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标题: AICPA读书笔记REG之Individual Taxation( 四） [打印本页]

作者: kevin 时间: 2014-4-17 09:18
标题: AICPA读书笔记REG之Individual Taxation( 四）
本帖最后由 kevin 于 2014-4-17 09:22 编辑

6. Accident and health insurance benefits

An accident and health insurance benefit derived from policies purchased by the taxpayer are excluded, but not if the medical expenses were deducted in a prior year and the tax benefit rule applies.

7. Damages for physical injury or physical sickness are excluded.

a. Emotional distress is not considered a physical injury or physical sickness.

b. Punitive damages generally must be included in gross income, even if related to a physical injury or physical sickness.

8. Gifts, bequests, devises, or inheritances are excluded.

a. Income subsequently derived from property so acquired is not excluded (e.g., interest or rent).

b. “Gifts” from employer except for noncash holiday presents are generally not excluded.

注释：雇主分发的“gift”需要纳税，除非是节日非现金礼物。

9. Stock dividends

a. Is on preferred stock （优先股）

b. Is payable, at the election of any shareholder, in stock or property

c. Results in the receipt of preferred stock by some common shareholders, and the receipt of common stock by other common shareholders

d. Results in the receipt of property by some shareholders, and an increase in the proportionate interests of other shareholders in earnings or assets of the corporation

e. The receipt of stock dividends (or stock rights) is generally excluded from income, but the FMV of the stock received will be included in income if the distribution

注释：股票股利不算入收入。但是在分配的时候，股票的公允价值计入纳税人的收入之中。

10. Certain interest income is excluded.

a. Interest on obligations of a state and US possessions.

b. Qualified bonds issued for the benefit of schools, hospitals, and other charitable organizations

c. Bonds used to finance certain exempt facilities, such as airports, docks, wharves, mass commuting facilities, etc.

d. Qualified redevelopment bonds, small-issue bonds (i.e., bonds not exceeding $1 million), and student loan bonds

e. Qualified mortgage and veterans’ mortgage bonds d. Interest on US obligations is included in income.

11. Savings bonds for higher education

a. The accrued interest on Series EE US savings bonds that are redeemed by the taxpayer is excluded from gross income to the extent that the aggregate redemption proceeds (principal plus interest) are used to finance the higher education of the taxpayer, taxpayer’s spouse, or dependents.

(1) The bonds must be issued after December 31, 1989, to an individual age twenty-four or older at the bond’s issue date.

(2) The purchaser of the bonds must be the sole owner of the bonds (or joint owner with his or her spouse). Married taxpayers must file a joint return to qualify for the exclusion.

(3) The redemption proceeds must be used to pay qualified higher education expenses (i.e., tuition and required fees less scholarships, fellowships, and employer-provided educational assistance) at an accredited university, college, junior college, or other institution providing postsecondary education, or at an area vocational education school.

(4) If the redemption proceeds exceed the qualified higher education expenses, only a pro rata amount of interest can be excluded.

12. Scholarships and fellowships

a. A degree candidate can exclude the amount of a scholarship or fellowship that is used for tuition and course-related fees, books, supplies, and equipment. Amounts used for other purposes including room and board are included in income.

b. Amounts received as a grant or a tuition reduction that represent payment for teaching, research, or other services are generally not excludable.

13. Political contributions received by candidates’ campaign funds are excluded from income, but included if put to personal use.

14. Rental value of parsonage or cash rental allowance for a parsonage is excluded by a minister.

15. Discharge of indebtedness normally results in income to debtor, but may be excluded if

a. A discharge of certain student loans pursuant to a loan provision providing for discharge if the individual works in a certain profession for a specified period of time

b. A discharge of a corporation’s debt by a shareholder (treated as a contribution to capital)

c. The discharge is a gift

d. The discharge is a purchase money debt reduction (treat as a reduction of purchase price)

e. Debt is discharged in a bankruptcy proceeding, or debtor is insolvent both before and after discharge

(1) If debtor is insolvent before but solvent after discharge of debt, income is recognized to the extent that the FMV of assets exceeds liabilities after discharge

(2) The amount excluded from income in e. above must be applied to reduce tax attributes in the following order

(a) Net Operating Loss (NOL) for taxable year and loss carryovers to taxable year

(b) General business credit

(d) Capital loss of taxable year and carryovers to taxable year

(e) Reduction of the basis of property

(f) Passive activity loss and credit carryovers

(g) Foreign tax credit carryovers to or from taxable year

(3) Instead of reducing tax attributes in the above order, taxpayer may elect to first reduce the basis of depreciable property

16. Lease improvements

注释：由承租人做的改进而使得资产价值增加，不算在出租人的收入中，除非次改进代替租金。

作者: mcjm26 时间: 2014-4-17 22:31
无限感激楼主的分享！

作者: vivianm5168 时间: 2014-7-9 01:55
感谢楼主