TAX RESEARCH (1of2) Types of tax research Tax research process How facts affect tax consequences Sources of tax law and value Tax services

Learning Objectives Calculate the Alternative Minimum Tax Describe what constitutes self- employment income and compute the self- employment tax Describe the various business and personal tax credits Understand the mechanics of the federal withholding tax system and the requirements for making estimated payments

Learning Objectives Determine the tax implications of partnership formation Apply the operating rules for partnerships Understand the tax implications (to the partnership and its partners) of distributions to partners Understand the requirements for electing and maintaining S Corporation status Apply the operating rules for S Corporations Determine tax treatment of an S Corporation's shareholders

Learning Objectives Define a corporation Calculate the corporate income tax liability and explain specific tax rules Apply the non-recognition- of gain or loss rules for corporate formations

Learning Objectives Describe the steps in the tax research process Explain how the facts affect the tax results Identify the sources of tax law and understand the authoritative value of each Use the tax services to research an issue

Learning Objectives Identify Sec. 1231 property Understand the tax treatment for Sec. 1231 transactions Apply the recapture provisions of Se.1245 Apply the recapture provisions of SeC.1250 Describe other recapture applications

Learning Objectives Understand the tax consequences arising from a like-kind exchange Determine the basis of property received in a like-kind exchange

Learning Objectives Explain the rules for adopting and changing an accounting period Explain the differences among cash, accrual, and hybrid accounting Determine whether specific costs must be included in inventory

Learning Objectives Classify property and calculate depreciation under the pre-ACRS rules Classify property and calculate cost recovery under the ACRS rules Classify property and calculate cost recovery under the MACRS rules

Learning Objectives Determine the proper classification and deductibility of travel and transportation expenses Determine the proper deductible amount for entertainment expenses under the 50% disallowance rule Identify deductible moving expenses and determine the amount and year of deductibility