Wiley CPAexcel Exam Review 2014 Focus Notes: Regulation

Wiley CPAexcel® Exam Review 2014 Focus Notes: Regulation......Page 5
Copyright......Page 6
Contents......Page 7
Preface......Page 9
About the Contributors......Page 11
Liability under Common Law......Page 13
Liability under Federal Securities Regulations......Page 16
Liability as a Tax Preparer......Page 23
Regulation of Accountants......Page 24
Standards for Consulting Services......Page 26
Standards for Tax Practice......Page 27
Securities Act of 1933 (33 Act)......Page 28
Securities Exchange Act of 1934 (34 Act)......Page 33
Sarbanes-Oxley Act of 2002......Page 36
The Wall Street Reform and Consumer Protection (Dodd-Frank) Act of 2010......Page 37
Partnership Characteristics......Page 39
Limited Liability Arrangements......Page 46
Characteristics of Corporations......Page 49
Promoters......Page 52
Directors and Officers......Page 53
Shareholders......Page 57
Business Combinations......Page 61
Dissolution......Page 62
Formation of Contracts......Page 63
Validity and Enforceability......Page 67
Rights and Obligations......Page 72
Breach of Contract......Page 75
Offer, Acceptance, and Enforceability......Page 77
Goods in Transit......Page 80
Special Sales......Page 83
Seller’s Warranties......Page 85
Product Liability......Page 87
Breach of Contract......Page 88
Commercial Paper......Page 91
Defenses against a Negotiable Instrument......Page 96
Contract Liability of Parties......Page 98
Other Instruments......Page 101
Collateral......Page 104
Security Agreement......Page 105
Attachment and Perfection......Page 106
Priorities among Claims......Page 108
Default by Debtor......Page 110
Credit Card Debt......Page 111
Voluntary Filing—Chapter 7......Page 112
Involuntary Filing—Chapter 7......Page 113
Powers of Bankruptcy Trustee......Page 114
Distribution of Assets......Page 116
Denial of Discharge......Page 120
Business Reorganizations—Chapter 11......Page 121
Repayment Plans—Chapter 13......Page 123
Alternatives to Bankruptcy......Page 124
Sureties......Page 125
Cosureties......Page 128
The Agency Relationship......Page 129
Liability......Page 130
Environmental Law......Page 133
The Clean Air Act......Page 134
The Federal Water Pollution Control Act (Clean Water Act)......Page 135
The Noise Control Act......Page 136
The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA or Superfund)......Page 137
Employment......Page 138
Health and Safety......Page 139
Workers’ Compensation......Page 140
Retirement and Security Income......Page 142
Other Employment Laws......Page 145
Unions and Collective Bargaining......Page 147
Discrimination......Page 148
Enforcement......Page 152
The Sherman Act......Page 153
Clayton Act......Page 155
Personal Property......Page 156
Real Property......Page 157
Intellectual Property......Page 162
Individual Income Tax......Page 165
Accounting Method......Page 167
Gross Income......Page 168
Deductions......Page 184
Exemptions......Page 194
Credits......Page 197
Employment and Self-Employment Tax......Page 201
Filing Status......Page 207
Tax Return Schedules......Page 210
Filing Requirements......Page 211
Statute of Limitations......Page 213
Depreciation......Page 214
Depreciable Personal Property......Page 216
Section 179 Expense Election......Page 218
Realized Gain or Loss......Page 219
Sec. 1245 Depreciation Recapture......Page 221
Taxation of Gains and Losses......Page 222
Related-Taxpayer Transactions......Page 223
Special Transactions......Page 224
Formation of Partnerships......Page 226
Taxation of Partnerships......Page 228
Distributions......Page 231
Sale of Partnership Interest......Page 233
Section 351 Transfer to Controlled Corporation......Page 235
Computing Corporate Income Tax......Page 237
Supplemental Tax Schedules......Page 249
Non liquidating Distributions to Shareholders......Page 250
Corporate Complete Liquidation......Page 252
Corporate Reorganizations......Page 253
Affiliated Corporation Transactions......Page 254
Section 1244 Stock......Page 255
S Corporation—A Pass-Through Entity......Page 256
Conversion from C to S Corporation......Page 258
Taxation of S Corporations......Page 259
Termination of S Corporation Status......Page 263
Estates......Page 264
Trusts......Page 265
Computing Taxable Income of Trusts and Estates......Page 268
Estate and Gift Tax......Page 272
Tax Due......Page 278
Property Received by Inheritance or Gift......Page 280
Procedures for Return Preparation......Page 283
Tax Preparer Penalties......Page 285
Index......Page 287