-
Interest income is taxed at... tax rates unless from...
ordinary income, tax-exempt securities
-
Chapter 7 dealt with investment interest derived from...
1. ... accounts
2. ... accounts
3. ...
4. ... bonds
5. ... bonds
- 1. Savings
- 2. Money market
- 3. CDs
- 4. Corporate
- 5. Treasury
-
Ordinary dividends are taxed at... tax rates.
ordinary
-
Qualified dividends are taxed at... tax rates.
preferential
-
If the tax on dividends is 10% or 15%, then the preferential rate is... . If the tax on dividends is 39.6% then the preferential rate is... . All other qualified dividends are taxed at...
0%, 20%, 15%
-
For capital gains and losses, ... is an important component along with the...
sales price, tax basis.
-
2 methods used for determining the tax basis for a stock sale. (FS)
- 1. FIFO method
- 2. Special Identification method
-
The ordinary tax rate is...
35%
-
ST capital gains and losses are taxed at... rates.
ordinary
-
LT capital gains are taxed at preferential rates.
1. If the tax on dividends is 10% or 15% then preferential rate is...
2. If the tax on dividends would have been 39.6% then preferential rate is...
3. All other qualified dividends are taxed at...
4. Specific items are taxed at... and...
- 1. 0%
- 2. 20%
- 3. 15%
- 4. 25%, 28%
-
Unrecaptured Section 1250 Gains:
1. ... property sold for a gain
2. A portion of this gain is taxed at... based upon the lesser of
a. The... OR
b. The... on the property
- 1. Depreciable real
- 2. 25%
- recognized gain, accumulated depreciation
-
... of the gain recognized on the sale of small business stock is excluded. The portion not excluded is taxed at a maximum rate of...
1/2, 28%
-
TPs can only deduct... of net capital losses.
$3,000
-
Capital gain/loss netting process.
1. Net... gains/losses
2. Net... gains/losses
3. a. If outcome from both is positive,...
b. If outcome is mixed,...
ST, LT, stop, continue
-
NSTCG may be offset by a...
NLTCL
-
If NSTCL exceeds NLTCG, up to... of the capital loss may be used to offset ordinary income. Any remaining loss is... indefinitely.
$3,000, carried forward
-
If there is a NSTCG and a NLTCL, the... can be used to offset the... If the NLTCL exceeds the NSTCG, up to... of the capital loss may be used to offset ordinary income. Any remaining loss is... indefinitely.
NLTCL, NSTCG, ,carried forward
-
When there is both an NSTCL and a NLTCL, the... is used to offset ordinary income...
-
... > ... = NCG
NLTCG, NSTCL
-
Section 1091 disallows... incurred on wash sales of stock or securities in the year of the sale.
losses
-
A wash sale occurs when...
1. A TP... a loss on the sale of stock or securities
2. A TP acquires... stock or securities within a ...-day period of time that extends from... days before the sale to... days after the sale.
3. The disallowed loss is... to the basis of the newly acquired stock.
- 1. realizes
- 2. substantially identical, 61, 30, 30
- 3. added
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