Exclusions, Deductions, & Credits

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Across
  1. 3. These payments are deductible to the payor and taxable to the payee.
  2. 4. These itemized deductions are subject to a floor of 2% of AGI under § 67(a).
  3. 5. The form in which an employee achievement award must be given to be excludable under § 74(a).
  4. 9. These expenditures are deductible up to $5,000 under § 195(b).
  5. 10. These losses are deductible under § 183 to the extent of the income generated.
  6. 11. This employee fringe benefit is excludable up to $175 per month.
  7. 14. Goodwill cannot be amortized if it was __________ by the taxpayer.
  8. 15. Employee compensation for the creation of __________ assets need not be capitalized and, therefore, can be deducted.
  9. 19. This credit does not include overnight camp as a qualifying expense.
  10. 20. The American Opportunity Credit expanded this credit from two years to four years.
Down
  1. 1. These expenses are not deductible if used to qualify for a new trade or business.
  2. 2. This person is included as an employee only for the employee fringe benefit of air transportation.
  3. 4. One of two elements for excluding income from a prize or an award under § 74(b).
  4. 6. Interest from __________ is excludable under § 103.
  5. 7. This method of depletion allows the taxpayer to deduct more than he actually paid for the asset.
  6. 8. One of the enumerated deducible trade or business expenses under § 162(a).
  7. 12. Neither the Hope nor the American Opportunity Credit is available if the student has been convicted of this type of offense.
  8. 13. In order for damages to be excluded from gross income under § 104, they must be for ________ injuries or sickness.
  9. 16. Whether a transfer is a gift depends on the __________ of the giver.
  10. 17. Many credits have a different __________, which requires that the entire statutory provision be read.
  11. 18. These are expressly prohibited as deductible trade or business expenses.