TAX PLANNING AND CONSULTING
TAX PLANNING AND CONSULTING TAX 6845
University of Central Florida
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This 1 page Study Guide was uploaded by Bridie Bradtke on Thursday October 22, 2015. The Study Guide belongs to TAX 6845 at University of Central Florida taught by Charles Kelliher in Fall. Since its upload, it has received 49 views. For similar materials see /class/227553/tax-6845-university-of-central-florida in Taxation at University of Central Florida.
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Date Created: 10/22/15
TAX 6845 Tax planning amp consulting Exam 2 Study sheet Property transactions Understand the major tax factors affecting property transactions Choice oftax entity amp trapping ofappreciation inside the entity Lease vs purchase advantages of leasing how distinguish a lease from a conditional sales contract Installment sales method concepts and computations Longterm contracts completed contract method amp percentage of completion method Likekind exchanges especially nonsimultaneous exchanges amp the requirements for a Starker exchange Cost segregation defined advantages amp disadvantages common methodologies Depreciation of property acquired in a likekind exchange Using capital budgeting net present value to evaluate alternative property transactions Deferred taxes and FIN 48 General problem permanent and temporary differences between pretax nancial accounting income and taxable income SFAS no 109 deferred tax liabilities and deferred tax assets and the related valuation account Net operating losses NOLs The problem with SFAS no 109 how to account for uncertain tax return positions The solution recognition and measurement of uncertain tax return positions under FIN 48 FIN 48 disclosures Employee compensation Understand the major tax factors affecting employee compensation Major types of employee fringe benefits Costbene t analysis for employee fringe bene ts Compare and contrast de ned bene t amp de ned contribution plans Understand different types of retirement plans in very broad general terms Requirements for a qualified retirement plans coverage participation funding and vesting Stock options incentive stock options amp nonqualified stock options concepts tax consequences and computations AMT corporations and individuals The general purpose of the AMT The size limit test for corporations small corporations are exempt from AMT The corporate AMT computation especially TPI s and the more common type of adjustments including the ACE adjustment The minimum tax credit The individual AMT computation especially the more common type of adjustments What causes the individual AMT liability How to change or x the growing AMT problem updated October 26 2009
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