| Accounting 308 |
| Fall 2021 |
| Final Exam Study Guide |
| Chapter | Topics |
| 1 | Progressive versus regressive taxes |
| 2 | What is involved in writing a tax research memo |
| 4 | Calculation of Gross Income |
| 5 | Calculation of Gross Income - Exclusions |
| 6 | Calculation of AGI - Adjustments for and From AGI |
| | Deductibilty of legal expenses |
| 7 | Deductibility of bad debts |
| | What constitutes bonafide indebtedness |
| | Calculation of a casualty loss |
| 8 | calculation of Depreciation - 7 year and 10 year Property |
| | Calculation and deductibility of Goodwill |
| 9 | What are indications that a worker is an independent contractor |
| | Charactoristics of an Individual Retuirement Account (IRA) |
| | Calculate the Qualifed Business Income Deduction |
| 11 | Definition of material participation and significant participation |
| | Benefits of being a Qualified Real Estate Professional |
| | Calculate the At-Risk and Passive Loss Limitation and deduction |
| | What entities are subject to the passive loss rules |
| 13 | Know the rues for capital gains and losses |
| | §1031 Requirements |
| | Calculation of goodwill |
| | Calcualtion of Gross Sales, Net Sales, Adjusted Basis, Realized Gain or loss |
| 14 | Taxablity of Worthless Securities |
| | Treatment of Capital Losses - Individuals versus Corporations |
| | Calculation of Taxablity and character of §1231 gains and losses |
| 15 | Related Party Rules regarding Corporations and Shareholders |
| | Applicability of and the Calculation of the Qualified Business Income Deduction |
| 16 | Determination of a partnership and corporation tax year end |
| | Calcuation of the gain on an installment sale |
| | Calculation of Cost of Goods Sold Deduction (inventory deduction) |
| 17 | Calculation of Charitable Contributions of Corporations |
| | Calculating the accumulated Earnings tax and Personal Holding Company tax |
| | Compare and contrast Schedule M-1 and M-3 |
| | Calculate GAAP Basis Income Tax Expense |
| | What do Deferred Tax Assets and Deferrred Tax Liabilities represent? |
| | Calculate the recognized Capital Gain and Loss for a Corporation |
| | Calculate the Dividend Received Deduction |
| 21 | §721 effect on the contribution of assets to a partnership |
| | Appricability of the cash method of accounting to a partnership |
| | Application of the substantial economic effect rule of special allocations in a partnership |
| | Calculation of a partner's basis in a partenrship |
| | Calculating basis of assets received in a nonliquidating distribution |
| | Advantages of forming a partnership |
| 22 | Requirements to making a S Corp Election |
| | Calculation of a Shareholder's basis in S Corp Stock |
| | Allocation of S Corp Income |
| Total | 52 questions |
| | 949-609-5031 |
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