REG - Tax Mnemonics

LIE

Long term contracts income (not % of completion) Installment sales vs accrual accounting when IS was used Excess depreciation over 150%

Itemized Schedule A deductions Mnemonic

COMMITT

Corporate Adjustments

LIE

What does the Mnemonic: COMMITT, stand for?

Charitable contributions Other miscellaneous Miscellaneous expenses (2%) Medical expenses Interest Taxes Theft or Casualty

For AGI adjustments

I EMBRACED Education Health Farm

what does the Mnemonic: I EMBRACED Education Health Farm, stand for?

Interest on student loans Employment Tax Moving Expenses Business Expenses Rent/Royalty & Flow-Though Entities Alimony Contributions to Retirement Early Withdrawal Penalty Jury Duty Pay Education Health Savings Account Farm Income

Individual AMT tax Mnemonic

PANIC TIMME Adjustments (+)(-)

Corp and Individual Preference item Mnemonic

PPP

PANIC TIMME

Passive Loss Accelerated Depreciation Net Operating Loss Installment Sale Income From dealer Contract vs Percentage of completion (+) Tax deductions Interest deduction on home equity loans (if proceeds not used for buy, build or improve home) Medical over 10% Mics 2% deductions Exemptions and Standard deduction

PPP

Private Activity Bonds Personal and Real property access depreciation Percent of depletion excess over adjusted basis

Corporate ACE adjustment

SLIM

SLIM

Seventy percent DRD Life Insurance proceeds form corporate officers Municipal bond interest (not private activity)