Fed Tax Flowchart

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fathergoose
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Re: Fed Tax Flowchart

Postby fathergoose » Fri Dec 09, 2011 6:01 pm

I couldn't be less enthused about studying for this. I feel like I know it well enough to skate by and not get a C and I just don't really want to put in the effort to get a good grade. I don't care what the difference between 1245 and 1250 is. I just want to be done with it and figure out where I left my social life.

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BunkMoreland
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Re: Fed Tax Flowchart

Postby BunkMoreland » Fri Dec 09, 2011 10:22 pm

Renzo wrote:
BunkMoreland wrote:finally done with this TTT class. Exam was hard as balls, had to guess openly on several questions. Luckily, everyone I talked to did as well. Why make a test so hard literally no one can get through it in time?


That's the best kind of test, because you know the grading isn't' going to be arbitrary. Nothing pisses me off more than an easy test, where you know that the difference between an A and a B- is going to be three typos.


I kind of disagree; It was Multiple Choice so it boils down to basically since everyone seems to have collectively not gotten to around the same number of questions, it's just total luck who guessed correctly for their remaining 15-20% of the exam

Renzo
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Re: Fed Tax Flowchart

Postby Renzo » Sat Dec 10, 2011 12:00 am

BunkMoreland wrote:
Renzo wrote:
BunkMoreland wrote:finally done with this TTT class. Exam was hard as balls, had to guess openly on several questions. Luckily, everyone I talked to did as well. Why make a test so hard literally no one can get through it in time?


That's the best kind of test, because you know the grading isn't' going to be arbitrary. Nothing pisses me off more than an easy test, where you know that the difference between an A and a B- is going to be three typos.


I kind of disagree; It was Multiple Choice so it boils down to basically since everyone seems to have collectively not gotten to around the same number of questions, it's just total luck who guessed correctly for their remaining 15-20% of the exam


Oh, fuck that. I assumed it essays.

maf70
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Re: Fed Tax Flowchart

Postby maf70 » Sat Dec 10, 2011 1:31 am

Done. Good luck everyone.

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A Swift
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Re: Fed Tax Flowchart

Postby A Swift » Tue Dec 13, 2011 2:23 am

Can anyone post a link or send over some practice PTs with answers?

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Helmholtz
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Re: Fed Tax Flowchart

Postby Helmholtz » Tue Dec 13, 2011 2:23 am

A Swift wrote:Can anyone post a link or send over some practice PTs with answers?


What kind? Essay?

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A Swift
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Re: Fed Tax Flowchart

Postby A Swift » Tue Dec 13, 2011 2:46 am

Helmholtz wrote:
A Swift wrote:Can anyone post a link or send over some practice PTs with answers?


What kind? Essay?



Yeah, essay would be great. Thanks!

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goosey
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Re: Fed Tax Flowchart

Postby goosey » Tue Dec 13, 2011 3:59 pm

i wanted to study for tax continuously through reaing period, but my lack of discipline has made it such that I cannot even look at it until after my exam on thursday.that gives me exactly one wk until my tax final to study, but in the midle, i also have another exam.

plus, my outline isnt done yet..still have the last two classes to cover.

PirateCap'n
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Re: Fed Tax Flowchart

Postby PirateCap'n » Tue Dec 13, 2011 5:06 pm

I hate this class/dread this exam. I have until Friday morning to learn the entire class. Not gonna happen.

kaiser
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Re: Fed Tax Flowchart

Postby kaiser » Tue Dec 13, 2011 5:10 pm

PirateCap'n wrote:I hate this class/dread this exam. I have until Friday morning to learn the entire class. Not gonna happen.


I have until Thursday. My only saving grace is that, looking over these past exams, they seem to be very consistent in what she is asking for. Just minor tweaks from year to year on the specifics. And she made it clear in class that our exam will be very similar to past years. So instead of just learning the raw material itself, I'm just reviewing these exams and learning how to answer her Q's in particular. That way I can avoid the brainlessly trying to memorize everything in a day and a half.

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philly_law
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Re: Fed Tax Flowchart

Postby philly_law » Tue Dec 13, 2011 5:11 pm

I take this exam tomorrow at 1:30. It is literally hopeless.

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moandersen
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Re: Fed Tax Flowchart

Postby moandersen » Tue Dec 13, 2011 5:27 pm

PirateCap'n wrote:I hate this class/dread this exam. I have until Friday morning to learn the entire class. Not gonna happen.


