TAILIEUCHUNG - Ebook Taxation of individuals (2017 edition): Part 2

(BQ) Part 2 book "Taxation of individuals" has contents: Business income, deductions, and accounting methods; property dispositions; property acquisition and cost recovery; retirement savings and deferred compensation; retirement savings and deferred compensation,.and other contents. | chapter 9 Business Income, Deductions, and Accounting Methods Learning Objectives Upon completing this chapter, you should be able to: LO 9-1 Describe the general requirements for deducting business expenses and identify common business deductions. LO 9-2 Apply the limitations on business deductions to distinguish between deductible and nondeductible business expenses. LO 9-3 Identify and explain special business deductions specifically permitted under the tax laws. LO 9-4 Explain the concept of an accounting period and describe accounting periods available to businesses. LO 9-5 Identify and describe accounting methods available to businesses and apply cash and accrual methods to determine business income and expense deductions. Storyline Summary Taxpayer: Rick Grime Location: San Antonio, Texas Family description: Unmarried Employment status: Rick quit his landscaping job in Dallas and moved to San Antonio to start a business as a self-employed landscaper. Rick left his job and moved his belongings to San Antonio. Once in town, Rick discovered he had to do a lot of things to start his business. First, he registered his new business name (Green Acres Landscaping) and established a bank account for the business. Next, he rented a used sport utility vehicle (SUV) and a shop for his place of business. Rick didn’t know much about accounting for business activities, so he hired a CPA, Jane Bronson, to help him. Jane and Rick decided that © BananaStock/Jupiterimages R Green Acres would operate as a sole proprietor- ick Grime graduated from Texas A&M ship, but Jane suggested that as the business grew, University with a degree in agronomy, he might want to consider organizing it as a differ- and for the past few years he has been ent type of legal entity. Operating as a corpora- employed by a landscape architect in Dallas. tion, for instance, would allow him to invite new Nearly .

• Luật học
• Taxation of individuals
• Business income
• Accounting methods
• Property dispositions
• Property acquisition
• Deferred compensation
• Retirement savings
• Business entities
• Individual taxation
• Multijurisdictional taxation
• Transfer taxes
• Corporate taxation
• Nonliquidating distributions
• Income tax concepts
• Income exclusions
• Business expenses
• Deductions and limitations
• Multinational transactions
• Taxing multinational transactions
• Tax planning strategies
• Related limitation
• Individual income tax overview
• Filing status
• Individual deductions
• Individual income tax computation
• Essentials of taxation
• Business tax credits
• Corporate alternative minimum tax
• Limited liability entities
• Profits and distributions
• Corporate formation
• Taxable acquisitions
• Operating partnerships
• Flow through entities
• Partnership interests
• Partnership distributions
• Operating distributions
• Post termination transition period
• Local taxes
• Income taxes
• Wealth planning
• Tax rate structures
• Federal taxes
• Tax compliance
• Tax authorities
• Related limitations
• Individual income tax
• Gross income
• Recognize income
• Deductions for AGI
• Tax credits
• Cost recovery