PandaCafe

米国公認会計士の受験に始まり、転職、そして組織に依存しない働きかたを求めて疾走中!

タグ:Regulation

勉強を復活してRegulationの問題を解いています。かなり細かい論点を忘れてしまって、まずは1周めに思い出すことを目標に過去問を解いています。

今回使っているのは、Wileyの洋書 で「Wiley CPA excel Exam Review Study Guide」です。それにしてもWileyの良問と解説のすばらしさに感激です~


今日解いたところでメモをとったPersonal useの資産から発生したCapital gain と loss の取り扱いについてを書いてみます。

まずはCapital Assets の定義ですが以下のようになっています。

「The definition of "capital assets2 includes investment property and property held for personal use (if sold at a gain).」

Capital Assets には投資目的の資産、および、個人的な目的で保有する資産を含むとされています。

そして、この中でも「Property held for personal use」から発生したCapital gain と loss についてはそれぞれ取り扱いが変わります。図を描いてみました。
CapitalGainLoss 
こんな感じにGainで売った場合とLossで売った場合の取り扱いは;

●Gain: Short term / Long term Capital gain として取り扱う
●Loss: こちらはLossとして控除ができない

あくまでも「personal use」の資産を売却したときの処理です~。

いろいろと細かい規定がありますが、瞬時に判断がつくように過去問で訓練するに限るんだと思います。

ご参考まで



ブログネタ
資格をとろう!! に参加中!
Chapter11、Individual taxation はどちらかというと得意な範疇ですが、1つあやふやにしていた論点を発見 

Mortgage interest は Individual でも申告の内容によってDeductionする場所が違う

Personal residence (個人の住宅ローンに係る利息)
これはForm1040 の Itemized deduction (Schedule A) で控除することができる

Rental income など、個人事業として住宅を持っている場合に、その取得に要したMortgage interest
これは、Business income としてSchedule C に記入され、事業の経費として計算される。結果、事業から得られた最終的な利益がSchedule C からForm 1040 の Income (12) に記入されて他のincomeと一緒に計算される

日本の所得税もそうですが、主要なSchedule (日本で言う別表)は出題されますね 

ちょっとだけメモしてみました 

ブログネタ
資格をとろう!! に参加中!
Common law のところで採点ミスを発見、弱い論点だと自覚、復習をしました

2015-6-27

Plaitiffが訴訟などで優位になるためにProveしないとならない項目を改めてまとめてみました 

■Common law negligence
Failed to exercise due care 
ここは、Due care がキーワード

■Section11 of the Securities Act of 1933
Statement of fact, 例えば、"material fact is contained" や "suffered an economic loss" といった、「その状況」をprove するだけでOK Reliance を証明することは不要

■Common fraud (Constructive fraud)
Gross negligence を証明するとともに Reliance を証明することも必要

■Securities Act of 1934
 Intentional conduct by the CPA designed to deceive investors
キーワードはIntentional とか intented to deceive で故意があることが必要

他方でカバーされる範囲を比較すると、

Privity < Negligence < all third parties relied on sustained injury

となって、common law negligence の場合はこの真ん中に当たる、「契約している当事者のみよりも範囲は広い、そしてFraudの範囲よりも狭い、証明する内容が会計士の故意まではする必要はないため、カバーされる範囲は狭いけど簡易な証明で優位に立てる可能性はある」

Fraud の場合は、カバーされる範囲が広い、その代わり、会計士の故意までも証明する必要があるからなかなか実現は難しい、ということになる

こうして見ると法律は会計士と株主や債権者の責任の所在を均等にしようとしている感じですね 勉強になりました
 

ブログネタ
資格をとろう!! に参加中!
こんばんは だんだんジリジリと暑くなってきましたね

先日からやる気が出たついでに、REGの追い込みをしています とにかくビジネスローが弱いのでどうにかしないと、と思ってやっているのがこちら

Photo Jun 12, 10 04 33 PM

5回転BISKをやった結果、全体の平均点は87.7。ビジネスローを始め、この付箋のついた問題が足を引っ張っているのです。そして、一通りやり終えた後、ビジネスローのテキストをもう一度確認、今週は月曜日から、この付箋のついた問題だけに絞って、何度も何度も繰り返し解いていました

