REG CPA
BASIS OF GIFTS - ✔✔CARRYOVER BASIS PLUS THE PORTION OF GIFT TAX PAID BY THE DONOR
CAPITAL ASSET - ✔✔ALL EXCEPT FOR BUSINESS DEPRECIABLE ASSETS, AR FROM INVENTORY SOLD, AND
REAL PROPERTY
CLAIM FOR REFUND - ✔✔LATER OF 3 YEARS FROM RETURN DUE DATE (INCLUDING EXTENSION) OR 2
YEARS FROM WHEN THE TAX WAS PAID
CORPORATE ESTIMATED PAYMENTS - ✔✔LESSOR OR 100% PRIOR YEAR TAX OR 100% CY ESTIMATED
TAX
ESTIMATED UNDERPAYMENT PENALTY - ✔✔MUST PAY 90 % OF CY TAX OR 100% OF PRIOR YEAR TAX,
110% IF AGI OVER $150K
NO PENATLY IMPOSED IF THE LIABILITY IS UNDER 1000 AFTER WITHHOLDING OR IF THERE WAS NO TAX
LIABILITY LAST YEAR
NO REQUIRED PAYMENT UNTIL THERE IS INCOME FOR THE YEAR
LATEST THAT THE IRS CAN IMPOSE TAXES - ✔✔3 YEARS AFTER DATE FILED EXCEPT FOR FRAUD
LIKE KIND - ✔✔LESSOR OF BOOT OR REALIZED GAIN
RELATED PARTY GAINS - ✔✔GAIN IS ONLY RECOGNIZED TO THE EXTENT OF PREVIOUSLY DISALLOWED
LOSSES
SECTION 1231 GAINS - ✔✔THE NET 1231 GAIN IS TREATED AS ORDINARY INCOME TO THE EXTENT THAT
IT RECAPTURES
BASIS OF GIFTS - ✔✔CARRYOVER BASIS PLUS THE PORTION OF GIFT TAX PAID BY THE DONOR
CAPITAL ASSET - ✔✔ALL EXCEPT FOR BUSINESS DEPRECIABLE ASSETS, AR FROM INVENTORY SOLD, AND
REAL PROPERTY
CLAIM FOR REFUND - ✔✔LATER OF 3 YEARS FROM RETURN DUE DATE (INCLUDING EXTENSION) OR 2
YEARS FROM WHEN THE TAX WAS PAID
CORPORATE ESTIMATED PAYMENTS - ✔✔LESSOR OR 100% PRIOR YEAR TAX OR 100% CY ESTIMATED
TAX
ESTIMATED UNDERPAYMENT PENALTY - ✔✔MUST PAY 90 % OF CY TAX OR 100% OF PRIOR YEAR TAX,
110% IF AGI OVER $150K
NO PENATLY IMPOSED IF THE LIABILITY IS UNDER 1000 AFTER WITHHOLDING OR IF THERE WAS NO TAX
LIABILITY LAST YEAR
NO REQUIRED PAYMENT UNTIL THERE IS INCOME FOR THE YEAR
LATEST THAT THE IRS CAN IMPOSE TAXES - ✔✔3 YEARS AFTER DATE FILED EXCEPT FOR FRAUD
LIKE KIND - ✔✔LESSOR OF BOOT OR REALIZED GAIN
RELATED PARTY GAINS - ✔✔GAIN IS ONLY RECOGNIZED TO THE EXTENT OF PREVIOUSLY DISALLOWED
LOSSES
SECTION 1231 GAINS - ✔✔THE NET 1231 GAIN IS TREATED AS ORDINARY INCOME TO THE EXTENT THAT
IT RECAPTURES
