Tax Facts

 >

General Income Taxation
Corporations
Q 838 How is a corporation taxed?

Q 839 How is an S corporation taxed?
Q 840 How is a “personal service corporation” taxed?
Individuals
Q 800 Who must file an income tax return?
Q 801 Who must pay the estimated tax and what penalties are imposed for underpayment of the tax?
Q 802 What items are included in gross income? What items are excluded from gross income?
Q 803 How are the commissions of a sales representative taxed?
Q 804 What is an insurance premium rebate? What are the income tax consequences of rebating premiums?
Q 805 What are the income tax consequences of below market loans?
Q 806 What is an installment sale? How is it taxed?
Q 807 Are Social Security and railroad retirement benefits taxable?
Q 808 Are alimony payments included in the gross income of the recipient? May the payor spouse take a deduction for these payments?
Q 809 Who is taxed on the income from property that is transferred to a minor under a uniform “Gifts to Minors” act?
Q 810 What is an Education Savings Account?
Q 811 What is a qualified tuition program and how are contributions taxed?
Q 812 How are distributions from a qualified tuition program taxed?
Q 813 How is adjusted gross income determined?
Q 814 How are business expenses reported for income tax purposes?
Q 815 How is an individual taxed on capital gains and losses?
Q 816 What basis is used to determine the amount of gain or loss upon the sale or exchange of a capital asset?
Q 817 How is taxable income calculated? What is the standard deduction?
Q 818 How is the unearned income of certain children treated under the “kiddie tax”?

Q 819 What personal exemptions is an individual entitled to deduct in calculating his taxable income?

Q 820 What conditions must be met to entitle the taxpayer to a dependency exemption?

Q 821 What itemized deductions may be taken by an individual taxpayer?

Q 822 What are miscellaneous itemized deductions? What limits apply?
Q 823 Is interest deductible?

Q 824 What is the maximum annual limit on the income tax deduction allowable for charitable contributions?
Q 825 Can a charitable deduction be taken for a contribution in trust of a remainder interest or a lead interest in property?
Q 826 What are the limits on the medical expense deduction?

Q 827 What is income in respect of a decedent and how is it taxed? Is the recipient entitled to an income tax deduction for estate and generation-skipping transfer taxes paid on this income?
Q 828 What are the federal income tax rates for individuals?

Q 829 What is the alternative minimum tax?

Q 830 Who may file a joint return?
Q 831 Who may use head-of-household rates?

Q 832 What credits may be taken against the tax?

Q 833 Who qualifies for the tax credit for the elderly and the permanently and totally disabled and how is the credit computed?
Q 834 What is the child tax credit?

Q 835 What are the Hope Scholarship and Lifetime Learning Credits?

Q 836 What are the Social Security tax rates?

Q 837 Who must pay the self-employment tax?

Q 1301 Is interest expense deductible?

Q 1302 What is personal interest? Is it deductible?

Q 1303 Is interest on debt secured by a taxpayer’s residence deductible?
Q 1304 Is interest on amounts borrowed in order to make or hold taxable investments deductible?

Q 1305 How is interest traced to personal, investment, and passive activity expenditures?

Q 1306 Is interest on indebtedness incurred to purchase or carry tax-exempt obligations deductible?

Q 1307 Is interest paid on amounts borrowed to purchase or carry Treasury bills or short-term taxable corporate obligations deductible?

Q 1308 Is interest paid on amounts borrowed to purchase or carry market discount bonds deductible?
Q 1309 Is student loan interest deductible?

Q 1310 What expenses paid in connection with the production of investment income are deductible?
Q 1311 Are expenses paid for the production of tax-exempt income deductible?

Q 1312 Are expenses relating to tax questions deductible?

Q 1313 How are business expenses reported for income tax purposes?
Q 1400 Who must file a return?
Q 1401 Who must pay the estimated tax and what penalties are imposed for underpayment of the tax?
Q 1402 What is an individual’s “taxable year”?
Q 1403 What are the basic steps in computing an individual’s tax liability?
Q 1404 What items are included in gross income? What items are excluded from gross income?
Q 1405 When does a cash basis taxpayer “receive” income? What is the doctrine of constructive receipt?
Q 1406 What are the tax consequences of a discharge of indebtedness?
Q 1407 What are the income tax consequences of below-market loans?
Q 1408 What is an installment sale? How is it taxed?
Q 1409 What is the applicable federal rate?
Q 1410 Are Social Security and railroad retirement benefits taxable?
Q 1411 How is unearned income of certain children treated for federal income tax purposes?
Q 1412 What is an Education Savings Account?
Q 1413 What is a qualified tuition program?

