: Jordan Marsh Co. v. Comm'r, 269 F.2d 453 (2d Cir. 1959)
NINTH CLASS ASSIGNMENT

Deferred compensation
Qualified Plans
Stock Options

Klein et al. pp.283-310

Code: Sections 83 (important) and 422

Other: United States v. Drescher, 179 F.2d 863 (2d.Cir. 1950) cert. denied 340 U.S. 821
(1950)

TENTH CLASS ASSIGNMENT

Divorce and Marriage Tax Issues
Cash v. Accrual methods of Accounting

Klein et al., pp.310-350

Casualty Losses
Medical Expenses

Code: Sections 1041, 71, 446 and 461

ELEVENTH CLASS ASSIGNMENT

Personal Deductions
Casualty Losses
Medical Expenses

Klein et al., pp.351-380

Code: Sections 165(c)(3) and 213

TWELFTH CLASS ASSIGNMENT

Charitable Contributions
Interest
Taxes
Dependency Exemptions

Klein et al., pp.380-418

Code: Sections 170 (a)-(d), 501(c)(3), and 164
THIRTEENTH CLASS ASSIGNMENT

Personal v. Business Deductions
Home Offices
Vacation Homes
Klein et al. pp.419-452

Code: Sections 162(a), 183 and 280A


FOURTEENTH CLASS ASSIGNMENT

Travel and Entertainment Expenses
Child Care Expenses
Commuting Expenses

Klein et al., pp.452-500

Code: Sections 162, 274 and 21


FIFTEENTH CLASS ASSIGNMENT

Legal Expenses
Educational Expenses
Current Deductions v. Capital Expenditures

Klein et al., pp.500-531

Code: Sections 212, 263, and 263A(skim)
Regulations: Section 1.162-5


SIXTEENTH CLASS ASSIGNMENT

Current Deductions v. Capital Expenditures (cont.)
"Ordinary and Necessary" Expenses
Inventory Accounting
Illegal Payments

Klein et al., pp.531-565

Code: Sections 162(a),(c),(f) and (g), and 263(a)
SEVENTEENTH CLASS ASSIGNMENT

Depreciation, Depletion and Amortization
Tax Shelters

Klein et al. pp. 565-608

Code: Sections 168(a)-(e); 611 and 469(a)-(e) and (g).

Other: Frank Lyon v. United States, 435 U.S. 561 (1978)


EIGHTEENTH CLASS ASSIGNMENT

Sale and Leaseback
Alternative Minimum Tax
Tax Shelters Revisited
Splitting of Income

Klein et al. pp.608-637

Code: Sections 55 and 57


NINETEENTH CLASS ASSIGNMENT
Assignment of Income
Taxation of Trusts

Klein et al. pp. 637-669

Code: Sections 671-678 (mainly the general rules of each section)


TWENTIETH CLASS ASSIGNMENT:

Income Splitting through Partnerships and Corporations
Capital Gains And Losses

Klein et al. pp. 669-701

Code: Section 1221


TWENTY FIRST CLASS ASSIGNMENT:

Capital Gains and Losses
Property Held "Primarily for Sale" to Customers
Klein et al., pp.701-731

Code: Section 1221


TWENTY SECOND CLASS ASSIGNMENT:

Exceptions from Capital Gains

Klein et al., pp.731-759

Code: Section 1221


TWENTY THIRD CLASS ASSIGNMENT

Contractual Rights
Other Capital Gain Issues

Klein et al., pp.759-791

Code: Sections 1221 and 1231

TWENTY FOURTH CLASS ASSIGNMENT

Review




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