CPA Self Study -Self Study CPE for CPAs



Table of Contents TOC \f \h \z \t "Chapter Title,1,Major Heading,2,Minor Heading,3,Par. heading,4,Par.sub head,5,Par.sub head2,6,Par.sub head3,7" Chapter 1 - 2016/2015 Easy Update & Inflation Adjustments – Section 1 PAGEREF _Toc441787863 \h 1Individual PAGEREF _Toc441787864 \h 1Income Tax Rates - §1 PAGEREF _Toc441787865 \h 1Marriage Penalty PAGEREF _Toc441787866 \h 3Same-Sex Marriage PAGEREF _Toc441787867 \h 3Innocent Spouse Relief - §6015(f) PAGEREF _Toc441787868 \h 3Standard Deduction - §63 PAGEREF _Toc441787869 \h 3Dependent Limit - §63(c)(5) PAGEREF _Toc441787870 \h 4Personal Exemptions & Phaseout (Expired & Reinstated) - §151 PAGEREF _Toc441787871 \h 4Limitation on Itemized Deductions (Expired & Reinstated) - §68 PAGEREF _Toc441787872 \h 5Kiddie Tax - §1(g) PAGEREF _Toc441787873 \h 6AMT Exemption for Children - §59(j) PAGEREF _Toc441787874 \h 6Election to Report Child’s Income on Parent’s Return - §1(g)(7) PAGEREF _Toc441787875 \h 6AMT - §55 PAGEREF _Toc441787876 \h 7Exemption Amounts & Permanent “Patch” - §55(d)(1) PAGEREF _Toc441787877 \h 7AMT Exemption Phaseout - §55(d) & §59(j) PAGEREF _Toc441787878 \h 7AMT & Personal Credits PAGEREF _Toc441787879 \h 8Sales Tax Deduction for Qualified Vehicles (Expired) - §164 PAGEREF _Toc441787880 \h 8Wage Base for Social Security & Medicare Taxes PAGEREF _Toc441787881 \h 9“Making Work Pay” Credit (Expired) - §36A PAGEREF _Toc441787882 \h 9Earned Income Tax Credit - §32 PAGEREF _Toc441787883 \h 9Disqualified Income PAGEREF _Toc441787884 \h 10Means-Tested Programs PAGEREF _Toc441787885 \h 10Child Tax Credit - §24 PAGEREF _Toc441787886 \h 10Earned Income PAGEREF _Toc441787887 \h 11AGI Phaseout PAGEREF _Toc441787888 \h 11Child & Dependent Care Expenses Tax Credit - §21 PAGEREF _Toc441787889 \h 11State & Local General Sales Taxes - §164 PAGEREF _Toc441787890 \h 11Educator Expenses - §62 PAGEREF _Toc441787891 \h 12Higher Education Tuition Deduction - §222 PAGEREF _Toc441787892 \h 13Dollar Limitation & Phase Out PAGEREF _Toc441787893 \h 13Tuition Deduction Or Education Credit Allowed PAGEREF _Toc441787894 \h 13Hope/Lifetime Election If Lower Tax PAGEREF _Toc441787895 \h 14Long-Term Capital Gains & Dividends - §1(h) PAGEREF _Toc441787896 \h 14Tax on Net Investment Income - §1411 PAGEREF _Toc441787897 \h 14Final Regulations – TD 9644 PAGEREF _Toc441787898 \h 15Reduced Home Sale Exclusion - §121 PAGEREF _Toc441787899 \h 15Computation PAGEREF _Toc441787900 \h 15Nonqualified Use PAGEREF _Toc441787901 \h 16Post-May 6, 1997 Depreciation PAGEREF _Toc441787902 \h 16Surviving Spouse Home Sale Exclusion - §121 PAGEREF _Toc441787903 \h 16Residential Mortgage Debt Relief – §108 PAGEREF _Toc441787904 \h 16Deductible Mortgage Insurance Premiums - §163 PAGEREF _Toc441787905 \h 17Phaseout PAGEREF _Toc441787906 \h 17Insubstantial Charitable Benefits PAGEREF _Toc441787907 \h 17Household Employees - §3121 PAGEREF _Toc441787908 \h 18Adoption Credit - §23 & §137 PAGEREF _Toc441787909 \h 18Chapter 1 - 2016/2015 Easy Update & Inflation Adjustments – Section 2 PAGEREF _Toc441787910 \h 21Coverdell Education Savings Accounts - §530 PAGEREF _Toc441787911 \h 21Hope & Lifetime Learning Credits - §25A PAGEREF _Toc441787912 \h 21Lifetime Learning Credit PAGEREF _Toc441787913 \h 21Phase Out PAGEREF _Toc441787914 \h 21Hope (with American Opportunity modifications) Credit - §25A(b)(1) PAGEREF _Toc441787915 \h 21Phase Out PAGEREF _Toc441787916 \h 22Refundable PAGEREF _Toc441787917 \h 22Educational Savings Bonds - §135 PAGEREF _Toc441787918 \h 22Student Loan Interest Deduction - §221 PAGEREF _Toc441787919 \h 22Phase Out PAGEREF _Toc441787920 \h 23Scholarships with Service Requirements - §117 PAGEREF _Toc441787921 \h 23Qualified Tuition Programs - §529 PAGEREF _Toc441787922 \h 23Higher Education Expenses PAGEREF _Toc441787923 \h 24Contributions To Qualified Tuition Programs PAGEREF _Toc441787924 \h 24PATH Act Modifications PAGEREF _Toc441787925 \h 24Foreign Earned Income Exclusion - §911 PAGEREF _Toc441787926 \h 24Conservation Base Expansion - §170(b) PAGEREF _Toc441787927 \h 25Definitions PAGEREF _Toc441787928 \h 25Grandfathered Archer Medical Savings Accounts - §220 PAGEREF _Toc441787929 \h 26Medical Expense Deduction - §213 PAGEREF _Toc441787930 \h 26Health Savings Accounts (HSAs) - §223 PAGEREF _Toc441787931 \h 26High Deductible Health Plan (HDHP) PAGEREF _Toc441787932 \h 26Annual Limit On Contributions PAGEREF _Toc441787933 \h 26Interaction with Obamacare PAGEREF _Toc441787934 \h 27Health Coverage Tax Credit (Expired) - §35(a) PAGEREF _Toc441787935 \h 27Long-Term Care Premiums - §213(d)(10) PAGEREF _Toc441787936 \h 27Long-Term Care Payments - §7702B(d)(4) PAGEREF _Toc441787937 \h 28ABLE Accounts - §529A PAGEREF _Toc441787938 \h 28Qualified ABLE Program PAGEREF _Toc441787939 \h 28Contributions PAGEREF _Toc441787940 \h 29Distributions PAGEREF _Toc441787941 \h 29Rollover PAGEREF _Toc441787942 \h 29PATH Act Modification PAGEREF _Toc441787943 \h 29Affordable Care Act (Obamacare) PAGEREF _Toc441787944 \h 30Supreme Court Upholds Heath Care Act PAGEREF _Toc441787945 \h 30Mandates PAGEREF _Toc441787946 \h 30Individual PAGEREF _Toc441787947 \h 30Health Plan Coverage Credit - §36B PAGEREF _Toc441787948 \h 31Employers PAGEREF _Toc441787949 \h 31Small Employers - Fewer Than 50 Employees PAGEREF _Toc441787950 \h 31Large Employers - 50 or More Full-time Employees PAGEREF _Toc441787951 \h 32Employer Excise Tax Penalty - §4980H PAGEREF _Toc441787952 \h 32Large Employer Mandate Regulations PAGEREF _Toc441787953 \h 32Marketplaces & The Protecting Affordable Coverage for Employees Act PAGEREF _Toc441787954 \h 33Suspension Of Medical Device Excise Tax PAGEREF _Toc441787955 \h 33Energy PAGEREF _Toc441787956 \h 33Credit for Energy New Efficient Home - §45L PAGEREF _Toc441787957 \h 33Energy Efficient Appliance Credit (Expired) - §45M PAGEREF _Toc441787958 \h 34Residential Energy-Efficient Improvements & Property - §25C PAGEREF _Toc441787959 \h 34Qualified Energy Efficiency Improvements PAGEREF _Toc441787960 \h 34Qualified Energy Efficient Property PAGEREF _Toc441787961 \h 34PATH Act Extension PAGEREF _Toc441787962 \h 35Personal Solar Property - §25D PAGEREF _Toc441787963 \h 35Energy-efficient Commercial Property Expenditures - §179D PAGEREF _Toc441787964 \h 35Renewable