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3. a. Section 61 defines gross income.

    b. Section 166(d) defines nonbusiness debts.

    c. Section 1222(7) defines “net long-term capital gains.”

NOTE: Most Code sections have a letter as a subsection.  However, test bank is the handful of sections currently existing that were written before the 1954 Codification continues to lack subsections.

   d. Section 121 entitled “Exclusion of gain from sale of principal residence” determines if the gain on the sale of a home is taxable.

4. Test bank for Students must access a tax research database and answer the following questions; then repeat the problem on a different tax research database and compare the ease of use of the database:

   a. A keyword search of “moving expenses” in the Regulations includes various regs, such as:

Reg. sec. 1.62-1T Adjusted gross income (Last amended 1992).
Reg. sec. 1.67-1T 2-percent floor on miscellaneous itemized deductions (1988).
Reg. sec. 1.82-1. Payments for or reimbursements of expense of moving from one residence to another residence attributable to employment or self-employment. (Last amended 1978).

Reg §1.217-2 Deduction for moving expenses paid or incurred …. (Last amended 1995).
Reg §1.262-1 Personal, living, and family expenses and test bank. (Last amended 1972).

NOTE: Students typically find Checkpoint easier for conducting tax research than LexisNexis Academic because the results in Checkpoint are grouped by source (such as Regulations) and the results show the more conventional citation form used in tax.

     b. When conducting a keyword search of “tuition credit” in the Internal Revenue Bulletin/Cumulative Bulletin (Revenue Procedures and Revenue Rulings), the exact phrase will not appear in any document.  However, a search without the quotes will show the three most recent Revenue Rulings, as of mid-2013:

    1) Rev. Rul. 2010-27, 2010-45 IRB 620

    2) Rev. Rul. 76-167, 1976-1 CB 329.
    3) Rev. Rul. 73-255, 1973-1 CB 54.

A search without the quotes will show the three most recent Revenue Procedures, as of mid-2013:

1)      Rev. Proc. 2013-15, 2013-5 IRB 444

2)      Rev. Proc. 2013-4, 2013-4 IRB 126

3)      Rev. Proc. 2012-38, 2012-48 IRB 575

Checkpoint has more resources indexed to this particular topic than the LexisNexis Academic. Encourage students to double-check the relevance of their search results for textbook solutions.

5. None of the expenses paid by Minsu’s family for his Disney Training Program, prior to his becoming a Rock Star, are deductible. They are nondeductible personal expenses. Sec. 261. “Expenses of taking special courses or training … in seeking employment … are not deductible.” Reg. § 1.212-1(f).

6.  Section 6707(b)(1) provides a $50,000 penalty for failure to furnish information regarding reportable transactions, except that listed transactions incur a penalty the larger of textbook solutions $200,000 or 50% of the gross income derived from the services related to the listed transaction .  If the omission is intentional, the penalty percentage is increased to 75%.

7. “Reportable transactions are listed transactions, confidential transactions, transactions with contractual protection, loss transactions, and transactions of interest in textbook solutions.

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