Ebook Income tax fundamentals (2011 edition): Part 2
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Ebook Income tax fundamentals (2011 edition): Part 2
^nupier /Accounting Periods and Methods and DepreciationLEARNING OBJECTIVESAfter completing this chapter, you should be able to:LO 7.1 Determine the d Ebook Income tax fundamentals (2011 edition): Part 2different accounting periods and methods allowed for tax purposes.LO 7.2 Understand the concept of depreciation and be able to calculate depreciation expense using the MACRS tables.LO 7.3 Identify when a Section 179 election to expense the cost of property may be used.LO 7.4 Apply the limitations pl Ebook Income tax fundamentals (2011 edition): Part 2aced on depreciation of "listed property" and "luxury automobiles."LO 7.5 Understand the tax treatment for goodwill and certain other intangibles.LO 7Ebook Income tax fundamentals (2011 edition): Part 2
.6 Determine whether parties are considered related for tax purposes, and classify the tax treatment of certain related-party transactions.OverviewTax^nupier /Accounting Periods and Methods and DepreciationLEARNING OBJECTIVESAfter completing this chapter, you should be able to:LO 7.1 Determine the d Ebook Income tax fundamentals (2011 edition): Part 2(calendar, fiscal, or short-period tax years) and accounting methods (cash, accrual, or hybrid methods) allowed. This chapter begins by addressing how and when individual, partnership, and corporate taxpayers should report taxable income.The calculation of depreciation of business assets is also an Ebook Income tax fundamentals (2011 edition): Part 2important issue for most businesses. The Modified Accelerated Cost Recovery System (MACRS) is the tax depreciation method currently in use under U.S.Ebook Income tax fundamentals (2011 edition): Part 2
tax law. There are many special depreciation provisions which arc discussed in this chapter including Ixmus depreciation, the election to expense (Sec^nupier /Accounting Periods and Methods and DepreciationLEARNING OBJECTIVESAfter completing this chapter, you should be able to:LO 7.1 Determine the d Ebook Income tax fundamentals (2011 edition): Part 2venants not to compete, franchises, trademarks, and other intangibles. Also covered is the limitation on the deduction of losses realized in certain related-party transactions.Cojrrjfct X'10 Caxxafa L tarns ■ All i’urhn PuMrxad \irr a:i be capti 1£IU»1 cc dcpUcalal tn 'Abate cc IT. par*. Dr a to ala Ebook Income tax fundamentals (2011 edition): Part 2; tree..: Hfhti. USX ttxrd part* rrtttrz nay ba rrppraual freen tba «Bo:k and ar hapttr 11E£xi:r*l raxwv bai útasxed thae atv tiRtimi doa« to*. rtaltnEbook Income tax fundamentals (2011 edition): Part 2
alb affect the Of trail '.aamxit «x pa run: a Car.f are Lacxrnx r«itr.«i isa riiki as atdncoal ccaxst at at'.* tint à stbia^uat nakli ra>tnrt>2U raqur^nupier /Accounting Periods and Methods and DepreciationLEARNING OBJECTIVESAfter completing this chapter, you should be able to:LO 7.1 Determine the d Ebook Income tax fundamentals (2011 edition): Part 2returns using a calendar year accounting period. Individuals reporting tax income on a fiscal year other than a calendar year are extremely rare since the tax system is set up to accommodate calcndar-ycar taxpayers. I lowcvcr, there arc no restrictions on an individual taking a tax year other than a Ebook Income tax fundamentals (2011 edition): Part 2 calendar year. The choice to file on a fiscal year basis must be made with an initial tax return, and books and records must be kept on that basis. AEbook Income tax fundamentals (2011 edition): Part 2
n individual may also request IRS approval to change to a fiscal year if certain conditions are met.Partnership and Corporation Tax YearsMany individu^nupier /Accounting Periods and Methods and DepreciationLEARNING OBJECTIVESAfter completing this chapter, you should be able to:LO 7.1 Determine the d Ebook Income tax fundamentals (2011 edition): Part 2rships and s corporations is passed through on Schedule K-I to the owners and taxed in the owners' personal tax returns. Partncrahips and s corporations arc not taxable entities, only rqiorting entities. Similarly, wages are passed through to doctors, lawyers, accountants, and other professionals fr Ebook Income tax fundamentals (2011 edition): Part 2om personal service corporations owned by them. Many individuals cany on businesses in partnership or corporate entities which comprise a large part oEbook Income tax fundamentals (2011 edition): Part 2
