Shared Flashcard Set

Details

REG-CPA-INDIVIDUAL TAXATION
BECKER CHAPTER 1 AND 2 - REGULATION
6
Accounting
Not Applicable
05/16/2011

Additional Accounting Flashcards

 


 

Cards

Term
Qualifying Widower
Definition
Two Year's After Spouse Death
Pricipal Residence for Dependent child whole year
Term
Head of Household - qualifications
Definition
Single, legally separated, married living separate for last 6 mths of year
A dependent Child - 1/2 year resident
Parent - no residency requirement
Dependent Relative - no cousins or foster parents
Term
Personal Exemption amounts
Definition
2010 - 3650
2011 - 3700
Term
Dependency Exemptions - Qualifying Child
Definition
CARES
Close Relative
Age - 19/24
Resident with 1/2 year
Eliminate Gross Income Test
Supports less than 1/2 self
Term
Dependency Exemptions:
Qualifying Relative/Other
Definition
SUPORTS
Support over 50%
Under exemption amount for gross income
Precludes Dependent filing joint
only citizens or residents of us, mexico, canada
relative - resident with 1/2 year, cousins & foster parents whole year
Taxpayer lives with (non-relative) whole year.
Term
Basis of Taxable and nontaxable events
Definition
Taxable - FMV
NonTaxable - NBV
Supporting users have an ad free experience!