Chapter 9. Federal Taxation

 

Page no.

Introduction

 

Taxes on the Regulation Examination

899

 

Overview of Federal Tax Returns

899

  

Form 1040—Individuals

900

  

Form 1065—Partnerships

901

  

Form 1120—Corporations

901

Module 33/Individual Taxation (ITAX)

 

I.

Gross Income on Individual Returns

902

  

A.

In General

902

  

B.

Exclusions from Gross Income

902

  

C.

Items to Be Included in Gross Income

907

  

D.

Tax Accounting Methods

911

  

E.

Business Income and Deductions

913

  

F.

Depreciation, Depletion, and Amortization

919

 

II.

“Above the Line” Deductions

923

  

A.

Reimbursed Employee Business Expenses

923

  

B.

Expenses Attributable to Property

924

  

C.

One-Half of Self-Employment Tax

924

  

D.

Self-Employed Medical Insurance Deduction

924

  

E.

Moving Expenses

925

  

F.

Contributions to Certain Retirement Plans

925

  

G.

Deduction for Interest on Education Loans

928

  

H.

Deduction for Qualified Tuition and Related Expenses

928

  

I.

Penalties for Premature Withdrawals from Time Deposits

928

  

J.

Alimony

928

  

K.

Jury Duty Pay Remitted to Employer

928

  

L.

Costs Involving Discrimination Suits

928

  

M.

Expenses for Elementary and Secondary Teachers

928

 

III.

Itemized Deductions from Adjusted Gross Income

929

  

A.

Medical and Dental Expenses

929

  

B.

Taxes

930

  

C.

Interest Expense

931

  

D.

Charitable Contributions

933

  

E.

Personal Casualty and Theft Gains and Losses

937

  

F.

Miscellaneous Deductions

938

  

G.

Excess Over Threshold Amount

939

 

IV.

Exemptions

939

 

V.

Tax Computation

941

  

A.

Tax Tables

941

  

B.

Tax Rate Schedules

942

  

C.

Filing Status

943

  

D.

Alternative Minimum Tax

943

  

E.

Other Taxes

945

 

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