I will have ~24h to learn it due to an exam tomorrow afternoon. Its going to be ugly....

PirateCap'n
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Re: Fed Tax Flowchart

Postby PirateCap'n » Tue Dec 13, 2011 5:36 pm

moandersen wrote:
PirateCap'n wrote:I hate this class/dread this exam. I have until Friday morning to learn the entire class. Not gonna happen.


I will have ~24h to learn it due to an exam tomorrow afternoon. Its going to be ugly....


Ha. Well, at least you won't be alone at the bottom of the curve...I'll be sitting right there with you.

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philly_law
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Re: Fed Tax Flowchart

Postby philly_law » Tue Dec 13, 2011 7:21 pm

so 1245 recapture rules apply to depreciable personal property, while 1250 applies to real property, basically buildings. for 1245 recapture, you have your recomputed basis and your amount realized, and take whichever is less, subtract adjusted basis, and that is ordinary income. the rest is 1231 gain. is all that correct? and then what do you do for 1250? man tax sucks...

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fathergoose
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Re: Fed Tax Flowchart

Postby fathergoose » Tue Dec 13, 2011 7:52 pm

philly_law wrote:so 1245 recapture rules apply to depreciable personal property, while 1250 applies to real property, basically buildings. for 1245 recapture, you have your recomputed basis and your amount realized, and take whichever is less, subtract adjusted basis, and that is ordinary income. the rest is 1231 gain. is all that correct? and then what do you do for 1250? man tax sucks...

Yea thats right I think. 1250 doesn't really apply much except in weird situations. All it does is take depreciation on real property that exceeds the SL depreciation and recognize it as ordinary income. The remaining gain can still be 1231 though.

The thing is though that since 86 all real property has to be depreciated at SL so it'd be a weird situation to be able to do 1250

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philly_law
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Re: Fed Tax Flowchart

Postby philly_law » Tue Dec 13, 2011 7:58 pm

fathergoose wrote:
philly_law wrote:so 1245 recapture rules apply to depreciable personal property, while 1250 applies to real property, basically buildings. for 1245 recapture, you have your recomputed basis and your amount realized, and take whichever is less, subtract adjusted basis, and that is ordinary income. the rest is 1231 gain. is all that correct? and then what do you do for 1250? man tax sucks...

Yea thats right I think. 1250 doesn't really apply much except in weird situations. All it does is take depreciation on real property that exceeds the SL depreciation and recognize it as ordinary income. The remaining gain can still be 1231 though.

The thing is though that since 86 all real property has to be depreciated at SL so it'd be a weird situation to be able to do 1250

Got it, thanks so much. That makes sense, I guess that's why I couldn't find any examples of that situation.

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fathergoose
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Re: Fed Tax Flowchart

Postby fathergoose » Tue Dec 13, 2011 8:14 pm

philly_law wrote:
fathergoose wrote:
philly_law wrote:so 1245 recapture rules apply to depreciable personal property, while 1250 applies to real property, basically buildings. for 1245 recapture, you have your recomputed basis and your amount realized, and take whichever is less, subtract adjusted basis, and that is ordinary income. the rest is 1231 gain. is all that correct? and then what do you do for 1250? man tax sucks...

Yea thats right I think. 1250 doesn't really apply much except in weird situations. All it does is take depreciation on real property that exceeds the SL depreciation and recognize it as ordinary income. The remaining gain can still be 1231 though.

The thing is though that since 86 all real property has to be depreciated at SL so it'd be a weird situation to be able to do 1250

Got it, thanks so much. That makes sense, I guess that's why I couldn't find any examples of that situation.

I think I may have illustrated that poorly.

Recaptured 1250 gain is the depreciation that exceeds straight line depreciation on depreciable real property. This would be treated as ordinary income. This is the part that is very rare now for the reasons in my last comment.

Unrecaptured 1250 gain is the amount allowed under straight line depreciation. This is the part that goes in the middle cubbyhole or w/e your prof calls the 25% capital gains portion.

For instance if the house predates the 86 rule, and it depreciates 200 but would only have depreciated 150 under straight line, 150 would be unrecaptured 1250 taxable at 25% and the excess 50 of depreciation would be taxable as ordinary income.

There is also something about under a year but I don't understand it.

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philly_law
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Re: Fed Tax Flowchart

Postby philly_law » Tue Dec 13, 2011 8:47 pm

fathergoose wrote:
philly_law wrote:
fathergoose wrote:
philly_law wrote:so 1245 recapture rules apply to depreciable personal property, while 1250 applies to real property, basically buildings. for 1245 recapture, you have your recomputed basis and your amount realized, and take whichever is less, subtract adjusted basis, and that is ordinary income. the rest is 1231 gain. is all that correct? and then what do you do for 1250? man tax sucks...

