Basic Federal Income Tax

by Lieuallen, Gwendolyn Griffith

• ISBN13: 9780735545502
• ISBN10: 0735545502
• Format: Paperback
• Copyright: 2004-03-03
• Publisher: Wolters Kluwer

Summary

Check out what you get in every CrunchTime: A Capsule Summary of about 100 pages, summarizing all the key concepts in easy-to-read outline form. Exam Tips, drawn from our exclusive, painstaking analysis of exactly what has been asked on literally hundreds of past essay and short-answer law exams. Find out what tricks and traps profs actually put on exams - focus your studying on exactly what profs are likely to ask, not on the stuff that they don't care about! Flow Charts, a great way to analyze any problem in the subject. For instance, In Con Law, you'd start with a 6-page overview, 'How to Analyze Any Con Law Problem'. Then, you'd continue with separate Flow Charts on 'Powers of the U.S. Congress', Substantive Due Process', 'Equal Protection', 'Freedom of Expression', and much more. Over 100 Short-Answer and Multiple-Choice Questions, each with an extensive explanation - not just the answer, but why it's the answer. Complex issue-spotting Essay Questions, each with an extensive model answer. Learn how to spot the subtle issues. And how to argue both sides of a gray area.

Author Biography

Gwendolyn Griffith Lieuallen Speer, Hoyt, Jones, Feinman, Poppe, Wolf & Griffith, P.C.

Table of Contents

Preface	xiii
FLOW CHARTS
Flow Chart Key	2	(1)
The Big Picture	3	(2)
Analyzing Income Issues	5	(2)
Analyzing Deductions	7	(4)
Losses Incurred By Individuals	11	(3)
Capital Recovery	14	(2)
Timing Issues	16	(2)
Deferral Of Gain/Loss On Property Dispositions	18	(4)
Character Of Income Or Loss	22	(4)
Putting It All Together	26	(7)
CAPSULE SUMMARY
Getting Started In Federal Income Tax	33	(2)
Identifying Gross Income	35	(1)
Specific Inclusions In Gross Income	36	(3)
Specific Exclusions From Gross Income	39	(4)
Deductions---In General	43	(1)
Personal Deductions	44	(3)
Business And Investment Deductions	47	(4)
Mixed Business And Personal Expenses	51	(2)
Transactions In Property	53	(3)
Nonrecognition Transactions	56	(3)
Timing Issues	59	(2)
Character Of Income And Loss	61	(4)
Tax Rates And Credits	65	(3)
Identifying The Taxpayer	68	(2)
Time Value Of Money Principles And Applications	70	(5)
A Transactional Approach To Tax	75	(10)
EXAM TIPS
Getting Started In Federal Income Tax	85	(1)
From Gross Income to Taxes Due	85	(1)
How Tax Cases Get to Court	85	(1)
Tax Policy	85	(1)
Always	85	(1)
Identifying Gross Income	86	(1)
Definitions of Income	86	(1)
Items That Are Not Income	86	(1)
Combination Questions	86	(1)
Barter	86	(1)
Always...	87	(1)
Specific Inclusions In Gross Income	87	(1)
Compensation for Services Is a Common Transaction	87	(1)
Investment Income	87	(1)
Divorce Situations	87	(1)
Loan Transactions/Discharge of Debt	87	(1)
Annuity Payments	87	(1)
When Is Income Included?	88	(1)
Always...	88	(1)
Specific Exclusions From Gross Income	88	(2)
Receipt of Something of Value	88	(1)
Gifts	88	(1)
Damages	89	(1)
Debt Discharge	89	(1)
Employee Benefits	89	(1)
Always...	89	(1)
Deductions---In General	90	(1)
Identifying Outlays and Expenditures	90	(1)
Timing	90	(1)
Always...	90	(1)
Personal Deductions	90	(1)
Personal vs. Business	90	(1)
Above-the-Line or Below-the-Line?	91	(1)
Limitations Tied to AGI	91	(1)
When?	91	(1)
Always...	91	(1)
Business Deductions	91	(1)
Trade or Business vs. Personal	91	(1)
Capitalization	92	(1)
Always...	92	(1)
Mixed Business And Personal Expenses	92	(1)
Personal and Business	92	(1)
Substantiation	92	(1)
Hobby Losses Intent Test	93	(1)
Always...	93	(1)
Transactions In Property	93	(1)
Identifying Property Transactions	93	(1)
Determine Realized and Recognized Gain or Loss	93	(1)
Always...	94	(1)
Nonrecognition Transactions	94	(1)
Identifying Nonrecognition Transactions	94	(1)
Like-Kind Exchanges	94	(1)
Involuntary Conversions	95	(1)
Inter-Spousal Transfers and Divorces	95	(1)
Always...	95	(1)
Timing of Income And Expenses	95	(2)
``When'' Comes After ``Whether''	95	(1)
Tax Planning Patterns	96	(1)
Taxable Years	96	(1)
Property Transactions	96	(1)
Methods of Accounting	96	(1)
Always...	97	(1)
Character Of Income And Loss	97	(2)
``Character'' Is Relevant Only If There Is Recognized Gain or Loss	97	(1)
Taxpayers Prefer Capital Gain and Ordinary Loss	97	(1)
Types of Assets	97	(1)
Four Different Kinds of Capital Gain: Short-Term, 28%, 25%, and 15%/5%	97	(1)
Netting of Capital Losses Against Capital Gains	98	(1)
Special Recharacterization Rules	98	(1)
Always...	98	(1)
Tax Rates And Credits	99	(1)
Computation of Tax	99	(1)
Credits vs. Exclusions and Deductions	99	(1)
Education Incentives	99	(1)
AMT	99	(1)
Always...	99	(1)
Identifying The Taxpayer	100	(1)
Identify the Taxpayer	100	(1)
Assignment of Income for Services or Property	100	(1)
Familial Transfers	100	(1)
Always...	101	(1)
Time Value Of Money	101	(1)
Embedded Questions: Alternative Receipts or Tax Planning	101	(1)
Imputed Interest and Related Statutes	101	(1)
Always...	101	(1)
Recognizing Related Tax Statutes	102	(3)
Identify the Type of Question: Reactive; Proactive (Planning)	102	(1)
Which Statutes Apply?	102	(1)
Discuss Each Ambiguity	102	(1)
Always...	102	(3)
Short-Answer Questions	105	(14)
Answers To Short-Answer Questions	119	(16)
Essay Exam Questions And Answers	135	(12)
Table of Cases	147	(2)
Table of Internal Revenue Code Provision	149	(2)
Index	151