Fed Tax Flowchart

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Hodgy
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Re: Fed Tax Flowchart

Postby Hodgy » Wed Nov 23, 2011 8:26 am

Soooo, for Income Tax it looks like it is just Chirelstein or bust? Bombing out on finding a good outline online.

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goosey
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Re: Fed Tax Flowchart

Postby goosey » Wed Nov 23, 2011 2:23 pm

Hodgy wrote:Soooo, for Income Tax it looks like it is just Chirelstein or bust? Bombing out on finding a good outline online.


i am using chirelstein and law in a flash. Law in a flash, I think, is absolutely essential. I wasted a lot of time making flashcards first sem 1L and the 2d semester I used law in a flash and theres a huge difference. Learning from hypos cements it in and will hopefully be useful for MC. and the set for tax is realllly helpful.

where did you people get this wall size flow chart :-o

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joobacca
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Re: Fed Tax Flowchart

Postby joobacca » Wed Nov 23, 2011 3:59 pm

goosey wrote:
Hodgy wrote:Soooo, for Income Tax it looks like it is just Chirelstein or bust? Bombing out on finding a good outline online.


i am using chirelstein and law in a flash. Law in a flash, I think, is absolutely essential. I wasted a lot of time making flashcards first sem 1L and the 2d semester I used law in a flash and theres a huge difference. Learning from hypos cements it in and will hopefully be useful for MC. and the set for tax is realllly helpful.

where did you people get this wall size flow chart :-o


mine came with my code book, published by west and edited by lathrope

scottschreiber
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Re: Fed Tax Flowchart

Postby scottschreiber » Wed Nov 23, 2011 6:46 pm

I'm just going through all of the Code sections that my professor assigned, categorizing them as the Code categorizes them, and then trying to reword them in my own words. When I'm all done with that, maybe I can tackle a flowchart. Though different professors obviously stress different sections, I think there are a few biggies that every class will include, so if anyone wants to see my system to make their own or study from mine, feel free to PM me and I'll email it over.

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joobacca
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Re: Fed Tax Flowchart

Postby joobacca » Wed Nov 23, 2011 9:13 pm

i'm learning the the individual rules/categories of rules right now. but it's obvious that these individual rules are interacting with each other and i'm kind of being lazy keeping track. any ideas on how to put it all together? i've never thought of using a flow chart to be very helpful in an exam since it seems to take too much time.

Transferthrowaway
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Re: Fed Tax Flowchart

Postby Transferthrowaway » Wed Nov 23, 2011 9:28 pm

Al died in 2009 in Texas (a community property jurisdiction), and his will provided for the disposition of his property in following manner: Determine in each of the cases described above the amount of each person's initial basis in the property received:

a). 100 shares of IBM stock to his brother Fred. Al's AB in the stock was $25k and its FMV when Al died was $40k. Fred actually received the stock four months after Al died, at which time its FMV had increased further to $45k.
b). The principal residence Al and his wife, Loretta, lived in when Al died, to Loretta. The residence was held by both Al and Loretta together as community property. Their adjusted basis in the residence was $150k, and its FMV when Al died was $130k.

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smokyroom26
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Re: Fed Tax Flowchart

Postby smokyroom26 » Thu Nov 24, 2011 9:00 pm

Had a mini-panic attack about this exam this morning. Then, I read through all of Chirelstein today. If you are freaking about FIT and you don't have Chirelstein, buy it. Tomorrow. You're welcome.

appstoapps
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Re: Fed Tax Flowchart

Postby appstoapps » Fri Nov 25, 2011 6:28 pm

I'm bumping in hopes of an attack outline. Tacking the flowchart to the wall now...

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Antilles Haven
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Re: Fed Tax Flowchart

Postby Antilles Haven » Fri Nov 25, 2011 6:30 pm

smokyroom26 wrote:Had a mini-panic attack about this exam this morning. Then, I read through all of Chirelstein today. If you are freaking about FIT and you don't have Chirelstein, buy it. Tomorrow. You're welcome.

...that book is like 450 pages.

