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Course Details

Family Tax Planning (Course Id 109)

Updated / QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 310 ||| Review Questions: 120 ||| Final Exam Questions: 120
CPE Credits : 24.0
IRS Credits : 24
Price : $145.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents
Technical Designation: Technical
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 109

Description :

While the nuclear family remains the center point of society, today it is under tremendous economic and social pressure. This family tax planning course is designed to cover “hot” topics having a direct impact on the practitioner who represents any client with family issues. These CPE online tax planning classes emphasize using tax solutions to ease family economic concerns permitting the practitioner to be a real tax hero.

Usage Rank : 20556
Release : 2023
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 14-Nov-2023
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 109

Keywords : Taxes, Family, Tax, Planning, cpe, cpa, online course
Learning Objectives :

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

Chapter 1                Basic Marital Tax Matters

       At the start of Chapter 1, participants should identify the following topics for study:

    * Marital status
    * Joint return
    * Separate returns
    * Head of household
    * Exemptions
    * Divorce costs
    * Withholding & estimated tax
    * Community property states
    * Ending the community
    * Living together
Learning Objectives:

       After reading Chapter 1, participants will be able to:
    1. Determine how filing status affects taxpayers’ filing requirements, standard deductions, and correct tax by:
      a. Specifying divorce tax implications and the requirements and effects of filing as married or unmarried;
      b. Identifying the requirements of filing a joint return and how to avoid being penalized;
      c. Recognizing the key elements of filing separate returns including what items to report and whether or not married taxpayers should file separate returns; and
      d. Identifying the requirements for filing as head of household and the tax advantages and disadvantages of this filing status.
    2. Select the number of pre-2018 exemptions a client could have and state the impact said exemptions had by:
      a. Recognizing the former phaseout of exemptions showing its tax impact on taxpayers, identifying when exemptions could have been taken for spouses, and specifying prior reporting requirements for dependent exemptions;
      b. Citing the requirements for pre-2005 dependency, particularly relationship, married person, citizen or resident, and income;
      c. Identifying the former regular and special method for determining support recognizing complications from back child support and multiple support agreements;
      d. Determining the current “qualified child” standard using residency, relationship, age, and joint return prohibition; and
      e. Specifying the requirements to treat a child as a qualifying child of a non-custodial parent.
    3. Determine deductible and nondeductible divorce expenditures, identify which spouse is subject to tax imposed upon withheld wages, and specify the effects of making separate estimated tax payments or joint declarations of estimated tax.
    4. Recognize the special rules that apply to community property states and identify whether clients are affected by these rules by:
      a. Determining what constitutes community property naming community property states and the effects of conversion and commingling of property including how to avoid such issues;
      b. Identifying community income earned by married couples by:
        i. Specifying reporting guidelines, identifying how to separate income earned and received into community property and separate property and recognizing what income and property belongs to which spouse when they have different residency statuses;
        ii. Identifying requirements for the special community income allocation rules of §66(a) and determining a community property termination and the treatment of alimony payments; and
        iii. Recognizing the importance of statements and records to provide estimates of a former spouse’s income and identifying conditions for tax relief.
    5. Determine the effect of living together on filing statuses and dependency citing differences between the married tax rate and other tax rates, identify the tax consequences of having a living together contract listing tax traps, and specify the results of Marvin v. Marvin.
Chapter 2                Children

       At the start of Chapter 2, participants should identify the following topics for study:

    * Child tax credit
    * Income earned by children
    * Unearned income of children under 18
    * Adoption credit
    * Child or dependent care credit
    * Qualifying person
    * Keeping up a home
    * Employment-related expenses
    * Allowable amount & reporting
    * Dependent care assistance
Learning Objectives:

       After reading Chapter 2, participants will be able to:
    1. Identify the child tax credit listing the requirements for qualifying child and determine the tax treatment of earned and unearned income for children.
    2. Recognize the elements of the adoption tax credit stating qualifying costs and fees, specify the tests for the §21 dependent care credit and identify qualifications for §129 dependent care assistance.
Chapter 3                Education

       At the start of Chapter 3, participants should identify the following topics for study:

    * Work-related educational expenses
    * Educational expense credits
    * Education savings accounts
    * Deduction for student loan interest
    * Qualified tuition programs
    * Higher education expense deduction
    * IRA withdrawals for education expenses
    * Scholarships & fellowships
    * Educational savings bonds
    * Educational incentives & financial aid
Learning Objectives:

       After reading Chapter 3, participants will be able to:
    1. Determine the differences between qualifying §162 deductible and nonqualifying education and specify education expense credits under §25A listing covered costs and fees.
    2. Identify the benefits and requirements of §530 education savings accounts, specify the deductible portion of student loan interest payments and determine the §108 exclusion for the forgiveness of certain student loans.
    3. Recognize the mechanics and requirements of available educational benefits by:
      a. Identifying the benefits of prepaying or contributing to a student’s education stating how taxpayers may deduct higher education expenses;
      b. Specifying the tax consequence of withdrawing amounts from an IRA for education expenses under §72(t) and the employee advantages §127 employer-provided educational assistance; and
      c. Determining the differences between §117 tax-free scholarship payments and those that are taxable and identifying which education savings bonds qualify for the §135 exclusion of interest from gross income.
    4. Identify educational incentives and financial aid available to students and parents.
Chapter 4                Medical, Charitable & Casualty