その結果、最初はこれだけの付箋の問題をやるのに3時間以上かかっていましたが、今は2時間強 そして何度読んでもわからない問題は、ここまで来たら切る というようにやっています。運が良ければ、切ろうと思っていた問題も、何度も読んでいるうちに、ポッと分かる瞬間が来たり

やはり、細かいところで止まらずに、どんどん進めたほうが効果的な勉強ができると実感しましたよ 

今週末は更にSimulationまでやろうと思います 

頑張りましょうね
 

ブログネタ
資格をとろう!! に参加中!
こんにちは。今日の関東、雪 のはずが、大きく外れて一日中雨でした。。 富士山の麓で育った私にとっては物足りない。。。というより淋しいです やっぱり冬は雪がドカンと降らないと穏やかな春が来ないような気がします 

今日は、私のWeakerであったIndividual taxation のまとめを載せます まとめというよりは、間違えたところを単に書いてみたといったところですが。 意地になってやったせいか、今はそんなに苦手意識はなくて、むしろ変化があって好きかもしれないです~ いろんな論点が絡むところは、頭の体操になって慣れると楽しいかもしれないですね

今日は長いですよ~ 何日かかけてまとめたものです。何度も何度も間違えたところは何度も登場するかもしれないですが、淡々と読んでみてください 

[INDIVIDUAL TAXATION]


■Forfeited interest penalty

Deduction from gross income in arriving at adjusted gross income (Adjustment)


■Capital loss

Up to $3,000 of a capital loss may offset other gross income, excess may be carried forward indefinitely


■Interest income

Interest on state government obligations is excluded from gross income

[Taxable on income tax return]

  • Interest on federal income tax refund

  • Interest on state income tax refund

  • Interest on federal government obligation


■Withdrew traditional IRA contiribution

Marginal tax rate + 10% addtional


IRA deduction - Age 50 or older

  • General: A qualifying employee with a deduction up to the lesser of $5,500 in 2014 or an amount equal to the compensation includible in the employee’s gross income for the taxable year.

  • Age 50 or older: This limitis increased by $1,000 for taxpayers who are at least age 50 at the end of the year.


■Employee moving expenses

Fully deductible for AGI (Adjustment)


■AMT add back items

  • Home equity loan interest unrelated to acquisition

  • Real estate taxes

  • State income taxes

  • Miscellaneous itemized deduction subject to 2% AGI threshold limitation


■AMT deductible

  • Miscellaneous itemized deduction Not subject to 2% AGI threshold limitation

  • Medical expenses (10% threshold)

  • Residence mortagage interest

  • Charitable contributions


■Adoption credit

Up to $12,970


■Self-employment income

Director of a corporation is included


■Charitable property contribution

  • ST - Lesser of Basis or FMV

  • LT- FMV

*Up to 30% of AGI  

* Charitable contributions are subject to the phase out of the amount of certain itemized deductions that may be claimed by high-income individuals


■Passive activity loss

Passive losse は当該 partnership interest などを売却するなどした時点でRealize するという前提なのでOrdinary income と相殺することができる

  • Limited partnership loss is PAL (passive activity loss)

  • Losses from rental real estate are PAL

・原則:$25,000までOrdinary income と相殺できる

・例外:AGI が$100,000を超えたら、その超えた分の50%分だけ相殺できる額が減少する


■Tax payments

$150,000 以上のTaxable income のある人は去年のTax liability の110%以上を支払う必要がある(Taxable income の110% ではない)



■Investment income

Investment income 10,000

Investment expenses (8,000)  non interest expense

-------------------------------------------------------------------

                                    2,000  ←この範囲でのみinvestment income をdeduction することができる


■Section 1244 - Qualified small business investment stock

Up to $50,000 / year までordinary loss として控除できる、残りはCapital loss として取り扱う


■Tuition payment - Gifts

“Payment made for family member” は関係ない


■IRA contribution

If neither married taxpayer is an active participant in an employer-sponsored plan, both are eligible to deduct (Adjustment) the full amount of their regular IRA contributions, regardless of income levels.

*Total IRA contributions for 2013 may be up to $5,500 for most taxpayers. Taxpayers who are at least age 50 by the end of the year may contribute an additional $1,000.

*If one spouse is covered by an employer pension plan, and their AGI is greater than the active participant phase-out limit, then the participating spouse’s deduction is disallowed.(どちらも充たした場合にはDeductionはできない)


■Personal residence

Married taxpayers generally may exclude up to $500,000 ($250,000 each person) of gain from the sale of a personal residence provided they occupied the home in two of the five previous years.