f the income shown in their tax returns. Other individuals make investments, including the operation of real estate rental activities, in these entiti^nupier /Accounting Periods and Methods and DepreciationLEARNING OBJECTIVESAfter completing this chapter, you should be able to:LO 7.1 Determine the d Ebook Income tax fundamentals (2011 edition): Part 2important to understand the rules governing the allowed accounting periods for these entities.Partnerships and corporations had a great deal of freedom in selecting a tax year in the past. However. Congress decided that this freedom often resulted in an inappropriate deferral of taxable income. For Ebook Income tax fundamentals (2011 edition): Part 2example, if an individual taxpayer has a calendar tax year and receives income from a partnership with a tax year ending September 30, the taxpayer isEbook Income tax fundamentals (2011 edition): Part 2
able to defer 3 months of partnership income for an indefinite period of time. Therefore, the tax law was changed to include provisions that specify ^nupier /Accounting Periods and Methods and DepreciationLEARNING OBJECTIVESAfter completing this chapter, you should be able to:LO 7.1 Determine the d Ebook Income tax fundamentals (2011 edition): Part 2the selection of tax years applies to partnerships. They provide, generally, that a partnership must adopt the same tax year as that of the partners owning a majority interest (greater than 50 percent) in partnership profits and capital. If a majority of the partners do not have the same tax year, t Ebook Income tax fundamentals (2011 edition): Part 2he partnership is required to adopt the tax year of all of its principal partners (partners w ith at least a 5 percent interest in profits or capital)Ebook Income tax fundamentals (2011 edition): Part 2
. If the principal partners have different tax years, the partnership, generally, is required to use the least aggregate deferral method (sec a standa^nupier /Accounting Periods and Methods and DepreciationLEARNING OBJECTIVESAfter completing this chapter, you should be able to:LO 7.1 Determine the d Ebook Income tax fundamentals (2011 edition): Part 2 manner similar to partnerships, must adopt a calendar year under similar rules.EXAMPLE EFG Partnership is owned equally by three partners. Elm Corporation, Fig Corporation, and Grape Corporation. The partners have the following tax year-ends:PartnerTax Year-EndElm Corporation45199Fig Corporation451 Ebook Income tax fundamentals (2011 edition): Part 299Grape Corporation45291Copw^Cxt X’10 Cappt Ltaraar All Pur tn RtMCĩtd Mrr tea copcatf. acaxDtd. ce dspừcaitl. ® 'Atoỉe cc tn part E>J« zo aUctrcmc nạEbook Income tax fundamentals (2011 edition): Part 2
ùu. (COM ttxxd pint ccctatt nay b« rtppctiMÍ 6c® tbt «Eo:k arZ Ct •Chap?®;«iEili:ral xaxwjt hai C44tx4d that atv tsccstutd ::mot dot* not ruianalb aff^nupier /Accounting Periods and Methods and DepreciationLEARNING OBJECTIVESAfter completing this chapter, you should be able to:LO 7.1 Determine the d Ebook Income tax fundamentals (2011 edition): Part 2Since partners owning a majority interest (Elm and Fig) have a September 30 year-end, the partnership, generally, must also adopt a September 30 year-end. ♦Partnerships and s corporations may elect to adopt a fiscal tax year different from the one prescribed by the rules above, if one of the followi Ebook Income tax fundamentals (2011 edition): Part 2ng conditions is met:1A business purpose for the fiscal year can he demonstrated, or^nupier /Accounting Periods and Methods and DepreciationLEARNING OBJECTIVESAfter completing this chapter, you should be able to:LO 7.1 Determine the d^nupier /Accounting Periods and Methods and DepreciationLEARNING OBJECTIVESAfter completing this chapter, you should be able to:LO 7.1 Determine the dGọi ngay
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