HS 321 Income Taxation study plan

Map the full Income Taxation blueprint into a one-page outline of its major subtopics, weighting each subtopic by its share of the exam

Define gross income and list at least ten specific inclusions and exclusions, citing the governing rule for each

Distinguish between realized and recognized income and apply the distinction to six short fact patterns

Build a personal glossary of 25 core income-tax terms with one-line definitions

Classify each income item as ordinary, capital, or passive and justify the classification in writing

Apply the assignment-of-income doctrine to five scenarios involving family transfers and trusts

Explain the tax treatment of fringe benefits, cancellation of debt, and below-market loans

Compute adjusted gross income for three multi-source fact patterns

List every deduction from gross income and state whether it is above-the-line or itemized

Apply the standard deduction, itemized deduction, and phase-out rules to four taxpayer profiles

Distinguish trade-or-business expenses from personal expenses and identify nondeductible items

Compute taxable income for a sole proprietor with mixed business and personal spending

Explain basis determination for purchased, inherited, and gifted property

Compute realized gain or loss and recognized gain or loss for six asset-sale scenarios

Apply the like-kind exchange and involuntary conversion rules to three scenarios

Identify the holding-period rules that separate short-term from long-term capital gains

Apply the capital loss limitation and carryforward rules to a taxpayer with mixed gains and losses

Compute the net investment income tax threshold and apply it to two high-income scenarios

Explain the preferential rate structure for qualified dividends and long-term capital gains

Reconcile the alternative minimum tax exemption and phase-out for one sample taxpayer

Describe the taxation of retirement distributions, Social Security benefits, and annuities

Apply the kiddie-tax rules and the taxation of trusts and estates to four scenarios

Explain the treatment of foreign-source income, the foreign tax credit, and the exclusion for foreign earned income

Identify the filing status, dependency, and exemption rules that affect income computation

Complete a full-length timed practice exam under exam conditions

Categorize every missed question by subtopic and root cause

Re-study the three weakest subtopics and rewrite the missed questions in your own words

Practice the procedural and ethical rules that govern return preparation and penalties

Re-take the full-length practice exam and compare scores against week 7

Drill the 20 most frequently missed concepts using spaced repetition

Review the deduction decision tree and gain worksheet for gaps

Build a one-page formula and threshold sheet for final review