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A comprehensive overview of key concepts and definitions related to tax 4001, covering topics such as capital gains and losses, child and dependent care expenses, earned income credit, and at-risk limitations. It presents definitions, calculations, and examples to enhance understanding of these tax-related concepts.
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6 netting possibilities - ANS-Net long term gain (different signs with LT greater) Net short term gain (different signs with ST greater) Long term and short term gain (opposite signs) Net long term loss (different signs with LT greater) Net short term loss (different signs with ST greater) Long term and short term loss (opposite signs) Active income - ANS-- Wages/salary
Non taxable stock dividend - ANS-Common on common = cost of original allocated to total Preferred on common = allocate between both (FMV and distribution) Non-refundable credit - ANS-Not paid if they exceed tax liability
Recipient's gift basis when FMV of property < donor basis - ANS-Dual basis