Business and Casualty Losses

Introduction	1201
Trade or Business Losses	1202
Loss on Transactions Entered into for Profit	1203
Hobby Losses	1204
Abandonment of Assets	1205
Demolition of Buildings	1206
Worthless Stocks	1207
Family Losses	1208
The “At-Risk” Limitation	1209
The Passive Loss Rules
Introduction	1210
What is Passive Activity Income	1211
Special Rule For Losses From Rental Real Estate	1212
The Passive Activity Loss Carryover	1213
Casualty Losses
What is a Casualty Loss and What is Deductible	1214
Amount of Loss	1215
Personal Casualty Losses	1216
Limitations on Personal Casualty Losses	1217
Netting of Personal Casualty Gains & Losses	1218
Husband and Wife	1219
Business Casualty Losses	1220
Insurance or Other Compensation	1221
When to Deduct a Casualty Loss	1222
Special Rule for Disaster Losses	1223
Gambling Losses	1224
Net Operating Loss	1225

Early Attempts at Income Taxation	101
The Present Income Tax Law	102
Introduction – General Principles – Definitions	103
Classification of Taxpayers	104
Purpose of the Income Tax Return – Withholding and Estimated Tax	105
Accounting Period -The Taxable Year	106
Accounting Methods	107
The Cash Basis	108
The Accrual Basis	109
Change in Accounting Method	110
When to File the Income Tax Return	111
Penalties	112
Installment Payment of Tax	112A
Where and How To File Manual and Electronic Filing	113
Who Must File a Return	114
Joint Return of Husband & Wife	115
Separate Return of Husband & Wife	116
Who is considered as “Married”?	117
Special Provision for Married Persons Living Apart	118
Minors	119
The Tax Return Forms and Schedules	120
Payment of the Tax	121
Section II
Introduction	122
Gross Income	123
Deductions from Gross Income	124
Adjusted Gross Income	125
Deductions from Adjusted Gross Income	126
Taxable Income	127
Tax Credits	128
The Filing Requirements for Special Taxpayers	129

Syllabus

Introduction	1201
Trade or Business Losses	1202
Loss on Transactions Entered into for Profit	1203
Hobby Losses	1204
Abandonment of Assets	1205
Demolition of Buildings	1206
Worthless Stocks	1207
Family Losses	1208
The “At-Risk” Limitation	1209
The Passive Loss Rules
Introduction	1210
What is Passive Activity Income	1211
Special Rule For Losses From Rental Real Estate	1212
The Passive Activity Loss Carryover	1213
Casualty Losses
What is a Casualty Loss and What is Deductible	1214
Amount of Loss	1215
Personal Casualty Losses	1216
Limitations on Personal Casualty Losses	1217
Netting of Personal Casualty Gains & Losses	1218
Husband and Wife	1219
Business Casualty Losses	1220
Insurance or Other Compensation	1221
When to Deduct a Casualty Loss	1222
Special Rule for Disaster Losses	1223
Gambling Losses	1224
Net Operating Loss	1225

Early Attempts at Income Taxation	101
The Present Income Tax Law	102
Introduction – General Principles – Definitions	103
Classification of Taxpayers	104
Purpose of the Income Tax Return – Withholding and Estimated Tax	105
Accounting Period -The Taxable Year	106
Accounting Methods	107
The Cash Basis	108
The Accrual Basis	109
Change in Accounting Method	110
When to File the Income Tax Return	111
Penalties	112
Installment Payment of Tax	112A
Where and How To File Manual and Electronic Filing	113
Who Must File a Return	114
Joint Return of Husband & Wife	115
Separate Return of Husband & Wife	116
Who is considered as “Married”?	117
Special Provision for Married Persons Living Apart	118
Minors	119
The Tax Return Forms and Schedules	120
Payment of the Tax	121
Section II
Introduction	122
Gross Income	123
Deductions from Gross Income	124
Adjusted Gross Income	125
Deductions from Adjusted Gross Income	126
Taxable Income	127
Tax Credits	128
The Filing Requirements for Special Taxpayers	129