       At the start of Chapter 4, participants should identify the following topics for study:

    * Medical costs
    * Medical deductions
    * Health savings accounts
    * Accelerated death benefits
    * Charitable contributions of cash
    * Charitable contributions of property
    * Substantiation
    * Casualty & theft losses
    * Deductible & nondeductible losses
    * Disaster area losses
Learning Objectives:

       After reading Chapter 4, participants will be able to:
    1. Identify deductible §213 medical care expenses for federal tax purposes by:
      a. Recognizing deductible medical costs paid for spouses and dependents listing dependency requirements;
      b. Determining the deductibility of specific medical care expenses including medical insurance premiums, costs for meals and lodging, transportation expenses, costs for cosmetic surgery, expenditures for making permanent improvements to a home, and lifetime care advance payments;
      c. Specifying the benefits of medical savings accounts showing differences such accounts have with health savings accounts, recognizing the benefits and qualifications of HSAs, and determining high deductible health plans stating how they relate to HSAs;
      d. Recognizing the mechanics of prescription drug plans and specifying what constitutes accelerated death benefits; and
      e. Determining the deductibility of health insurance by self-employed taxpayers.
    2. Specify variables that impact the deductibility of §170 charitable contributions identifying qualified organizations and limitations for these purposes naming the types of contributions that can be made, their tax treatment, and substantiation requirements. 3. Determine what constitutes casualty and theft, and specify the rules for taking a deduction for all or part of each loss under §165.
Chapter 5                Home Sales & Moving Expenses

       At the start of Chapter 5, participants should identify the following topics for study:

    * Capital gains rates
    * Rate groups
    * AMT
    * Home sales under §121
    * Special rules for ownership & use requirements
    * Prorata exception
    * 1099-S reporting
    * Distance & time tests for moving expenses
    * Deductible moving expenses
    * Reporting moving expenses
Learning Objectives:

       After reading Chapter 5, participants will be able to:
    1. Recognize the relationship between home sales and the capital gains rates, and specify the rate “baskets” created by the capital gain provisions stating how to treat capital assets in each category.
    2. Determine the key elements of the §121 home sale exclusion and its application, and specify the safe harbor proration provisions associated with the home sale exclusion.
    3. Identify whether a taxpayer meets the former distance and time tests for deductible pre-2018 moving expenses under §217.
Chapter 6                Home Mortgage Interest

       At the start of Chapter 6, participants should identify the following topics for study:

    * Secured debt
    * Qualified home
    * Special situations
    * Points
    * Mortgage interest statement – Form 1098
    * Special rule for cooperative housing
    * Home acquisition debt
    * Home equity debt
    * Mixed-use mortgages
    * Grandfathered debt
Learning Objectives:

       After reading Chapter 6, participants will be able to:
    1. Identify categories of mortgages and characteristics of secured debt that influence the deductibility of interest, determine what constitutes a “qualified home,” and specify special situations that affect qualified home mortgage interest.
    2. Recognize the general rule for the tax treatment of points specifying exceptions and, identify when a taxpayer will receive a Mortgage Interest Statement – Form 1098 and which information is included on this statement to figure interest deductions.
    3. Determine when a stock in a cooperative housing corporation owned by a tenant-stockholder is a qualified home and, identify the limits on the home mortgage deduction.
Chapter 7                Transfers Incident to Divorce

       At the start of Chapter 7, participants should identify the following topics for study:

    * Property rights
    * Premarital agreements
    * Application of §1031
    * Incident to divorce
    * Property basis
    * Purchases of residence between spouses
    * Purchases of business interests between spouses
    * Selected asset divisions of residence & business interests
    * Real & personal property
    * Pension benefits
Learning Objectives:

       After reading Chapter 7, participants will be able to:
    1. Identify forms of marital property stating their likely division in marital property settlements and specify the legal principles used in dividing assets and providing support on divorce or separation.
    2. Recognize the benefits of premarital agreements in avoiding potential divorce problems, determine elements of the Uniform Premarital Act, and list the provisions that are allowed in such agreements.
    3. Determine the tax consequences of various property settlements by:
      a. Identifying the requirements of §1041 stating how it changed the result of U.S. v. Davis and their application to common interspousal transfers;
      b. Specifying factors that influence whether a property transfer is “incident to divorce” identifying how to meet these factors or avoid §1041 altogether;
      c. Recognizing the treatment of transfers in trust under §1041(e), and specifying the tax treatment of third party transfers on behalf of a spouse or former spouse;
      d. Determining property basis as a result of §1041 transfers applying §1041 where the transferee assumes liabilities encumbering the property; and
      e. Identifying the holding period for assets transferred between spouses incident to divorce.
    4. Specify the dangers of interspousal purchases including deferred tax liability, determine three effects of purchasing an interest in tangible personal property or real property used in a trade or business or held for investment, and identify potential depreciation recapture.
    5. Determine the tax consequences of selected asset divisions incident to divorce and those that follow bankruptcy.
Chapter 8                Alimony & Child Support