■Itemized deduction - Real property taxes

Local, state, and foreign real property taxes on a residence are deductible by the cash-basis taxpayer upon whom they are imposed in the year in which they were paid


■Itemized deduction - Unreimbursed education expenses

Employees are allowed to treat unreimbursed education expenses as a miscellaneous itemized deduction subject to the 2% of AGI limitaion. The education must be to maintain or improve a skill required in the individual’s employment or meets the express requirements of the employer or laws or regulations.


■Itemized deduction - Health insurance preiums

For tax years starting after 2012, qualified medical expenses are deductible on Schedule A subject to a 10% of AGI floor. Health insurance premiums are a qualified medical expense.


■Child care credit

A child care credit of between 20% and 30% of eligible expenses is available up to a maximum of $3,000 for one qualifying dependent



■Non taxable interest / dividend income

・Interest income on general obligation state and local government bonds are not taxable

・Dividend income from mutual funds that invest in tax-free government is not taxable


■Taxable interest income

・The interest income from a refund of federal taxes is an example of interest income which is taxable on Schedule B


■Sole proprietorship

A sole proprietorship is not a separate entity for tax purposes. Interest on a checking account used for a trade or business that is a sole proproetorship is reported on page 1 of Form 1040 as personal income


■Schedule B - Dividend, interest income

Interest income from a refund of federal taxes

Interest on U.S. Treasury bonds

Distribution made in lieu of money


■Schedule E - Passive income / expenses (Rental income / expenses)

Rental expenses include bank mortgate interest, real estate taxes, insurance, MACRS depreciation.

Income from Royalties, partnerships, S corporations, Estates and Trusts


■Home equity indebtedness

Home equity indebtedness is limited to $100,000 on a joint income tax return ($50,000 if MFS)


■Death benefit

As beneficiary of the death benefit provided by the decedent’s employer, should be included on page one of the beneficiary’s Form 1040


■Series EE bond interests

If the proceed is used for a non-dependent tuition, the income should be included in taxpayer’s gross income


■Medical expenses

The threshold for medical deductions for taxpayers age 64 and younger is 10%, rather than 7.5%


■Deductible losses

Section 165(c) allows an individual to deduct losses only on business property, investment property, and losses on personal use property from casualty or theft


■Tax payment

In order to avoid a penalty, taxpayers must pay the lesser of either 90% of the current year’s tax, or 100% of the prior year’s tax, unless AGI is more than $150,000. (AGI from $150,000 110% tax payment is required )


■Early withdrawals from IRA contribution

General: Withdrawals from IRA’s before the owners meet the age requirements are subject to regular income tax plus an early withdrawal penalty of 10%, without regard for the use of the money.


■Earned income credit is a refundable credit for low-income taxpayers who meet certain conditions


■Self-employment taxes

The portion of the self-employment taxes paid by an individual corresponding to an employer’s share is deducted on Form 1040 for AGI


■Casualty losses

A casualty loss must be due to a sudden, unexpected, or usual cause. Damage due to termites is not sudden


■Medical insurance premiums

Medical insurance premiums paid with after-tax dollars are qualified medical expenses


■Mortgage interest

Mortgage interest paid on rental property is not reported on Schedule A. Instead, it is reported on Schedule E.


■Qualified interest expense is deductible as an itemized deduction without a specific limitation based on AGI


■Medical expenses

Over-the-counter drugs are not deductible


■Filing status - Married with dependent child

The year of spous’s death: Married joint return

Year X1: Qualifying widow with dependent child

Year X2: Qualifying widow with dependent child

Year X3: Head of household


■Statute of limitation - Assessment by IRS

General: Three years from the later of the actual filing date or the due date


■Deductible moving expenses

“Cost of moving you (travel expenses, lodging expenses etc.)  and household goods” only!


