November 4th

Trust Me, I do Taxes

100

Estates and Trusts report their income on this tax return

1041

200

An increased cost basis for a beneficiary due to inheritance is also called this

Step-Up Basis

300

The Alternate Valuation Date of an Estate is done this long after the date of death 

Six Months

400

A trust that gives to the grandchildren instead of children

Generation-Skipping Trust

500

A trust that can't change once created

Irrevocable Trust

9th Inning, Basis Loaded

100

Proceeds higher than basis for the sale of Securities results in this type of income

Capital Gains

200

Not a repair, this expense is not deductible but increases your basis in the property

Improvements 

300

When buying and selling same type securities within 30 days, a portion of losses are disallowed and added to the basis of the new investment as a part of this type of Sale

Wash Sale

400

The basis of an RSU is the value of the asset at the end of this

Vesting Period 

500

Debts are added to Shareholder basis unless they are this

Unsecured

InCOGSnito

100

Materials and Supplies purchased but not used at the end of year become this 

Inventory

200

COGS are separated from Business Expenses and subtracted directly from this

Gross Profits / Receipts / Income

300

An overstatement of Inventory can result an understatement in this

Expenses / Cost of Goods Sold / Business Expenses

400

Under this Method of COGS, it's assumed that the oldest items in inventory are sold first

First in First out (FIFO)

500

Evaluation Method that relies on the retail value of materials to determine costs

Retail Inventory Method

How Do We Proceed?

100

The section under which terms of requirements of Due Diligence are defined

Circular 230

200

This department of the IRS handles SFR's, Audits, and CP2000's 

Examinations

300

Available to the public, these are IRS documents that provide Guidelines for specific tax issues, but not line-by-line instructions

Publications

400

The IRS policies, procedures and guidelines given directly to Staff of the IRS

Internal Revenue Manual (IRM)

500

The US Title number under which all Legal IRS Code is under 

Title 26