       At the start of Chapter 8, participants should identify the following topics for study:

    * Divorce or separation instrument
    * Alimony requirements of instruments executed after 1984
    * Alimony requirements of instruments executed before 1984
    * Deducting alimony paid & reporting alimony received
    * Recapture of alimony for type A & B agreements
    * Alimony substitution trusts & annuities
    * Alimony paid by an estate
    * Child support
    * COBRA coverage
    * Qualified medical child support orders
Learning Objectives:

       After reading Chapter 8, participants will be able to:
    1. Determine what constitutes “alimony” and “separate maintenance payments” under §71 and their deduction or income treatment under §215 before and after 2019, specify types of §71 “divorce or separation instruments” and identify how having an invalid decree, an amended instrument, or a premarital agreement impacts such an instrument.
    2. Define alimony for instruments executed after 1984 based on the seven alimony requirements by:
      a. Determining whether a cash payment is deemed made to or on behalf of a former spouse in order to characterize it as alimony or otherwise;
      b. Specifying when spouses are members of different households and the alimony pitfall of being required to make payments after a former spouse’s death;
      c. Determining what constitutes child support and alimony citing their different tax treatment, particularly of payments made by a spouse who files a joint return with the recipient spouse; and
      d. Selecting which payments are subject to the provision establishing a minimum term for alimony.
    3. Identify the alimony and child support provisions that currently apply with those that applied to instruments executed prior to 1985 by:
      a. Specifying pre-1985 alimony requirements, and determining periodic payments stating whether certain payments would have qualified under these rules; and
      b. Determining a marital or familial relationship specifying the similarities and differences in the treatment of child support under current law and previous law.
    4. Recognize the pre-2019 deduction of alimony paid and reporting of alimony received, recognize the use of alimony trusts to realize tax advantage and security, determine alimony recapture, and identify the use of annuity contracts and the tax treatment of alimony paid by an estate.
    5. Specify the tax treatment of child support recognizing events that determine whether a contingency is clearly child-related recalling how to rebut this presumption of child support and identify COBRA rules and qualified medical child support orders to make the most of health care coverage plans.
Chapter 9                Financial Tax Planning

       At the start of Chapter 9, participants should identify the following topics for study:

    * Goals v. purposes
    * Investment purposes
    * Myths of retirement
    * Investment goals
    * Investment needs of five critical decades
    * Investment vehicles & entities
    * Retirement—the ultimate objective
    * Retirement costs & income needs
    * Retirement plan development
    * Basic planning elements
Learning Objectives:

       After reading Chapter 9, participants will be able to:
    1. Identify short-term financial goals and investment purposes, recognize the importance of defining realistic goals and how investing allocation changes with age.
    2. Determine the tax consequences of title holding methods by:
      a. Specifying ways to hold title to assets starting with the simplest and most direct way to hold property;
      b. Cite the tax benefits and drawbacks of co-tenancies, corporations (both C & S), partnerships, qualified retirement plans, and trusts particularly as they relate to a client's after-tax investment return; and
      c. Identifying custodianship under the uniform acts and determining how an estate can be tax beneficial to taxpayers.
    3. Recognize the impact of retirement planning postponement identifying the importance of early planning using the author's suggested step process, specify a balance sheet method to plan retirement, determine how to diversify portfolios by balancing liquid and nonliquid assets, and identify the purpose of savings listing strategies to save.
Chapter 10                Building an Estate

       At the start of Chapter 10, participants should identify the following topics for study:

    * Types of income
    * Information reporting on taxable income
    * Rules of budgeting
    * Cash
    * Acquisition
    * Assets
    * Rules of management
    * Managing risk
    * Taxes & investment economics
    * Leverage
Learning Objectives:

       After reading Chapter 10, participants will be able to:
    1. Identify the goals of money management listing types of income in order to preserve cash more effectively.
    2. Determine how to budget income into cash by containing expenditures and developing discretionary income and control cash, specify how to convert income into assets by purchasing investments, and identify asset acquisition rules.
    3. Recognize tax-advantage investments stating management rules, and determine the economic impact of accelerating deductions, postponing tax liability, and leveraging.
Chapter 11                Income Splitting

       At the start of Chapter 11, participants should identify the following topics for study:

    * Using progressive tax rates
    * Deductible business expenses
    * Home-office deduction
    * C or regular corporations
    * S corporations
    * Family partnerships
    * Kiddie tax trap
    * Childcare & education
    * Gifts
    * Interest-free loans
Learning Objectives:

       After reading Chapter 11, participants will be able to:
    1. Determine how splitting income among a family group minimizes overall taxes using major income splitting formats, and recognize the use of an unincorporated business to obtain deductible business expense and the home-office deduction.
    2. Identify the benefits and requirements of using a C or an S corporation specifying the taxation of these entities including their ability to split income, and determine family members in a §704(e) family partnership.
    3. Recognize a custodianship's ability to split income and contain the “kiddie tax,” identify the use of gifts to reduce death taxes and split income, and specify how to prevent the recharacterization of a loan under §7872.
Chapter 12                Retirement Plans

