Individual Income TaxationTXX 5761 SPRING 2012Final Exam: Saturday, 6/09/2012 1:15 – 4:30 p.m. The following areas will be important for you to study thoroughly to prepare for the Final Examination. The questions on the exam will draw from these areas although not ALL of the material will, necessarily, be tested on the exam. The Final Exam will consist of 12 Problems similar to those covered throughout the term in class and your class assignments. The Exam will be administered as a timed assignment on Blackboard – i.e. the identical format as we used in the Mid-Term. Students will download the Exam, prepare their answers in Word format and upload to Blackboard no later than 4:30 pm. Each of the Exam Problems will be worth 15 points. To earn maximum credit your answers will: (1) identify/explain the tax issue(s) raised by the question (maximum 7.5 points) and (2) apply the tax law(s) to resolve the question (maximum 7.5 points). As on the Midterm, most questions will have 2 subparts ((a) and (b) in which case the points will be evenly divided. Chapter 16General Scheme of Taxation of Capital gains and lossesDefinition of Capital AssetSale or exchange requirement for capital gain (loss) treatmentOptionsPatentsFranchises, Trademarks, Trade-namesLease Cancellation PaymentsHolding Period RulesTreatment of Capital Gains (Losses) of non-corporate taxpayersNetting processQualified Dividend IncomeTax on Net Capital GainTreatment of Capital LossesReportingTreatment of Capital Gains (losses) of Corporate TaxpayersChapter 5Gifts and Inheritances Life InsuranceTransfer for Value ruleAccelerationCompensation for injury and sicknessWhat may be excluded from incomeEmployer sponsored health insuranceWhat may be excluded from incomeEmployer’s after tax cost to provideForeign earned Income ExclusionCalculate exclusionState and Local BondsFederal tax treatmentAfter tax rate of returnTax Benefit Rule Income from...
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