Holiday Quiz / Tax Code Blitz

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Can you name the Income Tax Provision? Huh? Can ya!??

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Gifts & Inheritances
Discharge of indebtedness
Taxable income/standard deduction
Property transfers in connection w/ services performed
Meals/Lodging furnished for convenience of employer
Fringe Benefits
2% floor on itemized deductions
Tax Rates
Definition of a dependent
Deduction for expenses of producing income
Local/state taxes below the line deductions
3/80% limitation on itemized deductions
Trade/business expenses (deduction for business)
Personal exemption
Hope credit/Lifetime learning credits
Adjusted Gross Income
Personal, living & family expenses
Gain (loss) from sale of property
Exclusion of gain for sale of principal residence
Depreciation (what gets depreciated)
Gross income
Deductibility of Losses
Compensation for injuries or sickness
Education loan interest
Earned income credit
Making work pay credit
Charitable contributions/gifts
Amortization of goodwill/intangibles
Capital expenditures
Losses between related taxpayers
Accelerated depreciation
Disallowance for certain entertainment expenses
General rule for choosing methods of accounting
Expenses for household & child care services
Claim of right doctrine
Recovery of tax benefit items (prior year deduction didn't give a benefit, not taxed on amt you get back)
General rule for taxable year of deduction
Child tax credit
Obligations issued at discount (zero coupon bonds/OID)
Acquisitions made to evade/avoid income tax
Passive Activity Losses & credits limited
net long term capital gain (loss)
what a capital asset is
Nonrecognition provision
Unrecaptured 1250 gain (buildings)

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Created Dec 10, 2010ReportNominate
Tags:government, libertarian, tax

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