       At the start of Chapter 12, participants should identify the following topics for study:

    * Qualified deferred compensation
    * Basic requirements of a qualified pension plan
    * Basic types of corporate plans
    * Types of defined contribution plans
    * Self-employed plans – Keogh
    * Distribution & settlement options of IRAs
    * Tax-free rollovers for IRAs
    * Roth IRAs
    * Simplified employee pension plans (SEPs)
    * SIMPLE Plans
Learning Objectives:

       After reading Chapter 12, participants will be able to:
    1. Determine what constitutes nonqualified and qualified deferred compensation plans identifying their benefits and contribution limits and specify the current and deferred advantages and disadvantages of corporate plans listing fiduciary responsibilities and prohibited transactions.
    2. Identify the requirements of basic forms of qualified pension plans enabling clients to compare and contrast such plans.
    3. Determine the requirements of defined contribution and defined benefit retirement plans and specify the types of defined contribution plans recognizing their impact on retirement benefits.
    4. Identify the differences between self-employed plans and qualified plans from other business types and owners citing key choice of entity factors.
    5. Specify the requirements of IRAs, SEPs, and SIMPLEs, and recognize tax-free Roth IRA distributions listing strategies to maximize plan benefits.
Chapter 13                Distributions from Retirement Plans & IRAs

       At the start of Chapter 13, participants should identify the following topics for study:

    * Prior law for annuity payments
    * Mandatory basis rule for annuity payments
    * Nonqualifying lump-sum distributions
    * Treatment options for lump-sum distributions
    * Eligible rollover distributions
    * 20% withholding
    * Rollover period
    * Premature distributions
    * Minimum distribution rules
    * Making charitable gifts with plan balances
Learning Objectives:

       After reading Chapter 13, participants will be able to:
    1. Identify popular ways to receive distributions from a retirement plan or an IRA, specify types of annuities and their effect on how and when participants receive payments, determine the tax on annuity payments using either the general rule or the simplified general rule and recognize lump-sum distributions and their special tax treatment.
    2. Cite the key components of rollovers that can be used to reinvest cash or other assets without including the amount in income.
    3. Specify the tax consequences of taking premature distributions assisting clients in avoiding the 10% penalty, and recognize the minimum distribution rules stating how to avoid the 50% penalty associated with taking either smaller distributions than required or distributions after the required beginning date for minimum distributions.
Chapter 14                Elderly & Disabled Planning

       At the start of Chapter 14, participants should identify the following topics for study:

    * Managing the estate
    * Medicare
    * Medicaid & countable assets
    * Medicaid & non-countable assets
    * Medicaid & inaccessible assets
    * Private insurance
    * Healthcare decisions
    * Supplemental security income
    * Income & assets
    * Disability benefits
Learning Objectives:

       After reading Chapter 14, participants will be able to:
    1. Identify ways to manage an incompetent person’s estate specifying their uses and benefits.
    2. Recognize the basic eldercare benefits of Medicare and Medicaid, specify what constitutes income and the three separate asset groups for Medicaid, determine differences and requirements for Supplemental Security Income and Social Security disability benefits, and identify common health care decisions such as having a living will.
Chapter 15                Wills & Probate

       At the start of Chapter 15, participants should identify the following topics for study:

    * Provisions of wills
    * Requirements of wills
    * Executors and guardians
    * Types of wills
    * Title implications
    * Changes to a will
    * Advantages of a will
    * Simple will
    * Probate pros and cons
    * Probate avoidance
Learning Objectives:

       After reading Chapter 15, participants will be able to:
    1. Specify types of wills citing functions a will can perform, identify types of bequests, determine the duties of executors and guardians, and recall ways to hold title and their tax ramifications.
    2. Identify advantages of a properly drafted will, determine the distribution flow of simple wills, and specify the pros and cons of probate proceedings.
Chapter 16                Estate Planning

       At the start of Chapter 16, participants should identify the following topics for study:

    * Unlimited marital deduction
    * Applicable exclusion amount
    * Stepped-up basis
    * Basic estate planning goals
    * Simple will
    * Types of trusts
    * Charitable trusts
    * Insurance trusts
    * Family documents
    * Private annuities
Learning Objectives:

       After reading Chapter 16, participants will be able to:
    1. Recognize the unlimited marital deduction and its effect on the gross estate of the value of property, determine the applicable exclusion amounts for various years of death, and specify what constitutes “stepped-up basis” and the repealed “modified carryover basis” for estate tax purposes.
    2. Identify estate planning goals, recognize the benefits and drawbacks of the primary dispositive plans, specify the various types of estate trusts and family estate documents, and recall the former advantages and disadvantages of the private annuity.
Course Contents :

Chapter 1 - Basic Marital Tax Matters

Filing Status

Marital Status


Abandoned Spouse Rule - §7703


Same-Sex Marriage

Joint Return



Innocent Spouse Exception

Refund Offset Program - §6402

Injured Spouse - Form 8379

Separate Returns

Itemized Deductions

Medical Expenses

Property Tax & Interest

State Income Taxes

Casualty Loss

Separate vs. Joint Dilemma

Disadvantages of a Separate Return

Advantages of a Separate Return

Joint Return After Separate Returns

Head of Household


Considered Unmarried

Keeping Up a Home

Qualifying Person

Nonresident Alien Spouse

Exemptions & Phaseout (Suspended)

