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.
Read moreThis lesson is best used after studying Federal Income Taxation: Taxable Income and Tax Computation, in class. The lesson includes problem sets to work through, allowing you to apply the Code and Regs. to a variety of situations involving the taxation of minor children's income under section 1(g).
Read moreThis lesson is best used after studying Federal Income Taxation: Taxable Income and Tax Computation, in class. The lesson includes problem sets to work through, allowing you to apply the Code and Regs. to a variety of situations involving dependent care credit under Internal Revenue Code section 21.
Read moreThis 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.
Read moreThis lesson will cover the regulations and tests that determine the types of moving costs that can be deducted under IRS Code section 217.
Read moreThis 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.
Read moreThis lesson is best used after studying Federal Income Taxation: Taxable Income and Tax Computation, in class. The lesson includes problem sets to work through, allowing you to apply the Code and Regs. to a variety of situations involving personal and dependency exemptions, under Internal Revenue Code sections 151 and 152. For the taxable years 2018 through 2025, Code § 151(d)(5) has reduced all personal and dependency exemptions to zero. Therefore, until 2026, the following lesson is for historical information and does not reflect current law's disallowance of personal and dependency exemptions. Other Code sections do, however, still rely on the definition of dependent found in § 152 - for example, § 32 (earned income tax credit) and § 213 (deduction for medical expenses).
Read moreThis 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.
Read moreThis 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.
Read moreThis 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.
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