Author: Mary Ann Shimko
Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Mutual Fund Distributions
|
Copyright © 2010 | Field of Study: Taxes Level: Basic Recommended CPE Credit 4 hours Prerequisites: None Advanced Preparation: None Type of Delivery: Self-Study Expiration: Course expires 1 year after purchase Course Update: May, 2010 Accreditation: QAS, NASBA, IRS, CTEC, OTPB Guarantee/Complaint Resolution |
Course Outline
Lesson 1 - Distributions
Learning Objectives 1
Overview
Qualified Employee Plans
Tax Treatment for Community Property States
Share Certificates in Two or More Names
Kinds of Distributions
Ordinary and Qualified Dividends
Capital Gain Distributions
Exempt-Interest Dividends
Return of Capital Distributions
Lesson 2 - Reinvesting and Reporting Distributions
Learning Objectives 2
Reinvesting Distributions
How to Report
How to Report - Form 1040
Foreign Tax Deduction or Credit
Lesson 3 - Basis
Learning Objectives 3
Keeping Track of Basis
Shares Acquired by Purchase
Commissions and Load Charges
Shares Acquired by Reinvestment
Shares Acquired by Gift
Shares Acquired by Inheritance
Determining FMV of Inherited Shares
Community Property States
Adjusted Basis
Lesson 4 - Sales, Exchanges, and Redemptions
Learning Objectives 4
Sell, Exchange, or Redeem
Exchange of Mutual Fund Shares
Information Returns
Taxpayer Identification Number
Identifying Shares Sold (Cost Basis)
Average Basis
Single Category Method
Double Category Method
Making the Average Basis Choice for Gift Shares
How to Figure Basis of Shares Sold
Lesson 5 - Gains and Losses
Learning Objectives 5
Amount Realized and Adjusted Basis
Reporting Information From Form 1099-B
Holding Period
Inherited Mutual Fund Shares
Reinvested Dividends
Certain Short-term Losses
Lesson 6 - How to Figure Gains and Losses
Learning Objectives 6
Net Capital Gains or Losses
Allowable Net Capital Loss
Capital Loss Carryovers
Capital Loss Carryovers From Separate Returns
Lesson 7 - Investment Expenses
Learning Objectives 7
Deductible as Miscellaneous Itemized Deductions
Publicly and Nonpublicly Offered Mutual Funds
Expenses Allocable to Exempt-Interest Dividends
Limit on Investment Interest Expense
Form 4952 Investment Interest Expense Deduction
Course Objectives
Lesson - 1After completing Lesson 1, you will be able to:
- Define a nondividend distribution
- Identify how to report a capital gain distribution
- Figure the reportable capital gain when there is a nondividend distribution included
Pay particular attention to paragraphs marked by the Wiseguy.
He'll guide you to key issues.
After completing Lesson 2, you will be able to:
- Identify how to report reinvested ordinary dividends
- Identify when a taxpayer may claim a foreign tax credit without using Form 1116
After completing Lesson 3, you will be able to:
- Figure a taxpayer's basis in mutual fund shares acquired by gift
- Determine a taxpayer's basis in shares acquired by reinvestment of exempt-interest dividends
After completing Lesson 4, you will be able to:
- Identify when a taxpayer can use the average basis for figuring gain or loss on the sale, exchange, or redemption of mutual funds
- Figure the average basis per mutual fund share sold using the single-category method
- Determine the taxable status of exchanges of mutual funds
After completing Lesson 5, you will be able to:
- Figure how many mutual fund shares sold by a taxpayer qualify for the long-term holding period
- Determine when a taxpayer has a wash sale
- Determine whether gross or net sale proceeds should be reported on Schedule D to report mutual fund dispositions
After completing Lesson 6, you will be able to:
- Figure the amount of gain/loss that a taxpayer can deduct on the return
- Determine how to net the gain or loss on the disposition of mutual fund shares
- Determine a maximum capital gain rate
After completing Lesson 7, you will be able to:
- Figure the amount of net investment income
- Figure the amount of deductible investment interest expense