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Income Taxation
IRS Codes
| Question | Answer |
|---|---|
| Section 1(h) Determination of tax liability | Maximum capital gains rate |
| Section 1(h)(2) Determination of tax liability | Net capital gain taken into account as investment income |
| Section 1(h)(3) Determination of tax liability | Adjusted net capital gain |
| Section 1(h)(4) Determination of tax liability | 28% rate gain |
| Section 1(h)(5) Determination of tax liability | Collectibles gain and loss |
| Section 61 Definition of GI, AGI, Taxable Income | Gross income defined |
| Section 71 Items Specifically INCLUDED in GI | Certain Death Benefits |
| Section 101 | Items specifically excluded from gross income |
| Section 65 Definition of GI, AGI, Taxable Income | Ordinary loss defined |
| Section 74 Items Specifically INCLUDED in GI | Prizes and Awards |
| Section 102 Items specifically EXCLUDED from GI | Gifts and Inheritances |
| Section 102(c) Items specifically EXCLUDED from GI | revokes 102(a) Employee gifts INCLUDED in GI |
| Section 132 Items specifically EXCLUDED from GI | Certain Fringe Benefits |
| Section 132(e) Items specifically EXCLUDED from GI | excludes certain de minimis fringes from gross income |
| Section 107 Items specifically EXCLUDED from GI | rental value of parsonages (ministers housing) |
| Section 109 Items specifically EXCLUDED from GI | Improvements by lessee on lessor's property |
| Section 119 Items specifically EXCLUDED from GI | Meals or lodging furnished for the convenience of the employers |
| Section 165 Deductions | Losses |
| Section 1211 Treatment of Capital Loss | Limitation on capitol losses |
| Section 1212 Treatment of Capital Loss | Capital loss carrybacks and carryovers pg 629 CB |
| Section 1011 Basis Rules | Adjusted basis for determining gain or loss |
| Section 1012 Basis Rules | Basis of property-cost |
| Section 1016 Basis Rules | Adjustments to basis |
| Section 167 Deductions | Depreciation |
| Section 1001(a) Determination of amount of and recognition of gain or loss | Computation of gain or loss |
| Section 1014 Basis Rules | Basis of property acquired from a decedent |
| Section 1015 Basis Rules | Basis of property acquired by gifts and transfers in trust |
| Section 1019 Basis Rules | Basis of property on which lessee has made improvements |
| Section 1041 Non-Taxable Exchange | Transfers of property between spouses or incident to divorce |
| Section 1031 Non-Taxable Exchanges | Exchange of property held for productive use or investment |
| Section 1221 Determining Capital Gains and Losses | Capital Asset Defined |
| Section 1222 Determining Capital Gains and Losses | Terms relating to capital gains and losses |
| Section 1223 Determining Capital Gains and Losses | Holding period of property |
| Regulation 1.61-2(d)(1) | services paid for other than money, the fair market value of the property or services taken in payment must be included in income |
| Comm (Helvring) vs Independent Life Insurance Company | section 61- rental value of the building NOT income imputed income |
| Rev Ruling 79-24 Services for payment | Section 61 and 1-61-2= it is includible in GI |
| Section 102(a) Gifts and Inheritances | GI does not include the value of property acquired by gift, bequest, devise, or inheritance |
| Sect 132(a) items specifically EXCLUDED from GI | GI shall not include any fringe benefit which qualifies as a no-addt'l-cost service, qualified ee disc, working condition fringe, qualified transp, qualified moving exp reimb, qualified retirement planning services, qualified military base realignment |
| Sect 132(h) items specifically EXCLUDED from GI | Certain individ treated as employees for purposes of 132 (a)(1)(2) |
| Sect 1001(b) Determination of amount of and recognition of gain or loss | Amount realized |
| Sect 1001(c) Determination of amount of and recognition of gain or loss | Recognition of gain or loss |
| 1015(d) Basis Rules | Increased basis for gift tax paid |
| 1014(e) Basis Rules | Basis of prop acquired from a decedent: Appreciated prop within 1yr of death |
| Regulation 1015-1 Basis Rules | Basis of property acquired by gift: basis of prop for the purpose of determining gain is the same as it would be in the hands of the donor or the last preceding owner by whom it was not acquired by gift |
| Sect 469 | Passive activity losses and credits limited |
| Mauldin v Comm | bougth a large tract of land-- sold smaller pieces transformed from investment to inventory |
| Kenan v Comm | Paid with cash and stock//The gain from the sale or other disposition of property shall be the excess of the amount realized over the adjusted basis. |
| Regulation 1.1001-1 (e) | Transfers in part a sale and in part a gift |
| Section 1231 - Special Rules for Determining CG and CL | Property used in the trade or business and involuntary conversions Non Capital Asset |
| Revenue Ruling 66-7 | capital asset acquired on the last day of any calendar month, regardless of whether the month has 31 days, must not be disposed of until on or after the first day of the seventh succeeding month of the calendar in order to have been = 6mos |
| Revenue Ruling 66-97 | the last day of the holding period is the date on which a contract to sell the property is made |
| Section 1271 Special rules for Bonds and other Debt Instruments | Treatment of amounts received on retirement or sale or exchange of debt instruments |
| Section 1234 Special Rules for Determining CG and CL | Options to buy or sell -- property exchanged/sold has the same character as the property to which the option relates has in the hands of the tp |
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Goldie007
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