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Accy 312
Midterm
4
Accounting
Undergraduate 3
02/24/2012
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Term
General Rule – must file if:
 Definition
Gross Income is >= sum of the standard deduction (incl. age amount) and exemption amount
Additional blind amount not included in calculation
Term
Self-employed individual – must file if:
 Definition
Net earnings from a business or profession >= $400
Term
Married filing separately – must file if:
 Definition
Gross income (GI) >= personal exemption
Term
Realization
 Definition
Requires a transaction


Requires a change in property rights
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