Basic Tax Concepts
Tax Court Jurisdiction Cash Vs Accrual Basis Accounting Method Changes Cash Equivalency Doctrine Economic Performance Hybrid Method Constructive Receipt Economic Performance Prepaid Expenses Small Business Safe Harbors Accounting Method Section 481 (a) Adjustment
Assignment of Income Doctrine Attribution Rules Claim of Right Doctrine Dependency Exemptions Qualifying Child Part 1 Qualifying Child Part 2
Support Test Tie-Breaking Rules Interaction With Prior Law Citizenship and Residency Personal Exemption Other Dependent Credit
Form 8332 Relative/Household Member Dependent Gross Income Depreciation 179 Social Security Numbers Kiddie Tax
Earned Income Credit Depreciation Earned Income Credit For A Child Education Opportunities MFS vs MFJ Head of Household Medical Deduction
Standard Deduction 2020 Standard Mileage Passive Activities At Risk Rules Tax Benefit Rule Worker Classification 530 Relief Gifts & Gift Tax (709)
Gift Tax Returns Gift Holding Period Basis in Gift Received Gains On Gift Property Loss On Gift Property No Gain or Loss On Gift Property
Exclusions Gift Tax Statute of Limitations Gift Reporting Completed Gifts Transfers Subject to Gift Tax Joint Tendency Gifts
Gross Income
Qualified Dividend Income Adoption Assistance Benefits Achievements Service Awards Taxable Employer Paid Earnings
Non-Taxable Employee Benefits De-minimis Fringe Benefits 132 Dependent Care Assistance Educational Assistance Employee Discount
Group Term Life Insurance Coverage Meals and Lodging Moving Expense Reimbursements No Additional Cost Services Retirement Planning Services
Tuition Reduction Transportation Benefits Prize Awards Interest Income Frozen Accounts Early Withdrawal Penalties Lottery Winnings
Minister's Parsonage Allowance Savings Bonds Used For Higher Education Found Money or Treasure Troves Scholarships and Fellowships
Ill-Gotten Gains Life Insurance Proceeds Cash or Other Gifts Received Inherited Property Received Gambling Winnings and Losses
Casino and Lottery Installments Whistle Blowers Personal Injury Awards (IRC 104) Physical Injury to Body Other Damages Emotional Distress
Punitive Damages Legal Fees Payments for Permanent Injuries or Disfigurements
Casualty and Theft Losses
Casualty and Theft Loss Sudden Event Test When to Deduct Federal Disaster Theft Loss
Innocent Spouse
Innocent Spouse Election of Separate Liability - 6015 Equitable Relief
Gains Traders In Securities
Corporations
Corporations Contributions to Capital Preferred Stock vs Common Stock Dividends - Taxes Basis of Property Contributed Basis of Stock Received
Taxable Year Organization Costs / Start up Costs Accumulated Earnings Tax Personal Services Corporations (PSC) Shareholder Loan or Dividend?
Stock Redemption Corporate Liquidations S Corporation Reasonable Compensations Issues C/S Corporations
Partnership
Partnership Contributions of Property Contributions of Services Capital Versus Interest Limited Partnerships Family Partnerships
Partnership Tax Year New Partnership Audit Procedures Under IRS Partnership Income Tax Rules Disallowed Deductions Partnership Elections
Organization Expenses / Syndication Fees Partners Distributive Share Substantial Economic Effect Guaranteed Payments At Risk Rules
Passive Activity Rules Real Property Business Activity Debt Partner Section 179 Deduction Basis in a Partner's Interest Partner Paid Expenses
Contribution of Appreciated Property Contribution of Services Partnership Distributions Partner's Gain Partner's Loss
Partnerships and Specified Persons Hot Assets Inventory Items Separately Stated Items Distributive Share in Disposition Year
Limited Liability Partnerships
Real Estate
Adjusted Basis Calculating Amount Realized Versus Gain Realized Gain Recognized Taxable Effect of Mortgage Funds Received
Tax Deferred Section 1031 Exchanges Section 1031 Advantages and Disadvantages Mortgages in a Tax Deferred Exchange Tax Deferred Losses
Basis of Property Received Three Party Exchanges Deferred and Reverse Exchanges Related Party Transactions Integrated Plan Test
1031 and Residences 1031 Solution Steps Rental Property Rent Income Security Deposits Deductions Depreciation
Rental of Residence (Vacation Home Rules) Counting the Days Rented Less Than 15 Days Rented More Than 15 Days Days of Fair Market Rental
Renting Residence Prior to Sale No Attribution of Personal Days Passive Activity in Vacation Home Rental Passive Activity Loss Limitations
Trade or Business Activities Real Estate Professional Installment Sale Adjusted Basis Real Estate Gross Profit (Realized Gain) Contract Price
Gross Profit Percentage Installment Sale Income Basis in the Contract Installment Sale Solution Steps 453B Installment Sale (using given numbers)
4538 Installment Sale Debt Relief in Excess of Basis Mortgage Interest
Estates and Estate Tax (706)
Estates and Estate Tax 706 Statute of Limitations Valuation of Property Alternate Valuation Date Asset Under Valuation Penalties
Estate Tax Computation Gross Estate - Section 2031 Power of Appointment Section 2041 Retained Interests Deductions for Decedent's Debts
Deductions From The Gross Estate Portability Unlimited Marital Deduction Special Use Valuation Section 2032A
Qualified Conservation Easement Exclusion Benefits to Surviving Spouse Section 2056 Qualified Terminal Interest Property
Trusts
Trusts Small Business Trusts Business Trusts Multiple Trusts Grantor Trust Bankruptcy Grantor Retained Annuity Trust (GRAT)
Grantor Retained Un-trust (GRUT) Qualified Personal Residence Trust (QPERT) Trust or Estate Gross Income Trust or Estate Deductions
Simple or Complex Trust Trust Income Distributable Net Income (DNI)
Penalties & Interest
Interest Abated Penalties Failure to File - 6651(A)(1) / Failure to Pay - 6651(A)(2) Accuracy Related Penalties Section 6662 Negligence Section 6662(c) Substantial Authority Substantial Understatement Section 662(h) Fraud Section 6663 Responsible Person Penalty Section 6672
Frivolous Return Section 6702 Tax Shelter Section 6707A Administrative Waiver - Section 6751(B) Criminal Tax Evasion Section 7201 Form 5471 Penalty Under Sections 6038 & 6046 Preparer Penalties Section 6694-95-96
Miscellaneous Tax Topics
Section 280E Affordable Care Act Medicare (Additional) Net Operating Loss (NOL) Employee Stock Options Net Investment Income Tax
Section 199A Qualified Business Income Deduction Qualified Offer Same Sex Marriage Section 199 Domestic Production Deduction
Health Savings Account Long Term Care Costs of Chronically Ill Self Employed Health Insurance