Top Tax Flashcards

A tax is a monetary charge and can be charged to both individuals and corporations. It is applied on a range goods and services as well as income and savings with the rate of tax determined by state and national governance. In any one country or region, there may be a multitude of different tax types, meaning an individual or business could find themselves with several tax levies to pay on top of the purchase price.

An example is when booking a hotel room in New York City, the price of the room per night may not be all the guest will pay as additional New York state taxes and hotel occupancy taxes will also be due. Taxation is a very emotive issue for many and will often be a cause for political and economic debate. Brush up on your tax knowledge with our flashcards.

Tax - Ch 2 - Corporate Formation And Capital Structure

Cards: 22| Attempts: 8| Last updated: Sep 16, 2015

Tax Planning With Section 351

- Note That Section 351 Treatment Is Not Alwa...

Incorporation In General

- Corporations Are Formed Under State Law.&nb...

Transfers To Controlled Corporations (IRC Sec...

- Section 351 Uses The Continuity Of Interest...

If Section 351 Applies Then

- No Gain Or Loss Is Recognized By The Transf...

Define These Tax Accounting Terms Flashcards

Cards: 78| Attempts: 7| Last updated: Mar 31, 2021

Abandoned Spouse

A Married Taxpayer Whose Spouse Has Left Home...

Accelerated Cost Recovery System (ACRS) ...

The Depreciation System Enacted By Congress I...

Accounting Method

An Approach For Determining The Taxable Year ...

Accounting Period

A Fixed Period In Which A Business Reports In...

TeXeS - Principal Test Framework

Cards: 70| Attempts: 3| Last updated: Sep 18, 2015

The Principal Knows How To:• Create A Campu...

DOMAIN I—SCHOOL COMMUNITY LEADERSHIP*Compet...

• Ensure That Parents And Other Members Of ...

DOMAIN I—SCHOOL COMMUNITY LEADERSHIP*Compet...

• Implement Strategies To Ensure The Develo...

DOMAIN I—SCHOOL COMMUNITY LEADERSHIP*Compet...

• Respond Appropriately To Diverse Needs In...

DOMAIN I—SCHOOL COMMUNITY LEADERSHIP*Compet...

Tax Exam 1

Cards: 74| Attempts: 1| Last updated: Sep 22, 2015

DIF

Discriminate Function System

Business Purpose Doctrin

IRS Can Disallow Transactions With No Busines...

Step-Transaction Doctrine

IRS Can Collapse A Series Of Transactions Int...

Substance-over-form Doctrine

IRS Can Reclassify Transactions According To ...

PHS Tax Review

Cards: 13| Attempts: 0| Last updated: Mar 22, 2018

The Form The Claimant Must Submit If They Wan...

W4S

The Form we Send If The PO rec...

1099-MISC

The Form We Send If $10 Or More ($6...

1099-INT

The Form We Send If the PO receives...

1099-R

Personal Tax

Cards: 94| Attempts: 0| Last updated: Sep 18, 2015

Impose Taxes Comes From Two Sources...

Statute Law - Legilsation Passed By Parliamen...

Property Income

Rental Income From Land And Property

Trading Income

Profits Of Trades And Professions (self-emplo...

Savings & Investment Income

UK Interest And Dividends