DAT CHAIN
your jealousy is palatable.
because constable punches, after dealing with me studying like a crazy person for my tax final, insisted i share the editorializing of my notes that happens when i type them in class:
On IRS audits:
· Field: they come to you, broader scope, examination of actual items reported on return. Badges = you’re fucked, get a lawyer.
—Can result in: no change, refund, deficiency. If you get audited by the state, you’ll almost definitely get audited federallyàlots of collaboration between the sneaky assfaces.
On social security benefits: normally not taxable unless you’re a supersuperrichbuttface. Up to 85% of benefits may be taxable. Taxability based on modified AGI. (4-35)
On fringe benefit deductions:
· Adoption: if employer assists or covers or reimburses adoption expenses, they’re excludible from income because people like to encourage collecting babies (slide 74)
On divorce proceedings: the only things deductible are the tax-related items. Convince your attorney to classify everything as taxable and you’re divorced but golden as far as taxes go. (6-26)
On losses due to casualty and theft: defined as a casualty if it happens suddenly and unexpectedly and because the universe hates you (fire, water, shipwreck, etc; disease and insect damage don’t count because bugs are little and you are big so smash them).
On the nature of property: realty (real property) and personalty (personal property, which is not personal use property and is also not a real word and the IRS needs to stop fucking with my English language plz)
On the capital recovery doctrine: you’re entitled to recover your basis without recognizing income—recovery of capital/basis isn’t a substantial change in economic standing because you’re getting back what you put in initially, so the IRS is being not totally douchey. (13-4, 13-8)
On like-kind exchange requirements: …tangible personal property (TPP) must be within same general business asset or product class; personalty used mainly in the US for personalty used mainly outside the US doesn’t count; livestock of different sexes doesn’t count because BIOLOGY DUH. (13-27)
On the appeals of being a corporation: easier to raise capital (public offering), liability protection. Transferability: corporate stock is easy to sell. Corporations exist indefinitely. Centralized management, corp actions governed by board. LLCs are the Plastics of the business world, overriding most partnerships (Janice and Damian) and sole proprietorships (Cady Herring). Brain: officially done when the Mean Girls references come out.
On passive losses: net losses from passive activities. Apply to individual and PSCs, can’t be offset against active or portfolio income. For S-corps, flows through to owners and rules applied at owner level. Closely held C-corps may offset passive losses against active income but not portfolio income. Can’t deduct losses greater than the risk you took because that’s cheating, Cheater McCheaterson and Ms. Frizzle would be ashamed. (17-13)
On Schedule M-3: IRS version of bend over and take it—everything they want to know regardless of actual relevancy. Result of people whining about lack of transparency. Required if you have assets of more than 10MM.
On corporate earnings and profits: start with taxable income and then adjust it like a mofo.
On distributions from the partnership: liquidating or not. If you get a distribution and you’re still a partner, it was non-liquidating. If you get one and you’re not still a partner, you got liquidated and need a welfare check and a new job. (21-38)
On the tax treatment of capital gains for a noncorporate taxpayer: net the short term gains and losses, net the long term gains and losses, then, if possible, net the netted amounts. Net net net net net. Net is a dumb word. (14-21)
well, at least you’ll work off your student loans faster than i will.
That’s a really good point, they probably would. You are enigma.
what can i say? genetically blessed. by satan. or loki.
well, at least you’ll work off your student loans faster than i will.
well, at least you’ll work off your student loans faster than i will.
great, so…never.
well, that’s defeatist…
Okay… Usage of centripetal/centrifugal forces in a wheelchair how? With your upper body, anyway. P.S. Are you two done with your couple fight or-?
we’ll be done when she wins one.
*raises hand* I would like to know where the -hal- part comes from.i mean, i wasn’t the one who said it. ask this kid over here.
basically, we were discussing how someone in a wheelchair would turn it without using her hands. i.e. twisting her torso and shoulders.
to which I said:” “centrifugal force?”
fiddle: “kind of. that technically requires full rotation, I think”
me: “centrihalfugal force, then.”why would you ruin the mystery
why
WHY
WTF YOU TOLD ME TO. I CANNOT WIN WITH YOU, EVER
you’re supposed to be psychic.
get your shit together, slackass.
*raises hand* I would like to know where the -hal- part comes from.i mean, i wasn’t the one who said it. ask this kid over here.
basically, we were discussing how someone in a wheelchair would turn it without using her hands. i.e. twisting her torso and shoulders.
to which I said:” “centrifugal force?”
fiddle: “kind of. that technically requires full rotation, I think”
me: “centrihalfugal force, then.”
why would you ruin the mystery
why
WHY
*raises hand* I would like to know where the -hal- part comes from.
i mean, i wasn’t the one who said it. ask this kid over here.
centrihalfugal force, then
is it better or worse to provide context for this?
worse, definitely.
centrihalfugal force, then
you are stronger than I
lies. i’m actually just a donut snob and they were sketch looking.
