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Exam IV TAX 4001 Review (1).
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- Prometric CNA Skills rubrics
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- Prometric CNA Skills Rubrics
Exam IV TAX 4001 Review (1).
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Exam IV TAX 4001 ReviewCorporate Income Tax Formula - ANS-Quite simple; gross income less expenses equals
taxable income
Individual Income Tax Formula - ANS-Quite complex; adjusted gross income and above
the line and below the line deductions
Permanent Book-Tax Differences - ANS-Arise in one year and never reverse
Interest income from municipal bonds (P/T) - ANS-Permanent Book-Tax Difference
Example
Death benefit from life insurance on key employees (P/T) - ANS-Permanent Book-Tax
Difference Example
Interest expense on loans to acquire investments generating tax-exempt income (P/T) -
ANS-Permanent Book-Tax Difference Example
Life insurance premiums for which corporation is beneficiary (P/T) - ANS-Permanent
Book-Tax Difference Example
Meals expense (P/T) - ANS-Permanent Book-Tax Difference Example
Fines and penalties and political contributions (P/T) - ANS-Permanent Book-Tax
Difference Example
Entertainment expense (P/T) - ANS-Permanent Book-Tax Difference Example
Federal income tax expense (P/T) - ANS-Permanent Book-Tax Difference Example
Temporary Book-Tax Differences - ANS-Arise in one year and reverse in subsequent
years
Depreciation expense (P/T) - ANS-Temporary Book-Tax Difference Example
Gain or loss on disposition of depreciable assets (P/T) - ANS-Temporary Book-Tax
Difference Example
, Bad debt expense (P/T) - ANS-Temporary Book-Tax Difference Example
Unearned rent revenue (P/T) - ANS-Temporary Book-Tax Difference Example
Deferred compensation (P/T) - ANS-Temporary Book-Tax Difference Example
Organizational expenditures and start-up costs (P/T) - ANS-Temporary Book-Tax
Difference Example
Warranty expense and other estimated expenses (P/T) - ANS-Temporary Book-Tax
Difference Example
UNICAP (IRC Sect. 263A) (P/T) - ANS-Temporary Book-Tax Difference Example
Interest expense (IRC Sect. 163)(j) (P/T) - ANS-Temporary Book-Tax Difference
Example
Favorable Book-Tax Differences - ANS-Decreases taxable income relative to book
income
Interest income from municipal bonds (F/U) - ANS-Favorable Book-Tax Difference
Example
Death benefit from life insurance on key employees (F/U) - ANS-Favorable Book-Tax
Difference Example
Depreciation expense (F/U) - ANS-Favorable Book-Tax Difference Example
Unfavorable Book-Tax Differences - ANS-Increase taxable income relative to book
income
Interest expense on loans to acquire investments generating tax-exempt income (F/U) -
ANS-Unfavorable Book-Tax Difference Example
Life insurance premiums for which corporation is beneficiary (F/U) - ANS-Unfavorable
Book-Tax Difference Example
Meals expense (F/U) - ANS-Unfavorable Book-Tax Difference Example
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