Phaseout of Exemptions

Personal Exemptions


Former Spouse

Dependency Exemptions

Dependency Before 2005

Five Tests

Test #1 - Relationship

Household Member

Test #2 - Income

Dependent Child Income Exception

Definition of a Child

Definition of a Student

Test #3 - Citizen or Resident

Test #4 – Married Person

Test #5 - Support

Regular Method

Special Support Method for Children of Divorced or Separated Parents

Back Child Support

Dependency After 2004 & Before 2018 Suspension

Four Tests

Test #1 - Residency (or Time) & Citizenship

Children of Divorced or Separated Parents

Test #2 - Relationship Test

Test #3 - Age Test

Test #4 - Joint Return Restriction

Medical Expenses

Child-Care Credit


Divorce Costs

Tax Advice - §212(3)

Fees to Obtain Alimony or Protect Income - §212(1) & (2)

Fees to Obtain Property - §1012 & 1016

Nondeductible Expenses

Withholding & Estimated Tax

Joint Estimated Tax Payments

Refunds & Deficiencies

Nonresident Alien Spouse Withholding

Marital Property

Common Law Property

Equitable Distribution

Community Property

Community Property States



Income Reporting

Spouses with Different Residency Statuses

Special Income Rules For Spouses Living Apart - §66(a) & §879

Mandatory Application

Earned Income

Social Security Benefits

Other Income

Denial of Community Property Reporting - §66(b)

Community Reporting Relief Provisions - §66(c)

Ending the Community



Alimony vs. Community Income

Living Together

Married v. Unmarried Tax Rate Comparison

Sham Divorce

Dependency Exemptions

Attributable Income

Alimony & Property Divisions

Chapter 2 - Children

Child Tax Credit - §24

Credit Amount

Refundable Child Care Credit Amount

AMT & Child Tax Credit

Qualifying Child


Maximum Allowable Child Credit

Children's Income


Standard Deduction for Dependent Children - §63

“Kiddie” Tax on Unearned (Investment) Income - §1(g)

Application, Threshold & Impact of Suspended Rule


AMT Exemption for Children - §59(j)

Tax Computation Steps

Other  "Kiddie Tax'  Items

Adoption Credit- §23 & §137

Exclusion from Income for Employer Reimbursements

Child or Dependent Care Credit - §21


Qualifying Person

Qualified Child

Children of Divorced or Separated Parents

Physical Custody Determinative

Limited Application of Release of Claim to Exemption - Form 8332

Keeping up a Home Requirement Gone



Elimination of Maintaining a Home Requirement After 2004

Earned Income

Employment Related Expenses

Working or Looking for Work

Work for Part of the Year

Payments While Out Sick

Care of a Qualifying Person


Household Services

Qualifying Out-of-the-Home Expenses


Payments to Relatives

Allowable Amount

Reduction for Dependent Care Assistance


Cleaning Services

Dependent Care Assistance - §129

Amount of Assistance


55% Test


Conflict with Dependent Care

Chapter 3 - Education

Work-Related Educational Expenses - §162

Qualifying Education



Temporary Absence

Education Required by Employer or by Law

Education to Maintain or Improve Skills

Nonqualifying Education

Education to Meet Minimum Requirements

Kersey Case Example

Requirements for Teachers

Certification in a New State

Education to Qualify for a New Trade or Business

Bar or CPA Review Course

Qualifications for Teachers

Deductible Educational Expenses

Unclaimed Reimbursement

Transportation Expenses


Travel Expenses

Cruises & Conventions

Meal Expenses

Travel as Education

Education Expense Credits - §25A

HOPE (with “American Opportunity” modifications) Credit

Phase Out



Eligible Students

Eligible Expenses

Timing the Credit

Eligible Educational Institutions

Notice 97-60 on the Hope Scholarship Credit

Lifetime Learning Credit - §25A(c)

Phase Out - §25A(d)(1)

Eligible Students


Timing the Credit

Eligible Expenses

Eligible Educational Institutions

Comparison with Hope (“American Opportunity”) Credit

Notice 97-60 on the Lifetime Learning Credit

Choosing Which Credit To Claim

No Double Benefit



Education Savings Accounts - §530

Contribution Limits

Beneficiary Limit

Contributor Limit

Phased Out of Contribution

Excess Contributions

Qualified Expenses - §530(b)(2)


Designated Beneficiary

Changing the Designated Beneficiary

Eligible Educational Institution

Half-time Student

Coordination with Other Education Incentives

Age 30 Required Distribution

Form 1099-Q Reporting

Documentation & Further Requirements


Transfer Because of Divorce


When Assets Must be Withdrawn

Deduction for Student Loan Interest - §221


Qualified Education Loan

Related Party Loan

Qualified Higher Education Expenses

Payment of Expenses

Eligible Educational Institution

Eligible Student

Claiming the Deduction


Cancellation of Certain Student Loans - §108

Qualified Tuition Programs - §529


Changing Beneficiaries

Family Members


Form 1099-Q Reporting

Qualified Higher Education Expenses - §529(e)(3)

