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Class Notes for ACCT40610 at University of Notre Dame

Federal Taxation

Exam Study Guides for ACCT40610

Covers all exam topics.

ACCT40610 Lecture Notes - Lecture 10: Form 1040, Sole Proprietorship, Net Income
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Chapter 10 Taxpayer = owner(s) of flow-through entities: o Sole proprietorship. o Partnerships. o LLCs. o S Corporations. Taxpayer = corporation: o C Corporation is taxed first, t...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 13: Tax Treaty, Double Taxation, Passive Income
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Chapter 13 Increasingly, firms and their tax advisors are formulating strategies to reduce state and local taxes, such as real and personal property taxes, unemployment taxes, and sales & use taxes. For a s...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 14: Adjusted Gross Income, Filing Status, Itemized Deduction
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Chapter 14 Filing status: o Reflects marital and family situation. o Affects calculation of taxable income. o Determines rates at which income is taxed. MFJ or MFS if married on the last day of...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 16: Ordinary Income, Tax Bracket, Mutual Fund
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Chapter 16 Business activity. o Taxpayer commits time and talent on regular basis. o Profit is partially attributable to personal involvement. Investment activity. o Taxpayer is owner of income...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 12: Tax Rate, Gift Tax, General Partnership
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Chapter 12 Pass-Through Entities o Partnerships (includes LLCs) and S Corps are not taxed as entities; investors pay tax on their share of entity income. o This treatment results in a single l...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 11: Transaction Cost, Macrs, Cash Flow
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Chapter 11 Corporation Characteristics o Limited liability of shareholders. Owners of closely-held corporations often are required to personally guarantee repayment of debt. ...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 6: Internal Revenue Code, Constructive Receipt, Tax Deduction
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Chapter 6 Taxable income = gross income less allowable deductions. o Gross income means all income from whatever source derived. o Deductions are allowed by legislative grace and include all or...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 7: Tax Basis, Tax, Intangible Asset
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Chapter 7 Deduction allowed for all ordinary and necessary business expenses. Deduction prohibited for permanent improvements to increase the value of property. o Cost of improvement is capitalized. C...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 9: Debt Relief, Financial Statement
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Chapter 9 The government is not a party to a nontaxable exchange, so the tax law is neutral. o Example: Sandra owns ABC stock with a FMV $1,000 and a $200 tax basis. She w...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 8: Installment Sale, Capital Asset, Debt Relief
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Chapter 8 Realized gains or losses on disposition are recognized (result in taxable income or deductions) unless there is a specific exception. Unrealized gains and losses (appreciation or decline in value) are...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 4: Tax Evasion, Deferred Income, Progressive Tax
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Chapter 4 Tax avoidance consists of legitimate means of reducing taxes. Tax evasion consists of illegal means of reducing taxes. o Felony offense punishable by severe monetary fines and imprisonme...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 3: Cash Flow, Discount Window, Tax Avoidance
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Chapter 3 The objective of business decisions is to maximize the value of the firm. o First step in evaluating a business transaction is to quantify cash flows from the transaction. o Managers w...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 2: Benefit Shortfall, Distributive Justice, Tax Rate
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Chapter 2 Standards for Good Tax o Every tax can be evaluated on four standards. A good tax should be: Sufficient to raise necessary government revenues. Convenient to administ...

Accountancy
ACCT40610
O' Brien
ACCT40610 Lecture Notes - Lecture 1: Property Tax, Ad Valorem Tax, User Fee
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Chapter 1 Tax: compulsory payment to support the cost of government. o Contrast with fine/penalty or user fee. Taxpayer: any person or organization that pays tax (includes individuals and corporations). ...

Accountancy
ACCT40610
O' Brien

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