Chapter 1-3
What is the name of the monetary amount paid to the government on April 15?
What is a tax?
What is included in gross income?
What is income from money, property, and services?
At what rate are net short-term capital gains taxed?
What is ordinary?
What is the highest marginal tax rate on ordinary income?
What is 37%?
What does MACRS stand for?
What is Modified Accelerated Cost Recovery System?
What government entity is in charge of collecting, regulating, and overseeing tax related affairs?
What is the IRS?
What form do individuals report taxable income to the IRS?
What is Form 1040?
What is the limit for a net capital loss for AGI?
What is $3,000?
What business travel expense is deducted as all or none?
What is Airfare?
How do you find the gain or (loss) realized?
What is the amount realized - adjusted basis?
How long does a taxpayer have to file an amended return generally?
What is 3 years?
What type of investment pays a stream of equal payments over a period of time?
What is an annuity?
How much interest on education loans is deductible for taxpayers making less than $80,000?
What is $2,500?
What is the Medicare tax rate percentage?
What is 1.45%?
Boot received usually creates what?
What is a recognized gain?
What is the legal term for a willful attempt to defraud the government?
What is tax fraud?
What is the calculation for taxable income?
What is gross income - For AGI = Adjusted Gross Income
AGI - From AGI (greater of standard/itemized deductions) - deduction for qualified business income?
At what rate are dividends taxed?
What is preferential capital gains rate?
What two programs does FICA fund?
What is social security and Medicare?
A method taxpayers use to recover their capital investment in natural resources is known as?
What is depletion?
What is the primary reason for the IRS to issue an audit?
What is your tax return is incorrect?
What is the equation to determine how much tax money should be owed/refunded?
What is taxable income x tax rates = income tax liability
Income tax liability + other taxes = total tax
total tax - credits - prepayments = taxes owed/refunded
What is an investment that can be held for appreciation potential?
What are stocks, land, and mutual funds?
What accounting method only recognizes income when received?
What is the cash method of accounting?
What is the character of Gain or Loss in this scenario?
Depreciable assets and land used in a trade or business held for more than one year.
What is 1231 Assets?