Omerta
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Re: Fed Tax Flowchart

Postby Omerta » Sat Nov 26, 2011 12:54 am

Transferthrowaway wrote:Al died in 2009 in Texas (a community property jurisdiction), and his will provided for the disposition of his property in following manner: Determine in each of the cases described above the amount of each person's initial basis in the property received:

a). 100 shares of IBM stock to his brother Fred. Al's AB in the stock was $25k and its FMV when Al died was $40k. Fred actually received the stock four months after Al died, at which time its FMV had increased further to $45k.
b). The principal residence Al and his wife, Loretta, lived in when Al died, to Loretta. The residence was held by both Al and Loretta together as community property. Their adjusted basis in the residence was $150k, and its FMV when Al died was $130k.


(a) Depends on the administrator. Unless the executrix was a douche, then Fred's basis will be $ 45k because admin can elect to delay recognition up to 6 months after death. § 1014(a)(2). Fred gets step-up basis to FMV, ignoring Al's basis.
(b) We didn't go over this, but I'd guess that it counts as a disposition of property under § 1014. I didn't see anything that would stop the house from having its basis go down from $150 to $130 without allowing a deduction.

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smokyroom26
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Re: Fed Tax Flowchart

Postby smokyroom26 » Sat Nov 26, 2011 3:06 pm

Antilles Haven wrote:
smokyroom26 wrote:Had a mini-panic attack about this exam this morning. Then, I read through all of Chirelstein today. If you are freaking about FIT and you don't have Chirelstein, buy it. Tomorrow. You're welcome.

...that book is like 450 pages.


It's super readable, promise. I did it in 12 hours.

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Big Shrimpin
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Re: Fed Tax Flowchart

Postby Big Shrimpin » Sat Nov 26, 2011 3:30 pm

smokyroom26 wrote:
Antilles Haven wrote:
smokyroom26 wrote:Had a mini-panic attack about this exam this morning. Then, I read through all of Chirelstein today. If you are freaking about FIT and you don't have Chirelstein, buy it. Tomorrow. You're welcome.

...that book is like 450 pages.


It's super readable, promise. I did it in 12 hours.


Where'd you get it? I'm contemplating purchasing it this week (like 1.5 weeks before my final).

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fathergoose
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Re: Fed Tax Flowchart

Postby fathergoose » Sat Nov 26, 2011 3:43 pm

smokyroom26 wrote:
Antilles Haven wrote:
smokyroom26 wrote:Had a mini-panic attack about this exam this morning. Then, I read through all of Chirelstein today. If you are freaking about FIT and you don't have Chirelstein, buy it. Tomorrow. You're welcome.

...that book is like 450 pages.


It's super readable, promise. I did it in 12 hours.

I spread it over a couple of days this week, but I agree. Very readable. Worth buying. It has been as helpful to me in FedTax as the Glannon Guide was for me in CivPro.

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joobacca
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Re: Fed Tax Flowchart

Postby joobacca » Sat Nov 26, 2011 4:10 pm

damnit, i read the e&e. it was pretty solid though.

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quadsixm
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Re: Fed Tax Flowchart

Postby quadsixm » Sat Nov 26, 2011 4:12 pm

HALP!!

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mths
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Re: Fed Tax Flowchart

Postby mths » Sat Nov 26, 2011 4:12 pm

I wanna get on this boat

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fathergoose
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Re: Fed Tax Flowchart

Postby fathergoose » Sat Nov 26, 2011 4:17 pm

joobacca wrote:damnit, i read the e&e. it was pretty solid though.

I've heard this is more helpful for exam prep than Chirelstein, but that Chirelstein does a better job of explaining the general topics. I plan on working through the e&e next if nobody comes up with good alternatives on here.

C'mon people. Someone out there has to have good stuff from previous semesters. Don't be stingy.

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smokyroom26
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Re: Fed Tax Flowchart

Postby smokyroom26 » Sat Nov 26, 2011 8:41 pm

Big Shrimpin wrote:
smokyroom26 wrote:
Antilles Haven wrote:
smokyroom26 wrote:Had a mini-panic attack about this exam this morning. Then, I read through all of Chirelstein today. If you are freaking about FIT and you don't have Chirelstein, buy it. Tomorrow. You're welcome.

