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Grade A+ REG Mnemonics Exam Questions & Answers 2024/2025
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Grade A+ REG Mnemonics Exam Questions & Answers 2024/2025 Dependency Exemptions - ANSWERS"CARES" & "SUPORT" -*C*lose Relative -*A*ge Limit (19/24=College) -*R*esidency and Filing Requirements (more than half yr) -*E*liminate Gross Income Test (Gross inc not included) -*S*upport Test Cha...

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  • August 13, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • grade a reg mnemonics exam questions answers 20

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Grade A+ REG Mnemonics Exam
Questions & Answers 2024/2025

Dependency Exemptions - ANSWERS"CARES" & "SUPORT"



-*C*lose Relative

-*A*ge Limit (19/24=College)

-*R*esidency and Filing Requirements (more than half yr)

-*E*liminate Gross Income Test (Gross inc not included)

-*S*upport Test Changes (More than half support)



-*S*upport (over 50%) Test

-*U*nder a specific amount of (taxable) gross income test (Taxable inc under std deduction)

-*P*recludes dependent filing a joint tax return test

-*O*nly citizens (reisdents of US/Canada/Mexico) Test

-*R*elative test (step-children & in-laws included)

OR

-*T*axpayer lives with individual for whole year test



Taxpayer entitled to *full dependency exemption* even if dependent was *(1)* was born *(2)* died



Exception to Penalty Tax - Taking Retirement Funds out Early (Still subject to ordinary income tax) -
ANSWERS"HIM DEaD"



-*H*ome buyer (1st time)

-*I*nsurance (Medical)

-*M*edical expenses in excess of 10% of AGI

-*D*isability

,-*E*ducation: College tuition, books, fees, etc

-*a*nd

-*D*eath



Unemployment vs workers' Compensation Tax - ANSWERSUnemployment compensation = Taxable



Workers' Compensation = Nontaxable



Casualty Loss Itemized Deduction - ANSWERS-10% AGI Limit

-Reduce the eligible loss by $100 per incident

-Use lesser of FMV or adjusted basis for determining eligible loss

-Must be Sudden, swift and unexpected

-Does not include "Diseased Plant" or "Lost Ring"



Alternative Minimum Tax Adjustments - ANSWERS"PANIC TIMME"



INC/DECR

-*P*assive activity losses

-*A*ccelerated depreciation

-*N*et operating loss of the individual taxpayer

-*I*nstallement income of a dealer

-*C*ontract - percentage completion versus completed contract



INC ONLY

-*T*ax "Deductions"

-*I*nterest deductions on some home "equity loans"

-*M*edical deductions

-*M*iscellaneous deductions not allowed

-*E*xemptions (personal) and standard deduction

, AMT Tax Preference Items - ANSWERS"PPP"



Always add backs



-*P*rivate activity bond interest income

-*P*ercentage depletion the excess over adjusted basis of property

-*P*re-1987 accelerated depreciation



AMT Credits - ANSWERS"FACCE"



-*F*oreign tax credit

-*A*doption credit

-*C*hild tax credit

-*C*ontributions to retirement plans credit

-*E*arned income credit



Interest Expense Itemized Deduction - ANSWERS"HIPPE"



-*H*ome Mortgage Interest

-*I*nvestment Interest Expense

-*P*ersonal (Consumer) Interest is not deductible

-*P*repaid interest (Allocate to property period)

-*E*ducational Loan Interest (adjustment/not itemized)



Uniform Capitalization Rules of Code Sec 263A Apply to retailers whose average gross receipts for the
preceding three years exceeds? - ANSWERS10 million



Nondeductible Taxes - Itemized Deduction - ANSWERS"FIB"

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