Cut Your Clients Tax Bill

Chapter 1 Maximizing Tax Benefits for Sales of Capital Gain Assets and Real Property 1-1 Current Capital Gain and Dividend Tax Rates 1-3 Tax-Smart Strategies for Capital-Gain Assets 1-7 Tax-Smart Strategies for Fixed-Income Investments 1-11 Planning for Mutual Fund Transactions 1-13 Converting Capital Gains and Dividends into Ordinary Income to Maximize Investment Interest Write-Offs 1-18 Planning for Capital Gain Treatment for Subdivided Lot Sales via IRC Section 1237 Relief 1-21 Land Is Not Always a Capital Asset 1-28 Beneficial Capital Gain Treatment Allowed for Sale of Right to Buy Land and Build Condo Project 1-32 Escape Taxable Gains Altogether With Like-Kind Exchanges 1-34 Primer on the 3.8 Percent Net Investment Income Tax 1-48 Chapter 2 Planning for Employer Stock Options, Employer Stock Held in Retirement Accounts, and Restricted Stock 2-1 Planning for Employer Stock Options, Employer Stock Held in Retirement Accounts, and Restricted Stock Employer Stock Options: Tax Implications 2-2 How to Handle Employer Stock from Qualified Retirement Plan Distributions 2-12 Restricted Stock: Tax Implications 2-14 Chapter 3 Maximizing Tax Benefits for Personal Residence Transactions 3-1 Maximizing Tax Benefits for Personal Residence Transactions 3-1 Qualification Rules for Gain Exclusion Privilege 3-3 Excluding Gain from Sale of Land Next to Residence 3-13 Excluding Gains in Marriage and Divorce Situations 3-14 "Electing Out" of Gain Exclusion Privilege 3-18 Sale of Former Principal Residence "Freed Up" Suspended PALs from Rental Period Even Though Gain on Sale Was Excluded 3-19 Understanding the Tax Implications of Personal Residence Short Sales and Foreclosures 3-20 Tax Angles When Client Converts Personal Residence into Rental Property 3-28 Chapter 4 Tax Planning Opportunities with Vacation Homes,Timeshares,and Co-Ownership Arrangements 4-1 Rules for "Regular" Vacation Homes (as Opposed to Timeshares and Co-Ownership Deals) 4-2 Rules for Timeshares and Vacation Home Co-Ownership Arrangements 4-6 Playing the Gain Exclusion Game with Multiple Residences 4-9 Chapter 5 Tax Planning for Marital Splits and Married Same-Sex Couples 5-1 Separate Versus Joint Returns for Pre-Divorce Years 5-3 Avoiding Pre-Divorce Tax Fiascos with IRA and Qualified Retirement Plan Assets 5-11 Planning to Achieve Tax-Effective Splits of IRA and Qualified Retirement Plan Assets 5-12 Planning to Achieve Equitable After-Tax Property Divisions 5-18 Planning for Children's Dependent Exemption Deductions 5-21 Planning to Qualify Payments as Deductible Alimony 5-22 Tax Developments Affecting Married Same-Sex Couples 5-30 Chapter 6 Tax-Saving Tips for Self-Employed Clients 6-1 "Heavy" SUVs, Pickups, and Vans Are Still Big Tax-Savers 6-2 Combine "Heavy" Vehicle with Deductible Home Office for Major Tax Savings 6-8 Home Office Deduction Options 6-10 What to Do When Spouses Are Active in the Self-Employment Activity 6-20 Simplified Compliance Rules for Unincorporated Husband-Wife Businesses in Non-Community Property States 6-27 Update on Tax-Smart Health Savings Accounts 6-30 Chapter 7 Tax-Smart College Financing Strategies 7-1 Education Tax Credits 7-2 Deduction for Higher Education Tuition and Fees 7-8 Deduction for Student Loan Interest 7-10 Coverdell Education Savings Accounts 7-12 Tax-Free Interest from U.S. Savings Bonds 7-13 Electing the Accrual Method for U.S. Savings Bonds 7-16 Splitting Investment Income with the Kids 7-18 How a Closely Held Business Can Deduct College Expenses Paid for the Owner's Adult Child 7-30 "Last-Minute" Suggestions for Procrastinators 7-32 Tax Glossary Tax Glossary 1 Index Index 1 Solutions Solutions 1 Chapter 1 Solutions 1 Chapter 2 Solutions 4 Chapter 3 Solutions 5 Chapter 4 Solutions 6 Chapter 5 Solutions 7 Chapter 6 Solutions 9 Chapter 7.Solutions 11 Recent Developments Users of this course material are encouraged to visit the AICPA website at www.aicpa.org/CPESupplements to access supplemental learning material reflecting recent developments that may be applicable to this course. The AICPA anticipates that supplemental materials will be made available on a quarterly basis. Also available on this site are links to the various "Standards Trackers" on the AlCPA's Financial Reporting Center which include recent standard-setting activity in the areas of accounting and financial reporting, audit and attest, and compilation, review and preparation.

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