...that book is like 450 pages.


It's super readable, promise. I did it in 12 hours.


Where'd you get it? I'm contemplating purchasing it this week (like 1.5 weeks before my final).


I picked it up at the campus bookstore.

de5igual
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Re: Fed Tax Flowchart

Postby de5igual » Sat Nov 26, 2011 9:04 pm

This might be a stupid question, but if a question "asks what is gross income?" would you include all gross gains or would you take out some expenses before arriving at gross income?

Ex: A runs a business selling widgets. Her revenue is $20K, the cost of the widgets is $10K, and "ord & nec" biz expenses = $5K. Would gross income be $20K, 10K or 5K? I know AGI is ultimately $5K, but where do you draw the line between gross income and the deductions that take you to AGI?

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fathergoose
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Re: Fed Tax Flowchart

Postby fathergoose » Sat Nov 26, 2011 9:20 pm

f0bolous wrote:This might be a stupid question, but if a question "asks what is gross income?" would you include all gross gains or would you take out some expenses before arriving at gross income?

Ex: A runs a business selling widgets. Her revenue is $20K, the cost of the widgets is $10K, and "ord & nec" biz expenses = $5K. Would gross income be $20K, 10K or 5K? I know AGI is ultimately $5K, but where do you draw the line between gross income and the deductions that take you to AGI?

GI would be computed without the 10k and 5k expenses. The only thing you don't include in GI are things specifically excluded like gifts, scholarships, life insurance, etc.

de5igual
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Re: Fed Tax Flowchart

Postby de5igual » Sat Nov 26, 2011 9:25 pm

fathergoose wrote:
f0bolous wrote:This might be a stupid question, but if a question "asks what is gross income?" would you include all gross gains or would you take out some expenses before arriving at gross income?

Ex: A runs a business selling widgets. Her revenue is $20K, the cost of the widgets is $10K, and "ord & nec" biz expenses = $5K. Would gross income be $20K, 10K or 5K? I know AGI is ultimately $5K, but where do you draw the line between gross income and the deductions that take you to AGI?

GI would be computed without the 10k and 5k expenses. The only thing you don't include in GI are things specifically excluded like gifts, scholarships, life insurance, etc.


gracias

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moandersen
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Re: Fed Tax Flowchart

Postby moandersen » Sat Nov 26, 2011 10:06 pm

fathergoose wrote:C'mon people. Someone out there has to have good stuff from previous semesters. Don't be stingy.


+1

I read the E&E and thought it was pretty good, but Im still missing the big picture...

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joobacca
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Re: Fed Tax Flowchart

Postby joobacca » Sun Nov 27, 2011 5:24 am

f0bolous wrote:
fathergoose wrote:
f0bolous wrote:This might be a stupid question, but if a question "asks what is gross income?" would you include all gross gains or would you take out some expenses before arriving at gross income?

Ex: A runs a business selling widgets. Her revenue is $20K, the cost of the widgets is $10K, and "ord & nec" biz expenses = $5K. Would gross income be $20K, 10K or 5K? I know AGI is ultimately $5K, but where do you draw the line between gross income and the deductions that take you to AGI?

GI would be computed without the 10k and 5k expenses. The only thing you don't include in GI are things specifically excluded like gifts, scholarships, life insurance, etc.


gracias


i agree with that too. what about nonrecognition rules? any deferred gain isn't first included in gi and then taken out, right? the way i understand it is that the realized gain doesn't even get into gross income column (because gain is not recognized). is that right?

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BunkMoreland
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Re: Fed Tax Flowchart

Postby BunkMoreland » Sun Nov 27, 2011 6:21 pm

yes, that's right.

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Hodgy
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Re: Fed Tax Flowchart

Postby Hodgy » Mon Nov 28, 2011 11:37 am

Those with Chirelstein, are you reading it front to back or jumping around? Curious which would help make the most sense/see big picture etc.




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