■AMTI

Add back:

  • State and local taxes,

  • Other miscellaneous subject to 2% of AGI

  • Personal exemptions



Deductible:

Mortgage interest deducted on Schedule A

Traditional IRA account contribution

One-half of the self-employment tax deduction

Charitable contributions

Casualty and theft losses

Medical expenses must exceed 10% of AGI, not 7.5%


■Capital gain

Capital gain は$3,000 のcapital loss 以上に発生したらAGIに含まれる


■Interest on student loan

Interest on student loan はAdjustment で引く


■Adjustment elements ★

・Alimony paid

・Jury duty remitted

・Forfeited interest

・Moving expenses

・Education loan interest (Student loan interest)

・Medical saving accounts

・Self-employment taxes

・IRA contribution

・Keogh plan

・Self-employment health insurance

・Capital losses in excess of capital gains

・Trade or business expenses


Itemized deductions

  • Unreimbursed Business expenses (Subject to 2% of AGI floor)

  • Tax return preparation fees (Subject to 2% of AGI floor)

  • Charitable contributions (Qualified ATM)

  • Residence mortgage interest (Qualified AMT)

  • Medical expense using 7.5% or 10% AGI floor

  • Gambling losses to the extent of gambling winnings (Not subject to 2% AGI floor)

  • Real estate taxes (Not subject to 2% AGI floor)

  • Employee moving expenses (fully deductible for AGI)

  • Home equity indebtedness is limited to $100,000 on a joint income tax return (Home equity indebtedness may not exceed the taxpayer’s net equity in the qualified residence)



■Forfeiture penalty

Forfeiture penalty for early withdrewal paid in the next year before filing tax return of previous tax year is deductible from gross income in arriving at the year paid AGI


■Casualty losses

Reduce the casualty loss by $100 for each casualty


■Home loan interest deduction

$1,000,000 of home loan interest is deductible


■Education expense

Education expense to meet minimum entry level education requirements at an individual’s place of employment


■Distributable Net Income (DNI)

Up to DNI is deductible

eg) DNI: $15,000, paid $9,000 →$9,000 deductible


■Donation (Charitable contribution)

A charitable contribution deduction is not allowed for the value of services rendered to a charity


■Rental (Active) loss

General: Active participant によるRental loss は up to $25,000 deductible

Exception: AGI > $100,000 excess of the threshold x ½ が$25,000 から引かれる


■Like-kind exchange

Real property → Real property

Personal property → Personal property


■Section 1231 property

Depreciable personal property eg) machine, equipment use in business, real estate use in business) Held more than one year. Recapture などは一切考慮しない


■Passive losses★

If the taxpayer is active participant, up to $25,000 is deductible. Exception: more than $100,000 AGI, the ½ of excess amount should be reduces the threshold ($25,000)

Example) Partnership interests, Active participant’s rental income


■Section 1244 loss vs. Capital loss

Section 1244 loss (ordinary loss) と Capital loss が同時に発生した場合には両者は相殺することはできない。Section 1244 (Qualified small business stock) はあくまでordinary loss

Up to $50,000 / year deductible, excess of $50,000 should be treated as capital loss


■Suspended losses

eg) Passive losses: Any losses in excess of the at-risk amount are suspended and carried forward without expiration and are deductible against income in future years from that activity.


■DNI (Beneficiary)

Up to DNI, taxable

The excess of DNI, not taxable (return of capital)


■Statute of limitation - tax refunds

Filed tax returns: Three years

Not filed tax returns: Two years


■Installment sales

Gain is recognized partially that portion of money received.


■Earned income

Net self-employment income - (Deductible Keogh contribution + portion of the self-employment tax) = Earned income


■AMT preference (not included gross income)

・Section 57(a)(5)(A) treats interest on specified private activity bonds as a tax preference for purposes of the alternative minimum tax.


Not itemized deduction for AMT purposes

・State income taxes

・Mortgage interest unrelated to acquisition

・Real estate taxes


■Earned income tax credit (EIC)

To claim EITC, you cannot be “married filing separately”. Married taxpayers must file jointly to qualify for the earned income credit (EIC).


■Qualified relatives

[First four tests]

  • Gross income

  • Support

  • Joint return

  • Citizenship or residence

[Fifth test -relationship or member of household]

  • Cousin and Foster parent are excluded

*In-laws are not related parties


■Life insurance proceeds

Gross income does not include life insurance proceeds.


■Capital gain

There is no capital gain deduction for corporate or individual taxpayers.


■Business losses

A deduction is allowed for any debt which becomes totally worthless during the year. However, the deduction is allowed only with respect to debts that represent items which have been recognized previously as taxable income. A cash-basis taxpayer does not recognize income until payment is received. Since the fee was never recognized as income, no deduction is allowed when debt becomes worthless.


■Ad valorem tax

従価税:Itemized deduction

 

↑このページのトップヘ