McGraw-Hill OnlineMcGraw-Hill Higher EducationLearning Center
Student Center | Instructor Center | Information Center | Home
Glossary
Calculators
Modules
Student Quizzes
Chapter Objectives
Research Projects
Student Quizzes
Internet Applied Exercise
PowerPoint Presentations
Internet Links
Feedback
Help Center


Principles of Taxation for Business and Investment Planning, 5/e
Sally M Jones, University of Virginia
The Individual Taxpayer
Tax Consequences of Personal Activities

Chapter 16 Objectives

After studying this chapter, you should be able to:

1. Distinguish between gratuitous receipts that are included in taxable income and those that are nontaxable to the recipient.

2. Describe the tax consequences of property settlements pursuant to a divorce, alimony, and child support payments to both parties to the transactions.

3. Present the arguments for and against the income taxation of Social Security benefits.

4. Determine the extent to which medical expenses: local, state, and foreign tax payments; and charitable contributions are allowed as itemized deductions.

5. Compute the itemized deduction for casualty and theft losses.

6. Describe the tax treatment of revenues and expenses derived from a hobby.

7. Explain the preferential tax treatment of imputed income from owner-occupied housing.

8. Compute the itemized deduction for home mortgage interest.

9. Describe the preferential tax treatment of gain realized on the sale of a personal residence.

10. Identify the itemized deductions that are adjusted or disallowed in the computation of alternative minimum taxable income (AMTI).





McGraw-Hill/Irwin




Copyright2002 McGraw-Hill Higher Education
Any use is subject to the Terms of Use and Privacy Policy.
McGraw-Hill Higher Education is one of the many fine businesses of The McGraw-Hill Companies.