What is Internal Revenue Code Section 61?2.What is the difference between a Standard Deduction and an Itemized deduction? When do you use one versus the other?

ACCT 323:

1. What is Internal Revenue Code Section 61?

• What is the difference between a Standard Deduction and an Itemized deduction?  When do you use one versus the other?

• What is a Personal Exemption?  A dependency Exemption?

• What is a Form 1040?  Describe how it is set up (sections).

• Describe each of the following Tax Schedules and how they are tied to the 1040 (which line on the 1040 do they correspond to?):

1. Schedule A
   1. Schedule B
   1. Schedule C
   1. Schedule D
   1. Schedule E
   1. Schedule F
   1. Schedule K-1

• What is the difference between Deductions For AGI and Deductions From AGI?  What is AGI?

• Give some examples of Deductions For AGI or above the line deductions.

• Give some examples of Deduction From AGI (Hint:  Schedule A Itemized deductions).

• What is the criteria for claiming someone as a dependent to receive a dependency exeption?

1.   What is the difference between an Ordinary Gain and a Capital Gain?

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