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Federal Income Tax Outline
Table of Contents
Unit I—Introduction 2
HOW TO COMPUTE TAXABLE INCOME 2
Unit II—Is it Income? 3
Meals and Lodging Provided to Employees 4
OTHER FRINGE BENEFIT STATUSES 5
WINDFALLS 6
GIFTS 7
UNREALIZED GAIN BY GIFT 7
NON-CASH BENEFITS 8
IMPUTED INCOME 9
Recovery of Capital 9
Sale of Easements 9
Life Insurance 9
Annuities 10
Pensions 10
Gains and Losses from Gambling 11
Recovery of Loss 11
Recoveries for Personal and Business Injuries 11
Transactions Involving Loans and Income From Discharge of Indebtedness 12
Misconceived Discharge Theory 12
Interest on State and Local Bonds 14
Unit III—Timing 15
Realization Requirement 15
Gains and Losses from Investment in Property 16
Statutory Nonrecognition Provisions 16
Transfers Incident to Marriage and Divorce 18
Property Settlements 19
Alimony 20
Child Support 21
Original Issue Discount 21
Installment Sales 22
Constructive Receipt –Exception for Cash-Method TPs 24
Economic Benefit Doctrine 24
Non-qualified Deferred Compensation Plans 25
Stock Options and Other Restricted Property 26
Cash Receipts and Payments of Accrual-Method Taxpayers 28
Delay in the Receipt of Cash 28
Prepaid Income 29
Deduction – All Events Test 30
Deposits Versus Advance Payments 30
Deferred Payments and Structured Settlements 30
Unit IV Personal Deductions, Exemptions, and Credits 31
Casualty Losses 31
Extraordinary Medical Expenses 33
Charitable Contributions 34
Contributions of capital gain property 35
Gifts with Private Objectives or Benefits 35
Non-Business Context – Less Hard-Line 36
Religious Benefits and Services 36
Unit V – ALOWANCES FOR MIXED BUSINESS AND PERSONAL OUTLAYS 37
Was the Activity Engaged in to Earn a Profit? 38
Primary purpose test 38
Controlling the Abuse of Business Deductions 38
Home Offices and Vacation Homes 39
Income Unconnected to a Trade or Business 40
Office Decoration 40
Automobiles, Computers, and Other Listed Property 41
Travel and Entertainment Expenses 41
Types of Expenses 41
50% limitation on Meal and Entertainment Deduction 42
Expenses of Spouse 42
Business Lunches 43
Commuting Expenses 43
Clothing Expenses 44
Legal Expenses 45
Expenses of Education 46
Unit VI – DEDUCTIONS FOR THE COSTS OF EARNING INCOME 46
Capital Expenditures 46
The Uniform Capitalization Rules of §263A 47
Repair and Maintenance Expenses 48
Inventory Accounting 48
Rent Payment Versus Installment Purchase 49
Ordinary and Necessary 49
Depreciation and Amortization 50
Tangible Assets 50
Transfer of Property Subject to Debt 51
Unit VII – CAPITAL GAINS AND LOSES 52
Property Held “Primarily for Sale To Customers” 53
Transactions Related to the TP’s Business 54

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