Tax - Basic Federal Income Taxation

This lesson will guide the user through a series of questions and answers to illustrate the basics of gross income and realization concepts. The lesson reviews your understanding of Internal Revenue Code section 61, among others.

This lesson will introduce users to regulations concerning employment connected payments, including fringe benefits, meals and lodging, unemployment compensation and Social Security benefits. The questions cover Internal Revenue Code section 132 and others.

This lesson will guide students in the proper calculations concerning the taxation of annuities and life insurance payments. Questions cover Internal Revenue Code section 72 and other related sections.

This lesson will introduce users to the procedure to account for medical expenses, accidents, and proper deductions for medical insurance. Questions cover Internal Revenue Code sections 104, 105, and 106.

This lesson will guide students through the claim of right doctrine, and tips for avoiding common mistakes in claiming income, payments, and repayments.

This lesson will provide users with scenarios in applying regulations concerning the exclusion of gifts, prizes, and related income from gross income calculations. Questions review Internal Revenue Code section 102.

This lesson will guide users to understand those expenses that qualify under the designation of a scholarship, and regulations concerning exclusions, prizes, and other income for students. Questions review your understanding of Internal Revenue Code section 117.

This lesson guides students through the calculation of income tax from indirect transfers of service and other forms of compensation.

This lesson will cover the exemptions provided in Section 135 of the Tax Code, specifically the exclusion of interest on certain United States Savings Bonds used to pay higher education tuition and fees.

This lesson will focus on Section 83(a)-(b) of the Internal Revenue Code, property transferred in connection with the performance of services, with practice questions.

This lesson will guide users through the types of expenses that can be deducted as business or trade costs, including cost of repairs versus capital expenditures.

This lesson will demonstrate the ways in which taxes paid may be deducted under Section 164 of the Tax Code and related regulations.

This lesson will cover business deductions, such as reasonable compensation, parachute payments, miscellaneous deductions,and business losses. Several Internal Revenue Code sections are reviewed, including 162 and 274.

This lesson will introduce users to the ways in which deductions can be taken for interest payments. Questions cover Internal Revenue Code section 163.

This lesson introduces the reader to the regulations concerning deductions for business travel expenses, including Internal Revenue Code section 162.

This lesson guides users through the effects of below market loans on calculating income and/or deductions. Questions consider the application of Internal Revenue Code § 7872.

This lesson explores those costs that qualify as § 162 education expenses.

This lesson will review how costs can be deducted for insurance compensations for casualty losses and accidents. Questions cover IRS Code section 165 and its regulations.

This lesson will discuss the models by which property depreciation is calculated, and the rules which govern the calculations, including Internal Revenue Code section 168.

This lesson will cover the regulations and tests that determine the types of moving costs that can be deducted under IRS Code section 217.

This lesson is best used after studying Basic Federal Income Taxation: Deductions. The lesson provides 12 questions to allow you to refine your ability to apply the Code and Regs. to a variety of situations related to income-producing activities under section 212.

This lesson is best used after studying deductions for medical expenses under Code section 213 to basic Federal income taxation in class. The lesson allows you to work through problems so that you can refine your ability to apply the Code and Regs. to a variety of situations.

This lesson is best used after studying Basic Federal Income Taxation, deductions for charitable contributions to a section 501(c)(3) organization, in class. The lesson provides problem sets to work through to allow you to refine your ability to apply the Code and Regs. to a variety of situations.

This lesson is best used after studying Federal Income Taxation: Deductions, in class. The lesson includes problem sets to work through to refine your ability to apply the Code and Regs. to a variety of situations involving general applicability of deduction limitations under section 183.