Q 1414 How are distributions from a qualified tuition program taxed?

Q 1415 What is “tax basis”?
Q 1416 What is a “capital asset”?
Q 1417 When is capital gain or loss short-term? When is it long-term? How is an individual’s “holding period” calculated?
Q 1418 How are securities that are sold or transferred identified for tax purposes?
Q 1419 How is a loss realized on a sale between related persons treated for income tax purposes?
Q 1420 How is an individual taxed on capital gains and losses?
Q 1421 How are gains and losses treated for “traders in securities”?

Q 1422 What is a “like-kind” exchange? How is it taxed?
Q 1423 How is adjusted gross income determined?
Q 1424 What is the deduction for depreciation?
Q 1425 What personal exemptions is an individual entitled to deduct in calculating his taxable income?
Q 1426 What conditions must be met to entitle the taxpayer to a dependency exemption?
Q 1427 What itemized deductions may be taken by an individual taxpayer?
Q 1428 What are miscellaneous itemized deductions? What limits apply?
Q 1429 What are the limits on the medical expense deduction?
Q 1430 What is income in respect of a decedent and how is it taxed? Is the recipient entitled to an income tax deduction for estate and generation-skipping transfer taxes paid on this income?
Q 1431 What is the standard deduction?
Q 1432 What are the federal income tax rates for individuals?
Q 1433 How are taxes indexed?
Q 1434 Who may file a joint return?
Q 1435 Who may use head-of-household rates?
Q 1436 What credits may be taken against the tax?
Q 1437 Who qualifies for the child tax credit?
Q 1438 What are the Hope Scholarship and Lifetime Learning Credits?
Q 1439 What energy credits may be taken against the tax?
Q 1440 How is the alternative minimum tax calculated?
Q 1441 What are the Social Security tax rates?
Q 1442 Who must pay the self-employment tax?
Q 1443 How can community property law affect the federal income tax treatment of investment income?

Q 1444 How is community income reported if spouses are living apart from one another?

Q 1445 How does community property law affect the federal income tax treatment of dividends received from corporate stock?
Q 1446 If spouses move from a community property state to a common law state, will their community property rights in the property they take with them be recognized and protected by the law of their new domicile?
Q 1447 Do transfers of property between spouses, or between former spouses incident to a divorce, result in taxable gains and losses?

Q 1448 Are alimony payments included in the gross income of the recipient? May the payor spouse take a deduction for these payments?

Limited Liability Companies
Q 841 What is a limited liability company and how is it taxed?
Partnerships
Q 842 How is the income from a partnership taxed?
Quick Clicks
Q 808 Are alimony payments included in the gross income of the recipient? May the payor spouse take a deduction for these payments?
Q 813 How is adjusted gross income determined?
Q 814 How are business expenses reported for income tax purposes?
Q 818 How is the unearned income of certain children treated under the “kiddie tax”?

Q 821 What itemized deductions may be taken by an individual taxpayer?

Q 822 What are miscellaneous itemized deductions? What limits apply?
Q 823 Is interest deductible?

Q 826 What are the limits on the medical expense deduction?

Q 827 What is income in respect of a decedent and how is it taxed? Is the recipient entitled to an income tax deduction for estate and generation-skipping transfer taxes paid on this income?
Q 829 What is the alternative minimum tax?

Tax Tables - Income Tax (Tax Years Beginning in 2010)
Tax Tables - Income Tax (Tax Years Beginning in 2009)
AMT Navigator
Trusts And Estates
Q 843 How is the federal income tax computed for trusts and estates?
Q 844 What is a grantor trust? How is a grantor trust taxed?
Q 1449 How is the federal income tax computed for trusts and estates?
Q 1450 What is a grantor trust? How is a grantor trust taxed?