Yea thats right I think. 1250 doesn't really apply much except in weird situations. All it does is take depreciation on real property that exceeds the SL depreciation and recognize it as ordinary income. The remaining gain can still be 1231 though.

The thing is though that since 86 all real property has to be depreciated at SL so it'd be a weird situation to be able to do 1250

Got it, thanks so much. That makes sense, I guess that's why I couldn't find any examples of that situation.

I think I may have illustrated that poorly.

Recaptured 1250 gain is the depreciation that exceeds straight line depreciation on depreciable real property. This would be treated as ordinary income. This is the part that is very rare now for the reasons in my last comment.

Unrecaptured 1250 gain is the amount allowed under straight line depreciation. This is the part that goes in the middle cubbyhole or w/e your prof calls the 25% capital gains portion.

For instance if the house predates the 86 rule, and it depreciates 200 but would only have depreciated 150 under straight line, 150 would be unrecaptured 1250 taxable at 25% and the excess 50 of depreciation would be taxable as ordinary income.

There is also something about under a year but I don't understand it.

Ok, yea I see, thanks a lot, I appreciate it.

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goosey
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Re: Fed Tax Flowchart

Postby goosey » Sat Dec 17, 2011 8:46 pm

anyone want toc larify working condition fringes for me? what exactly are they? i see that if it would be deductible by the employee himself had he paid for them under 162 or 167 then it qualifies---but 167 is the section dealing with depreciation--wth does that have anyhting to do with??

Renzo
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Re: Fed Tax Flowchart

Postby Renzo » Sat Dec 17, 2011 9:06 pm

goosey wrote:anyone want toc larify working condition fringes for me? what exactly are they? i see that if it would be deductible by the employee himself had he paid for them under 162 or 167 then it qualifies---but 167 is the section dealing with depreciation--wth does that have anyhting to do with??


It just means to be inclusive, so whether the expenditure would be an expense (162) or a capital expenditure (167), if the employee could deduct it, it's working condition fringe. Things like a comfortable office chair, or an air conditioner for your office would be working condition fringe.

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jawsthegreat
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Re: Fed Tax Flowchart

Postby jawsthegreat » Sat Dec 17, 2011 11:35 pm

If someone would PM me some exams/answers I would be incredibly appreciative.

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goosey
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Re: Fed Tax Flowchart

Postby goosey » Sun Dec 18, 2011 5:32 am

Renzo wrote:
goosey wrote:anyone want toc larify working condition fringes for me? what exactly are they? i see that if it would be deductible by the employee himself had he paid for them under 162 or 167 then it qualifies---but 167 is the section dealing with depreciation--wth does that have anyhting to do with??


It just means to be inclusive, so whether the expenditure would be an expense (162) or a capital expenditure (167), if the employee could deduct it, it's working condition fringe. Things like a comfortable office chair, or an air conditioner for your office would be working condition fringe.



thanks

have another question: business expenses are above the line deductions, right? so why is section 162 in the "itemized deduction" section of the code? im so confused.

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SplitMyPants
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Re: Fed Tax Flowchart

Postby SplitMyPants » Sat Dec 10, 2016 3:05 pm

necro


any good flow charts or attack outlines?

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downinDtown
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Re: Fed Tax Flowchart

Postby downinDtown » Sat Dec 10, 2016 4:18 pm

SplitMyPants wrote:necro


any good flow charts or attack outlines?

https://onedrive.live.com/?authkey=%21A ... E45CB08599

The ones I used are available on the outline dump I made. A few years old, so caveat that some things may need to be slightly modified/updated, but have characterization flowchart, short sheets, and canned answers for policy items etc. so hope this helps

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SplitMyPants
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Re: Fed Tax Flowchart

Postby SplitMyPants » Sat Dec 10, 2016 4:59 pm

downinDtown wrote:
SplitMyPants wrote:necro


any good flow charts or attack outlines?

https://onedrive.live.com/?authkey=%21A ... E45CB08599

The ones I used are available on the outline dump I made. A few years old, so caveat that some things may need to be slightly modified/updated, but have characterization flowchart, short sheets, and canned answers for policy items etc. so hope this helps


hell yes. that attack outline is exactly what i was looking for. thanks a ton!!




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