Computer Equipment & Technology

Refunds & Reinvestment


Eligible Educational Institution

Prohibition Against Investment Direction

Interaction with HOPE & Lifetime Learning Credit

Gift Tax Annual Exclusion

Rollovers Between §529 Tuition & ABLE Programs

Higher Education Expense Deduction (Repealed) - §222


Maximum Deduction


Year of the Deduction

Qualified Higher Education Expenses

Coordination with Exclusions

Coordination with Credits

IRA Withdrawals for Education Expenses - §72(t)

Notice 97-60 on IRA Withdrawals for Education

Employer-Provided Educational Assistance - §127

Notice 97-60

Scholarships & Fellowships - §117

Qualified Scholarship or Fellowship - §117

Incidental Expenses

Degree Candidate

Payment for Services

Service Academy Cadets

Student Loans

Cancellation of Student Loan Debt - §108

Qualified Tuition Reduction - §132(h)

Educational Savings Bonds - §135

Income Exclusion



Notice 90-7

Education Expenses

Excludable Interest

Forms 8818 & 8815

Educational Incentives & Financial Aid


Independent Student

Financial Aid Planning for the Parent

Asset Planning Through the High-Income Parent

Other Sources of Financial Aid Info

Chapter 4 - Medical, Charitable & Casualty

Medical Costs - §213


Separate Returns

Community Property States


Adopted Child

Children of Divorced or Separated Parents

Multiple Support Agreements


Medical Deductions

Items Deductible

Items Not Deductible

Medical Insurance Premiums

Meals & Lodging

Expenses of Transportation

Cosmetic Surgery

Permanent Improvements

Lifetime Care Advance Payments

Reimbursement of Expenses

Amounts Deductible

Long-Term Care Provisions

IRA Withdrawals for Certain Medical Expenses

Medical Savings Accounts (Archer MSAs) - §220

Health Savings Accounts (HSAs) - §223



High Deductible Health Plan (HDHP)

Limits for HDHP

Amount of Contribution

Special Rules for Married Couples

Establishing an HSA



Qualified Medical Expenses

Insurance Premiums

Record Keeping

Health Care Act Changes

Prescription Drug Costs

Accelerated Death Benefits

Terminally Ill Individual

Chronically Ill Individual

Exclusion Limited

Health Insurance For Self-Employed

Charitable Contributions - §170

Requirements for Deductibility

Qualified Organizations

Limitations on Contributions

Five-year Carryover

Contributions of Cash

Benefits Received

Benefit Performances

Athletic Event Seating Rights Repealed

Raffle Tickets, Bingo, Etc.

Dues, Fees, or Assessments

Contribution of Property

Clothing & Household Goods

Ordinary Income or Short-term Capital Gain Type Property


Capital Gain Type Property


Conservation Easements

Loss Type Property

Vehicle Donations

Fractional Interests

Other Types of Contributions

Charitable Distributions from an IRA


Cash Contributions

Contributions Less Than $250

Contributions of $250 or More

Payroll Deduction Records

Noncash Contributions

Deductions of Less Than $250

Additional Records

Deductions of At Least $250 But Not More Than $500

Deductions Over $500 But Not Over $5,000

Deductions Over $5,000

Contributions Over $75 Made Partly for Goods or Services

Casualty & Theft Losses - §165



Mislaid or Lost Property

Deductible Losses

Nondeductible Losses

Proof of Loss

Amount of Loss


Recovered Property

Related Expenses

Protection Cost

Repair & Replacement Costs

Allocation for Mixed Use Property

Insurance and Other Reimbursements


Disaster Area Losses

Unsafe Home

Special Residence Rule

Loss on Deposits

Chapter 5 - Home Sales & Moving Expenses


Capital Gains & Qualified Dividends

Rates - §1

28% Rate Group

25% Rate Group - Unrecaptured §1250 Gain

15% (or sometimes 20%) Rate Group - Adjusted Net Capital Gain

The Hidden Rate - Net Investment Income Tax - §1411

Former 18% & 8% Rate Group (Repealed)

Deemed Sale Election (Repealed)


Small Business Stock

Netting Capital Gains & Losses


Home Sales - §121

Exclusion Amount


Reduced Home Sale Exclusion for Nonqualified Use


Nonqualified Use

Post-May 6, 1997 Depreciation

Surviving Spouse Home Sale Exclusion

Home Sale Exclusion for Decedent’s Estate

Ownership & Use Requirements

Special Rules

Occasional Absences

Tacking of Prior Holding Period

Rental of Personal Residence


Vacant Land

Mixed Personal & Business Use of Home

Depreciation after May 6, 1997


Prorata Exception

Prorata Clarification

Safe Harbor Regulations

Change in Place of Employment


Unforeseen Circumstances

Two-Year Requirement

Remainder Interests

1099-S Reporting

Revenue Procedure 98-20

Moving Expenses (Suspended) - §217

Distance Test

Time Test

Time Test for Employees

Time Test for Self-employment

Deductible Expenses

Travel Expenses

Travel by Car

Location of Move



Chapter 6 - Home Mortgage Interest

Home Mortgage Categories

What Happened to Home Equity Debt?

