Under IRC §61, gross income includes all income from whatever source derived. Which of the following is most clearly excluded from gross income?
Ca Cls Tax Federal Income
Question · Easy
Amended return deadlines
Short
Under IRC §162(a), a business expense is deductible only if it is:
Taxpayer purchased equipment for $50,000 and over five years claimed $20,000 in depreciation deductions. The taxpayer sells the equipment for $40,000. What is the taxpayer's adjusted basis at sale?
Question · Medium
Under IRC §1221, which of the following is NOT a capital asset?
For long-term capital gain treatment under IRC §1222, a capital asset must generally be held for more than:
The late filing blues
Under IRC §167, the depreciation deduction is allowed for property:
Under §1031, like-kind exchange treatment after the TCJA applies only to:
Under IRC §165(c), an individual taxpayer's deduction for losses is generally limited to losses incurred:
Under §1014, the basis of property acquired from a decedent generally is:
Donor gives stock with adjusted basis of $10,000 and FMV of $50,000 to donee. Donee later sells the stock for $60,000. Donee's basis for computing gain under §1015 is:
Under IRC §163(h), an individual's deduction for personal interest is generally:
Under §61 and the assignment-of-income doctrine articulated in Lucas v. Earl, 281 U.S. 111 (1930), income from personal services is taxed to:
IRC §1031 like-kind exchange rules require which of the following timing requirements?
Under §168 MACRS, the cost-recovery class life for nonresidential real property placed in service today is:
Under §469, passive activity losses generally:
Section 1245 recapture on the sale of depreciable personal property requires the taxpayer to:
Section 1250 depreciation recapture applies to:
Under §132, an employee fringe benefit excludable from gross income includes:
Under §121, an individual taxpayer who has owned and used a principal residence as such for at least 2 of the 5 years preceding sale may generally exclude up to:
Under §267, a loss on the sale of property between related parties (such as siblings) is:
Under IRC §301, a corporate distribution to a shareholder is treated as a dividend to the extent of:
Ca Cls Tax Corporate Partnership
Under §316, a corporation's 'earnings and profits' is best described as:
Under §318, the constructive ownership rules:
Under §302(b), a stock redemption qualifies as a sale or exchange (rather than a §301 dividend distribution) if it is:
Question · Hard
Under §351, a transfer of property to a controlled corporation in exchange solely for stock is generally:
For partnership tax purposes, §704(b) requires that allocations of partnership items among partners have:
Under §704(c), when a partner contributes property with built-in gain or loss, that gain or loss must be:
A partnership distributes cash to a partner. Under §731(a), the partner recognizes gain only to the extent that:
For S corporation eligibility under §1361, the corporation:
An S corporation election under §1362 generally:
Under §721, a transfer of property to a partnership in exchange for a partnership interest is generally:
Under §752, a partner's share of partnership liabilities is treated as:
The corporate dividends-received deduction (DRD) under §243 generally allows a corporate shareholder to deduct what percentage of dividends received from a domestic corporation in which it owns less than 20%?
Under §368(a), a tax-free corporate reorganization requires which of the following common-law doctrines (in addition to statutory form)?
In an A-reorganization under §368(a)(1)(A), the transaction is structured as a:
Under §1366, an S corporation shareholder's basis is increased by:
Under §707(a)(2)(B), a 'disguised sale' between a partner and a partnership occurs when:
Subchapter K's 'check-the-box' regulations (Reg. §301.7701-1 et seq.) allow an unincorporated entity to:
Subchapter J (§§641-692) governs:
Ca Cls Tax Trust Estate
Distributable Net Income (DNI), defined in §643(a), is significant because it:
A 'simple trust' under §651 must distribute all its income currently and:
A grantor trust under §§671-679 is taxed as follows:
The §663(b) '65-day rule' allows:
For 2026, the federal estate tax applies under §2001 to a decedent's taxable estate that exceeds:
Under §2503(b), the federal gift tax annual exclusion is indexed for inflation; the per-donee annual exclusion for 2026 is:
§2056 provides an unlimited marital deduction for transfers to a surviving spouse, but only if the spouse is:
Loading more…