Energy Production Tax Credit - §45 & §48 PAGEREF _Toc441787965 \h 36Investment Credit in lieu of Production Credit - §45 & §48 PAGEREF _Toc441787966 \h 36PATH Act Extension PAGEREF _Toc441787967 \h 36Credit For Fuel Cell Vehicles - §30B PAGEREF _Toc441787968 \h 37Alternative Fuel Vehicle Refueling Property - §30C PAGEREF _Toc441787969 \h 37Plug-In Electric Drive Motor Vehicle Credit - §30 PAGEREF _Toc441787970 \h 38Plug-in Electric Motorcycles & 3-Wheeled Electric Vehicles - §30D(g) PAGEREF _Toc441787971 \h 38Advanced Energy Investment Credit - §48C PAGEREF _Toc441787972 \h 38Business PAGEREF _Toc441787973 \h 39Expenses for Child Care Facilities & Services - §45F PAGEREF _Toc441787974 \h 39Uniformed Services Wage Credit - §45P PAGEREF _Toc441787975 \h 39Health Care Coverage PAGEREF _Toc441787976 \h 40Credit - §45R PAGEREF _Toc441787977 \h 40Reporting - §6051(a)(14) PAGEREF _Toc441787978 \h 40Bonus (or Additional First-year) Depreciation - §168(k) PAGEREF _Toc441787979 \h 40Initial 50% Additional First-year Depreciation PAGEREF _Toc441787980 \h 41Temporary 100% Additional First-year Depreciation PAGEREF _Toc441787981 \h 41Back to 50% Additional First-year Depreciation PAGEREF _Toc441787982 \h 41PATH Act Extensions & Modifications PAGEREF _Toc441787983 \h 41Qualified Property - §168(k)(2) PAGEREF _Toc441787984 \h 42Depreciation Limits on Business Vehicles - §168(k)(2)(F) PAGEREF _Toc441787985 \h 42Nonqualified Property - §168(k)(2) PAGEREF _Toc441787986 \h 43Home Office Square Footage Safe Harbor - §280A PAGEREF _Toc441787987 \h 43Vehicle Depreciation “Caps” - §280F(a) PAGEREF _Toc441787988 \h 43Expensing - §179 PAGEREF _Toc441787989 \h 44Chapter 1 - 2016/2015 Easy Update & Inflation Adjustments – Section 3 PAGEREF _Toc441787990 \h 48Special Film & TV Production Expensing - §181 PAGEREF _Toc441787991 \h 48Reporting Rental Property Expenses (Repealed) - §6041 PAGEREF _Toc441787992 \h 48Reporting Business Expense Payments (Repealed) - §6041 PAGEREF _Toc441787993 \h 49Estimated Tax Payments - §6654 PAGEREF _Toc441787994 \h 49Temporary 90% Limit (Expired) PAGEREF _Toc441787995 \h 49Standard Mileage Rates PAGEREF _Toc441787996 \h 50Self-Employment Tax & CRP Payments - §1402 PAGEREF _Toc441787997 \h 50Final Repair Regulations - §162 PAGEREF _Toc441787998 \h 51Health Insurance Deduction in Computing SE - §162 PAGEREF _Toc441787999 \h 51General Business Credit - §38 PAGEREF _Toc441788000 \h 51Five-Year Carryback of Business Credits (Expired) - §38(b) PAGEREF _Toc441788001 \h 51AMT Exemption for Business Credit - §38(c)(4) PAGEREF _Toc441788002 \h 52Social Security, Medicare & FUTA (or Payroll) Taxes PAGEREF _Toc441788003 \h 52FICA - §3111 & §3121 PAGEREF _Toc441788004 \h 52Temporary Employee OASDI Cut PAGEREF _Toc441788005 \h 53SECA - §1401 PAGEREF _Toc441788006 \h 53Temporary Sole Employer OASDI Cut PAGEREF _Toc441788007 \h 53Wage Base PAGEREF _Toc441788008 \h 53Additional Hospital Insurance Tax On Certain High-Income Individuals PAGEREF _Toc441788009 \h 53Final Regulations – TD 9645 PAGEREF _Toc441788010 \h 54FUTA - §3301 & §3306 PAGEREF _Toc441788011 \h 54Credit for Retention of Newly Hired (Expired) - §38(b) PAGEREF _Toc441788012 \h 54Research Tax Credit - §41 PAGEREF _Toc441788013 \h 55Incremental PAGEREF _Toc441788014 \h 55Alternative Simplified Credit PAGEREF _Toc441788015 \h 55Relation to §174 PAGEREF _Toc441788016 \h 56Qualified Expenses PAGEREF _Toc441788017 \h 56Low-Income Housing Tax Credit - §42 PAGEREF _Toc441788018 \h 56Rate Freeze PAGEREF _Toc441788019 \h 56Basis Amount PAGEREF _Toc441788020 \h 56Military Allowances & Low-Income Housing - §42(h) & §142(d) PAGEREF _Toc441788021 \h 57Employer-Provided Educational Assistance - §127 PAGEREF _Toc441788022 \h 57Parking Exclusion & Passes - §132 PAGEREF _Toc441788023 \h 57Bicycle Commuters Fringe Benefit - §132(f) PAGEREF _Toc441788024 \h 58Cents-per-Mile Valuation Method - §61 PAGEREF _Toc441788025 \h 58Travel Per Diem Rates PAGEREF _Toc441788026 \h 58Work Opportunity Tax Credit (WOTC) - §51 PAGEREF _Toc441788027 \h 59Targeted Groups PAGEREF _Toc441788028 \h 59Credit Amount PAGEREF _Toc441788029 \h 60Special Long-Term Family Assistance Recipients Calculation PAGEREF _Toc441788030 \h 61Special Veterans Calculation as a Result of “VOW” PAGEREF _Toc441788031 \h 61Leasehold Improvement, Retail Improvement & Restaurant Property - §168 PAGEREF _Toc441788032 \h 62Qualified 15-Year Leasehold Improvement Property - §168(e)(3)(E)(iv) PAGEREF _Toc441788033 \h 62Qualified Leasehold Improvement Property PAGEREF _Toc441788034 \h 62Subsequent Owner PAGEREF _Toc441788035 \h 63Qualified 15-Year Retail Improvement Property - §168(e)(E)(ix) PAGEREF _Toc441788036 \h 63Qualified Retail Improvement Property PAGEREF _Toc441788037 \h 6315-Year Restaurant Improvement Property - §168(e)(3)(E)(v) PAGEREF _Toc441788038 \h 63Qualified Restaurant Property PAGEREF _Toc441788039 \h 64Expensing & Bonus Depreciation Permitted PAGEREF _Toc441788040 \h 64Expensing - §179 PAGEREF _Toc441788041 \h 64Bonus Depreciation - 168 PAGEREF _Toc441788042 \h 64Recapture Considerations - §1245 & §1250 PAGEREF _Toc441788043 \h 64Enhanced Charitable Deduction for Food - §170 PAGEREF _Toc441788044 \h 64Enhanced Charitable Deduction for Books (Expired) - §170 PAGEREF _Toc441788045 \h 65Corporate Donation of Computer Equipment (Expired) - §170 PAGEREF _Toc441788046 \h 65Delay of Certain Cancellation of Debt Income (Expired) - §61 PAGEREF _Toc441788047 \h 66Qualified Small Business Capital Gains - §1202 PAGEREF _Toc441788048 \h 6675% Exclusion - February 17, 2009 to September 27, 2010 PAGEREF _Toc441788049 \h 66100% Exclusion - September 27, 2010, to Present PAGEREF _Toc441788050 \h 67Domestic Production Activities Deduction - §199 PAGEREF _Toc441788051 \h 67New Markets Tax Credit - §45D PAGEREF _Toc441788052 \h 67Qualified Equity Investment PAGEREF _Toc441788053 \h 68Qualified Low-Income Community Investments PAGEREF _Toc441788054 \h 68Qualified CDE PAGEREF _Toc441788055 \h 68Credit Amount PAGEREF _Toc441788056 \h 68Motorsports Entertainment Complexes - §168 PAGEREF _Toc441788057 \h 69Imputed Interest Small Transaction Exception - §1274 PAGEREF _Toc441788058 \h 69S Corporation Built-In Gain Period - §1374 PAGEREF _Toc441788059 \h 69S Corporation Charitable Contributions - §1367 PAGEREF _Toc441788060 \h 70Payments To Controlling Exempt Organizations - §512(b) PAGEREF _Toc441788061 \h 70Dividends Of Regulated Investment Companies (RIC's) - §871 PAGEREF _Toc441788062 \h 71Retirement Plans PAGEREF _Toc441788063 \h 71Defined Benefit Plans - §415(b)(1)(A) PAGEREF _Toc441788064 \h 71Defined Contribution Plans - § 415(c)(1)(A) PAGEREF _Toc441788065 \h 71Compensation Limit - §401, §404 & §408 PAGEREF _Toc441788066 \h 72IRA Contribution Limit - §219 PAGEREF _Toc441788067 \h 72IRA AGI Phaseout Limits - §219 PAGEREF _Toc441788068 \h 72Individual is an Active Plan Participant PAGEREF _Toc441788069 \h 72Spouse is an Active Plan Participant PAGEREF _Toc441788070 \h 73Charitable Distributions from IRAs - §408 PAGEREF _Toc441788071 \h 73Roth Contribution Limit - §408A(c)(2) & §219 PAGEREF _Toc441788072 \h 74Roth AGI Phaseout Limits - §408A(c)(3) PAGEREF _Toc441788073 \h 74Rollovers to Roth IRAs PAGEREF _Toc441788074 \h 74In-Plan Rollovers to Roth Accounts PAGEREF _Toc441788075 \h 75Roth IRA Conversions for Retirement Plans PAGEREF _Toc441788076 \h 75Designated Roth Accounts for §457 Plans PAGEREF _Toc441788077 \h 75my Retirement Account (myRA) - §408A PAGEREF _Toc441788078 \h 75§401(k), §403(b) & §457 Elective Deferral Limit PAGEREF _Toc441788079 \h 76SIMPLE Plans PAGEREF _Toc441788080 \h 76Simplified Employee Pensions (SEPs) PAGEREF _Toc441788081 \h 76Contribution Limit PAGEREF _Toc441788082 \h 76Compensation Limit PAGEREF _Toc441788083 \h 76Retirement Savings (Saver’s) Credit - §25B PAGEREF _Toc441788084 \h 76Nonspouse Rollovers - §402 PAGEREF _Toc441788085 \h 77Estate, GST & Gift Taxes - §2001, §2601 & §2501 PAGEREF _Toc441788086 \h 77Estate Tax - §2001 PAGEREF _Toc441788087 \h 77Repeal & Reinstatement of Estate & GST Taxes PAGEREF _Toc441788088 \h 78Applicable Exemption Amount - §2010 PAGEREF _Toc441788089 \h 78Basis of Inherited Property - §1014 PAGEREF _Toc441788090 \h 782010 Special Election PAGEREF _Toc441788091 \h 78Portability - §2010(c)) PAGEREF _Toc441788092 \h 78State Death Tax Credit Replaced with Deduction - §2058 PAGEREF _Toc441788093 \h 79Real Property Valuation - §2032A PAGEREF _Toc441788094 \h 79Interest on Estate Tax Installments - §6166 & §6601 PAGEREF _Toc441788095 \h 79Estate & Trust Income Tax Rates - §1(e) PAGEREF _Toc441788096 \h 79GST Tax - §2601 PAGEREF _Toc441788097 \h 79Rates PAGEREF _Toc441788098 \h 79Applicable Exemption Amount - §2010 PAGEREF _Toc441788099 \h 80Gift Tax - §2501 PAGEREF _Toc441788100 \h 80Reunification of Estate & Gift Taxes PAGEREF _Toc441788101 \h 80Applicable Exemption Amount - §2505 PAGEREF _Toc441788102 \h 80Annual Exclusion for Gifts - §2503 PAGEREF _Toc441788103 \h 81Noncitizen Spouse Exclusion - §2523(i)(1) PAGEREF _Toc441788104 \h 81Notice of Large Gifts Received from Foreign Persons - §6039F PAGEREF _Toc441788105 \h 81Answers & Explanations………………………………………………………………………………….84Glossary……………………………………………………………………………………………………93Index of Keywords & Phrases……………………………………………………………………………..aExam Score Sheet…………………………………………………………………………………………..dCPE Exam…………………………………………………………………………………………………..e ................
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