ITT: Federal Income Tax Forum
- brotherdarkness
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Re: ITT: Federal Income Tax
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Last edited by brotherdarkness on Fri Jun 27, 2014 10:55 pm, edited 1 time in total.
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Re: ITT: Federal Income Tax
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.
- Jsa725
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Re: ITT: Federal Income Tax
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Last edited by Jsa725 on Sun Oct 26, 2014 3:59 pm, edited 1 time in total.
- brotherdarkness
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Re: ITT: Federal Income Tax
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Last edited by brotherdarkness on Fri Jun 27, 2014 10:55 pm, edited 1 time in total.
- ssteiner
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Re: ITT: Federal Income Tax
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
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Last edited by brotherdarkness on Fri Jun 27, 2014 10:55 pm, edited 1 time in total.
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Re: ITT: Federal Income Tax
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.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.
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Re: ITT: Federal Income Tax
Any way you could PM me too? Mine is 100 pages and probably useless for during the exam.brotherdarkness wrote:PM'dssteiner 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.
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Re: ITT: Federal Income Tax
Plus one? I'm typing my own but it'd be pretty sweet to have a model outline.mtyler19 wrote:Any way you could PM me too? Mine is 100 pages and probably useless for during the exam.brotherdarkness wrote:PM'dssteiner 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.
- brotherdarkness
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Re: ITT: Federal Income Tax
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Last edited by brotherdarkness on Sat Jun 28, 2014 12:11 am, edited 1 time in total.
- stillwater
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Re: ITT: Federal Income Tax
looking at this thread again makes me SHUDDER.
the IRS' litigating position really endeared the agency to me: "MORE MONEYZ"
the IRS' litigating position really endeared the agency to me: "MORE MONEYZ"
- bobr
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Re: ITT: Federal Income Tax
Does anyone know if there are easily available answers to Bittker, McMahon & Zelenak's Federal Income Taxation of Individuals Study Problems? Thanks.
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Re: ITT: Federal Income Tax
Nice but i doont have any about that concer los angles immigration Lawyers
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Re: ITT: Federal Income Tax
sorry for the necro but didn't feel like making a new thread. Anyone else suffering through Fed Tax this semester?
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