ITT: Federal Income Tax

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brotherdarkness
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Re: ITT: Federal Income Tax

Postby brotherdarkness » Tue Dec 10, 2013 12:41 pm

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jarak01
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Re: ITT: Federal Income Tax

Postby jarak01 » Tue Dec 10, 2013 12:50 pm

I find it easier to look at it from a pre-tax vs. tax-paid perspective. The 100k of appreciation is something that you haven't paid taxes on, so you don't get a deduction for losing it. You've paid taxes on 150k of property, you end up with 175k worth of money/goods, therefore you have 25k gain for tax purposes.

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Jsa725
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Re: ITT: Federal Income Tax

Postby Jsa725 » Tue Dec 10, 2013 2:24 pm

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brotherdarkness
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Re: ITT: Federal Income Tax

Postby brotherdarkness » Tue Dec 10, 2013 2:38 pm

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ssteiner
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Re: ITT: Federal Income Tax

Postby ssteiner » Tue Dec 10, 2013 2:43 pm

Hate to do this so late in the game, but does anyone have an outline corresponding to the Bankman casebook that they're willing to share? Exam is in a week and a half. I've prepped my own but it's something like ~80 pages long and useless.

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brotherdarkness
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Re: ITT: Federal Income Tax

Postby brotherdarkness » Tue Dec 10, 2013 2:52 pm

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Last edited by brotherdarkness on Fri Jun 27, 2014 10:55 pm, edited 1 time in total.

overkillhsc
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Re: ITT: Federal Income Tax

Postby overkillhsc » Tue Dec 10, 2013 3:18 pm

jarak01 wrote:I find it easier to look at it from a pre-tax vs. tax-paid perspective. The 100k of appreciation is something that you haven't paid taxes on, so you don't get a deduction for losing it. You've paid taxes on 150k of property, you end up with 175k worth of money/goods, therefore you have 25k gain for tax purposes.


I am thinking the authority on point is 1.165-1(c)(4), which provides that "in determining the amount of loss actually sustained for purposes of 165(a), proper adjustment shall be made for any salvage value and for any insurance or other compensation received." Perhaps the "salvage value" language is what explains the E & E's answer? Assuming the stipulated FMV of the property remaining post-disaster ($75k) is the "salvage value," that would seem to explain the 150-75 result.

mtyler19
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Re: ITT: Federal Income Tax

Postby mtyler19 » Tue Dec 17, 2013 9:01 pm

brotherdarkness wrote:
ssteiner wrote:Hate to do this so late in the game, but does anyone have an outline corresponding to the Bankman casebook that they're willing to share? Exam is in a week and a half. I've prepped my own but it's something like ~80 pages long and useless.


PM'd


Any way you could PM me too? Mine is 100 pages and probably useless for during the exam.

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Danger Zone
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Re: ITT: Federal Income Tax

Postby Danger Zone » Wed Dec 18, 2013 3:21 am

mtyler19 wrote:
brotherdarkness wrote:
ssteiner wrote:Hate to do this so late in the game, but does anyone have an outline corresponding to the Bankman casebook that they're willing to share? Exam is in a week and a half. I've prepped my own but it's something like ~80 pages long and useless.


PM'd


Any way you could PM me too? Mine is 100 pages and probably useless for during the exam.

Plus one? I'm typing my own but it'd be pretty sweet to have a model outline.

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brotherdarkness
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Re: ITT: Federal Income Tax

Postby brotherdarkness » Wed Dec 18, 2013 11:34 am

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stillwater
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Re: ITT: Federal Income Tax

Postby stillwater » Wed Dec 18, 2013 12:46 pm

looking at this thread again makes me SHUDDER.

the IRS' litigating position really endeared the agency to me: "MORE MONEYZ"

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MCFC
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Re: ITT: Federal Income Tax

Postby MCFC » Sat Sep 06, 2014 7:39 pm

Let's tax.

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bobr
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Re: ITT: Federal Income Tax

Postby bobr » Mon Sep 08, 2014 5:06 pm

Does anyone know if there are easily available answers to Bittker, McMahon & Zelenak's Federal Income Taxation of Individuals Study Problems? Thanks.

immigration lawyers
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Re: ITT: Federal Income Tax

Postby immigration lawyers » Tue Sep 16, 2014 4:50 am

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