2004 Income Tax Seminar Book - Part I

Table of Contents / Page No.

Like Kind Exchanges  1-49
Overview  1
When to Avoid  2
Basic Requirements for a Like-Kind Exchange   2-6
Like Property  7
Boot  14
Related Parties  17
Like Kind Exchanges – Not a Farmers Friend  18
The Transaction as a Practical Matter  18-19
The Three-Corner Exchange  19-20
Reverse – Starker Transactions  20-21
Depreciation Concerns  22-28
Comprehensive Example  29-49
Charitable Contributions  51 -72
Overview   51
Qualified Organizations  52
Nondeductible Contributions  52-55
Contributions of Property  55-57
Determining the Fair Market Value  57-59
Bargain Sale Rules  59-60
Penalty for Overstated Values  60
Substantiation and Disclosure Requirements  60-62
Quid Pro Quo  63
Deductible Limits  63
Carryover Rules  64
Comprehensive Example  64-72
Alternative Minimum Tax  73-110
Overview  73
Constitutionality of AMT  74
AMT Exemption and Phouseouts  74
Effective AMT Tax Rates  75
Computing the Alternative Minimum Tax  76
AMT Preferences and Adjustments, Form 6251  77-92
Alternative Tax Net Operating Loss Deduction  91
AMT Credit, Form 8801  92
Exclusion Preferences Versus Deferral Preferences  92
Comprehensive Example  93-104
Corporate AMT Rules  105-110
Offers in Compromise  111-166
Overview   111
Doubt as to Liability  112
Doubt as to Collectibility  113-115
Effective Tax Administration  115-118
Forms and Fees  118
Payment Procedures  119
General Considerations  121
Detailed Analysis of Forms 433-A , 433-B, 656  121-131
Delays in Processing  131
Offer Investigations  132
Specific Asset and Income Evaluations  132-137
Collateral Agreements  137
When the Offer is Accepted  138
Rejections, Withdrawals and Compromises  138
Dischargeability of Taxes in Bankruptcy  138-140
Case Study  141-158
Checklist for Offers  159
Concluding Thoughts  159
Appendix  160-166
Business Use of Autos  167-206
Overview  167-168
Business Auto Travel  168-179
Commuting Expenses   168-170
Standard Mileage Rate  170
Methods of Establishing Auto Costs  174
Annual Depreciation Limitations for Passenger Autos  174-177
Emphasizing the Over-6,000 Lb. Rule  177-178
Inclusion Amount for Leased Vehicles  178-179
Substantiation and Record Keeping  179-185
Part Personal, Part Business Travel  179
Travel Expenses for Spouses  180-181
Substantiation of Travel and Transportation Expenses  181-182
Schedule C & Form 4562  182-185
Leasing vs. Buying a Vehicle  186-206
Open Ended vs. Close Ended Leases  186
Purchasing vs. Leasing a Vehicle  187
Examples  188-192
Table 7, Rev. Proc. 2004-20  193-194
Thoughts to Consider  195-196
Comprehensive Example  197-206