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[Show more]A taxpayer should include which of the following when figuring their federal gross income? 
Gifts and inheritances. 
Life insurance payments, if paid by reason of the death of the insured. 
Meals and lodging provided for the convenience of the employer 
Prizes and awards. 
 
 
 
To avoid the risk of...
Preview 3 out of 21 pages
Add to cartA taxpayer should include which of the following when figuring their federal gross income? 
Gifts and inheritances. 
Life insurance payments, if paid by reason of the death of the insured. 
Meals and lodging provided for the convenience of the employer 
Prizes and awards. 
 
 
 
To avoid the risk of...
Accelerated Cost Recovery System (ACRS) 
UNMODIFIED system used for property placed in service after 1980 and before 1987. 
 
 
 
Alternative Straight-Line Depreciation System 
• A MACRS system of depreciation using the STRAIGHT-LINE method over an alternative recovery period. 
• Choosing either...
Preview 2 out of 6 pages
Add to cartAccelerated Cost Recovery System (ACRS) 
UNMODIFIED system used for property placed in service after 1980 and before 1987. 
 
 
 
Alternative Straight-Line Depreciation System 
• A MACRS system of depreciation using the STRAIGHT-LINE method over an alternative recovery period. 
• Choosing either...
Which of the following is a requirement for all taxpayers who want to claim the EIC? 
 
Live in the U.S. for more than half a year. 
Have a valid social security number. 
Have a qualifying child dependent. 
Have AGI less than $21,430 ($27,380 MFJ). 
Have a valid social security number. 
 
 
 
A comb...
Preview 4 out of 31 pages
Add to cartWhich of the following is a requirement for all taxpayers who want to claim the EIC? 
 
Live in the U.S. for more than half a year. 
Have a valid social security number. 
Have a qualifying child dependent. 
Have AGI less than $21,430 ($27,380 MFJ). 
Have a valid social security number. 
 
 
 
A comb...
Investment Income 
Includes INTEREST, DIVIDENDS, CAPITAL GAINS and other types of DISTRIBUTIONS. 
See IRS Publication 550, Investment Income and Expenses (Including Capital Gains and Losses). 
 
 
 
Nonrefundable Credit 
A credit which CANNOT EXCEED the taxpayer's tax liability. 
 
 
 
Refundable C...
Preview 2 out of 7 pages
Add to cartInvestment Income 
Includes INTEREST, DIVIDENDS, CAPITAL GAINS and other types of DISTRIBUTIONS. 
See IRS Publication 550, Investment Income and Expenses (Including Capital Gains and Losses). 
 
 
 
Nonrefundable Credit 
A credit which CANNOT EXCEED the taxpayer's tax liability. 
 
 
 
Refundable C...
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