REG Acronyms

CHRIST 1. churches 2. high school - religious 3. religious orders 4. internal support groups 5. societies - missionary 6. tax exempt organizations by congress

acronym 5 types of non profit orgs that don't have to file a form 990

PANIC TS 1. passive activity losses 2. accelerated depreciation 3. net operating loss of the individual taxpayer 4. installment income of a dealer 5. contracts - % completion vs completed contract 6. tax deductions 7. standard deduction

acronym for adjustments to calculate AMT income

BRINGS 1. banks/ savings and loan institution 2. railroad issued security & common carriers 3. insurance policies (not stocks or bonds) 4. not for profit organizations 5. government issued securities 6. short term commercial paper (<9 months)

acronym for exempt companies from registering under the 33 act

DAMS 1. dissolution 2. amendments to article of incorporation 3. mergers 4. sales of all assets outside regular course of business

acronym for fundamental changes that would require shareholder approval for a corporation

HIDEIT 1. homeowner exclusion 2. involuntary conversion 3. divorce property settlement 4. exchange of like kind business 5. installment sales 6. treasury and capital stock

acronym for gain that is either excluded or deferred

HIPPE 1. home mortgage interest 2. investment 3. personal or consumer (NOT deductible) 4. prepaid interest 5. educational loan (adjustment not itemized)

acronym for interest expense that is deductible as an itemized deduction

WRaP 1. wash sales 2. related parties 3. and 4. personal loss

acronym for losses that you can deduct/ recognize on tax return

HIMDEAD 1. homebuyer 2. insurance 3. medical 4. disability 4. education 5. and 6. death

acronym for no penalty to early IRA distribution before age 59.5

NIRD 1. net rent - if <50% of ordinary gross inc) 2. interest (taxable) 3. royalties 4. dividends (unrelated domestic corp)

acronym for personal holding company - 60% of ordinary gross income consists of what?

PPP 1. private activity bond interest income 2. percentage depletion deduction 3. pre-1987 accelerated depreciation

acronym for preferences to calculate AMT income

CARES 1. close relative 2. age limit (<19, or <24 if full-time college) 3. residency and filing requirement (>1/2 yr live w taxpayer/ no mfj) 4. eliminate gross income test 5. support test (child contribute <1/2 of support)

acronym for qualifying child (r1)

SUPORT 1. support test (>1/2 support paid by taxpayer) 2. under specific amount of taxable gross income test (<4150) 3. precludes dependent filing joint return test 4. only citizens (of us/ mex/ can) 5. relative 6. OR 7. taxpayer lives w individual for WHOLE year

acronym for qualifying relative (r1)

MYLEGS 1. marriage 2. year (>1 year) 3. land 4. executors 5. goods (>$500) 6. surety

acronym for statue of frauds (contracts that need to be in writing and signed by defendant)

FIB 1. federal income tax 2. inheritance taxes for state 3. business (sch c) and rental property taxes (such e)

acronym for taxes that are not deductible as an itemized deduction

LORA 1. loyalty 2. obedience 3. reasonable care 4. account

acronym for the 4 duties of agent to principal

MAIDS 1. misrepresentation of material facts 2. actual reliance on misrepresentation 3. intent to induce reliance 4. damages 5. scienter (bad faith/ intent to deceive)

acronym for the elements of fraud

SAG WEG CTI 1. support obligation 2. admin expense of bankruptcy 3. gap claim involuntary 4. wage claim (<12850) 5. employee benefit plan (<12850, reduced by wage claim) 6. grain farmers/ fishermen (<6325) 7. consumer deposit (<2850 for goods paid for and not delivered) 8. tax claim 9. injury - personal

acronym for the order of distribution of a debtor's estate

RIBS (ch 7) / BIBS (ch 8) 1. railroads/ broker and stock commodity 2. insurance companies 3. banks 4. small business invest companies

acronym for what can't file ch 7 or chapter 11

LAM 1. loss was suffered 2. acquired stock by plaintiff 3. material misrepresentation/ omission of fact (fault doesn't need to be proven but defense is due diligence)

acronym for what needs to be proved to win under section 11 under the 33 act

SWAP 1. specifically manufactured goods 2. written confirmation between 2 merchants 3. admitted contracts in court 4. performed already

acronym for when statue of frauds doesn't apply to sale of goods >$500 ONLY for UCC/ merchants

FATWED 1. fraud, embezzlement debts 2. alimony and domestic support 3. taxes due within 3 years of filing 4. willfull/ malicious injury liabilities 5. education loans 6. debts undisclosed in bankruptcy

acronym for which debts can't be discharged under ch 7 and 11

5% TIP 1. 5% - need greater than 5% acquire of security 2. tender offer - to all shareholders to buy >5% o shares at a specific price 3. insiders - officer, director, >10% shareholders 4. proxy - written request for permission to vote shareholder's shares

acronym for who is required to report under the 34 act

FACCEE 1. foreign 2. adoption 3. contribution IRA 4. child 5. earned 6. energy

acronym of 6 credits that can be used to reduce AMT liability

RISE 1. real estate 2. insurance 3. service 4. employment

acronym that shows which contracts are governed by common law