Secured Debt

Unsecured Debt

Wraparound Mortgage

Treating Debt as Unsecured

Qualified Home

Second Home

Divided Use of Home



Married Taxpayers

Special Situations

Late Payment Charge

Prepayment Penalty

Sale of Home

Prepaid Interest

Mortgage Interest Credit

Ministers’ & Military Housing

Shared Appreciation Mortgage (SAM)

Graduated Payment Mortgages (GPM)

Mortgage Assistance Payments

Ground Rent

Redeemable Ground Rent

Nonredeemable Ground Rent

Reverse Mortgage Loans

Refunds of Interest

Cooperative Apartment Owner


General Rule

Exception - Fully Deductible Points

Service Charges

Seller Paid Points

Funds Provided Are Less than Points

Excess Points

Mortgage Ending Early


Mortgage Interest Statement - Form 1098

Special Rule for Cooperative Housing

Cooperative Housing Corporation

Debt Secured by Stock

Determining Home Mortgage Interest

Limits on Home Mortgage Interest

Home Acquisition Debt

Home Acquisition Debt Limit

Refinanced Home Acquisition Debt

Mortgage Deemed Used To Buy, Build, or Improve Home

Date of the Mortgage

Cost of Home or Improvements

Substantial Improvement

Home Equity Debt Suspended

Home Equity Debt Limit

Fair Market Value

Mixed-Use Mortgages

Grandfathered Debt

Refinanced Grandfathered Debt


Line-of-Credit Mortgage

Chapter 7 - Transfers Incident to Divorce

Property Rights

Marital Property

Common Law Property

Community Property

Equitable Distribution

Separate Property

Asset Division Principles

Premarital Agreements

Uses & Benefits

Control & Scope


Retirement Equity Act of 1984

Enforceability Requirements


Uniform Premarital Act - The California Example

Permitted Items of Agreement

Unenforceable Items

Property Settlements

Section 1041

Application of §1041

Mandatory Scope

Property vs. Income

Savings Bonds



Imputed Interest

Incident to Divorce

Related To Termination

Rebuttable Presumption

Divorce or Separation Instrument

Transfers in Trust

Third-Party Transfers

Property Basis

Gift Variation

Passive Activity Loss Property

Property Transferred In Trust

Basis in U.S. Savings Bonds

Negotiated Property Divisions

Adjudicated Property Divisions


General Rule - Immediate & Specific


Holding Period

Notice & Recordkeeping

Purchases Between Spouses


Home Mortgage Interest

Deferral & Exclusion of Gain

Business & Investment Property


Section 1031 Exchange

Asset Separation

Related Parties

Two-Year Restriction

Foreign Property

Form 8824

Spousal Transfers

Installment Sale of Assets

Selected Asset Divisions


Section 121 Home Sales

Two-Year Ownership & Use Requirements

Special Divorce Rules

Tacking of Prior Holding Period

Prorata Exception

Limitations on Exclusion

Installment Obligations

Business Interests

Corporate Stock

Cases & Rulings

PLR 9046004

Arnes Cases

Mrs. Arnes v. United States, 981 F .2d 456 (9th Cir. 1992)

Mr. Arnes v. Commissioner, 102 TC 522 (1994)

