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Exclusions, Deductions, and Losses
- Calculate deductions and losses used in the determination of taxable income.
- Determine the proper classification and deductibility of employee expenses and deferred compensation items.
- Identify exclusions from gross income.
- Distinguish between deductions for adjusted gross income and deductions from adjusted gross income.
Taxable Property Transactions, Cost Recovery, and Recapture
- Calculate adjusted basis, amount realized, realized and recognized gain or loss, basis of property, and holding period for property transactions including Section 1231 property.
- Apply the appropriate depreciation method to property transactions.
- Apply the appropriate depreciation recapture provisions found in Sections 1245 and 1250.
Losses and Bad Debt, Nontaxable Property Transactions, andTax Credits
- Explain the requirements of a like-kind exchange.
- Apply the passive activity loss rules in the determination of taxable income.
- Describe what constitutes self-employment income and the requirements for estimated tax payments by self-employed individuals.
- Describe the various personal tax credits.
Estate and Gift Tax Basics
- Explain the concept of a unified transfer tax system.
- Determine which interests are includible in a gross estate.
- Identify the annual and lifetime gift tax exclusion and the exemption amount for an estate.
Basics of Tax Law and Income Determination
- Apply the concept of tax law as used by tax advisors.
- Calculate the basic components of the tax formula including filing status, dependency exemptions, and personal exemptions.
- Compute taxable income.
- Determine what constitutes gross income for tax purposes.
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