Problem 1: State the amount of the current tax credit for children
Problem 2: Describe the allowable credit for adoption expenses for:
a. an eligible child who is not a special needs child
b. a child with special needs
Problem 3: Who is a qualifying individual for purposes of the dependent care credit?
Problem 4:
A. What expenses qualify for the American opportunity and lifetime learning credit?
B. What special rules apply to the American opportunity and lifetime learning credit expenses?
Problem 5: What basic conditions are necessary for the allowance of a cost recovery deduction?
Problem 6: Explain the rule requiring that depreciation must be deducted during the assets useful life
Problem 7: Explain the distinction between ACRS and MACRS
Problem 8: What are the depreciation methods for each of the following types of post 1986 property?
a.3-,5-,7-, and 10 year recovery property
b. real property
Problem 9: What convention will be used in determining first year and last year depreciation for real estate?
Problem 10: Describe three major differences between the original ACRS and the current MACRS
Problem 11:
a. explain the rules for expensing a certain depreciable property
b. Explain how the applicable maximum amount eligible for expensing may be reduced for certain taxpayers.
Problem 12: What special rules apply to depreciation deductions taken for listed property such as computers?
Problem 13: What types of intangible assets are eligible for cost recover through amortization?
Problem 14: Describe the types of activities that are subject to limitations on tax deductions under the passive activity rules?
Problem 15: Describe the active participation exception to the passive loss limitations.
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