Blatt Case

Gaughan Case

Section 302 Stock Redemption



Section 736(a) Payments

Effect on Recipient

Section 736(b) Payments


Exclusions From §736(b) Treatment


Series of Payments

Section 754 Election

Insurance Policies

Real & Personal Property

Classification of Assets

Character of Gain or Loss

Capital Assets - §1221

Long-Term or Short-Term

Installment Sale

Net Gain or Loss

Treatment of Net Capital Gains

Section 1231 Assets

Gains & Losses

Recapture Of Net Ordinary Losses

Ordinary Assets

Depreciable Property

Recapture on Personal Property

Section 1245 Property

Treatment of Gain

Recapture on Real Property

Section 1250 Property

Pension Benefits

Qualified Domestic Relations Order

Taxation of Distributions

Deferred v. Present Division of Benefits

Deferred Division Arguments

Present Division or Alternate Property Arguments

Individual Retirement Arrangements

IRA Deduction Limit


Divorce Distributions

Amounts Not Rolled Over

Retirement Planning After Divorce

Social Security Benefits

Divorced Spouse Benefits

Divorced Widow(er) Benefits

Military Pensions

Divorced Spouse Benefits

Jurisdiction Requirement

Disposable Pay

Direct Payment

Divorced Widow(er) Benefits

Social Security Offset

Civil Service Pensions

Divorced Spouse Benefit

Divorced Widow(er) Benefit

Railroad Pensions

Divorced Spouse Benefit

Divorced Widow(er) Benefit


Chapter 8 - Alimony & Child Support

Spousal Support - aka Alimony

Divorce or Separation Instrument

Invalid Decree

Amended Instrument

Premarital Agreements

Alimony Rules


Payment Must Be In Cash

Payments to a Third Party

Written Requests, Consents, or Ratifications

Payments for Family Residence

Taxpayer-Owned Home

Spouse-Owned Home

Jointly-Owned Home

Rent On Property Owned by a Third Party

Payments for Life Insurance

Contingent Interest

Voluntary Payments

Payments to Remarried Spouse

Designating Payments as Not Alimony

Members of Different Households


Termination at Death

Substitute Payments

Child Support

Past Due Child & Spousal Support Payments

Joint Return Prohibited

Minimum Term Rule for 1985 & 1986 Instruments


Instruments Executed Before 1985 - A Historical Perspective

Old Requirements - Long, Long Ago in a Galaxy Far Away

Periodic Payments

Exception for Installment Payments

Mixed Payments

Marital or Family Relationship

Property Settlement

Child Support

Tax Treatment of Alimony

Instruments Executed Before 2019

Alimony Paid - Deductible

Reporting Alimony Received - Income

Alimony as Compensation

Recapture of Alimony for Type A & B Agreements

Exceptions to Recapture

Including the Recapture in Income

Deducting the Recapture

TRA ‘84 Recapture - 1985 & 1986 Instruments

TRA ‘86 Recapture - After 1986 Instruments



Alimony Substitution Trusts & Annuities

Advantages of Alimony Trust

Disadvantages of Alimony Trust


Alimony Paid by an Estate

Instruments Executed After  2018

Child Support

Contingency Relating To the Child

Clearly Associated With a Contingency

Heller Case

Rebuttable Presumptions

COBRA Coverage

Coverage Termination



Choice of Coverage



Qualified Medical Child Support Orders


Procedures & Duties


Chapter 9 - Financial Tax Planning

Comparing Goals & Purposes

Investment Purposes

Purpose #1 - Comfortable Retirement

Myths of Retirement

Plan For 10 to 15 Retirement Years

Stay With One Company to Retire With the Best Benefits

Preserve Capital

Retirees Are Taxed Less

Housing Costs Are Less

Just the Spouse and Me

Medicare Will Cover Medical Bills

Retirees End Up In a Nursing Home

Purpose #2 - Education

Purpose #3 - Family & Personal Stability

Purpose #4 - Enjoyment of Life

Purpose #5 - Commitment

Investment Goals

Find Your Place in Time

“Know Thy Investment Self”

Investment Vehicles & Entities






Retirement Plan



Retirement Now - The Ultimate Objective

Defining Retirement

When Do I Want To Retire?

What Kind Of Lifestyle Do I Want?

Do I Want To Move?

Determining Retirement Costs & Income Needs

Developing a Plan

Savings - The 10% Rule

Selected Strategies for Savings

Basic Planning Elements

Chapter 10 - Building an Estate

Assets, Income & Cash


Type #1 - Taxable

Information Reporting on Taxable Income


Salary & Wages

Interest Income



Gambling Winnings

Other Income Known to the IRS

Real Estate Transactions

Type #2 - Tax-free

Type #3 - Tax-Deferred

Type #4 - Tax-sheltered


Borrowed Money

Gain on Home Sales

IRA Rollovers


Life Insurance Proceeds

Property Settlements

Child Support Payments

Money Recovered For Personal Injuries

Workers Compensation Payments

Disability Payments

Tax Refunds

Municipal Bond Interest

Vacation Home Rental

Children’s Wages

Children’s Investment Income



Rule #1: Expenses - 60%

Rule #2: Taxes - 20%

Rule #3: Savings - 10%

Rule #4: Education - 10%

Rule #5: Keep Your Benefits



Emergency Funds

Savings as Deferred Investing

How To Save

Programmed Savings

Tax Savings

Joint vs. Separate Returns

Purchase of Assets


Stay Liquid - Be Able To Get Your Money Back

Grow - Make Money on Your Money

Shelter - Get Tax Benefits

Build - Don’t Spend Your Benefits

Avoid Linking - Each Investment Must Stand On Its Own

Analyze - Investigate the Investment



Rule #1 - Develop Cash Flow

Rule #2 - Learn To Negotiate

Rule #3 - Manage Risk

Investment Loss


Poor Health

Premature Death

Rule #4 - Diversify

Rule #5 - Monitor Assets

Rule #6 - Use Systems

Taxes & Investment Economics

Deductions Now, Taxes Later or Maybe Never

Accelerate Deductions


Charitable Contributions

Medical Expenses

Miscellaneous Expenses

Business Expenses


Chapter 11 - Income Splitting

Using Progressive Tax Rates

Splitting Income Among Group Members

Wealth Allocation

Major Formats

Unincorporated Business

Deductible Business Expenses

Home-Office Deduction

Requirements - §280A

Non-Exclusive Use Exceptions

Income Limitation

Home Office Deduction Expansion


Square Footage Safe Harbor - R.P. 2013-13

Retirement Plans

Hiring Your Children

Hiring Your Spouse

Travel Expenses

Casualty Losses

Bad Debts

Self-Employment Tax


“C” or Regular Corporation

Planning Considerations

When to Incorporate


Cash for Stock

Property for Stock

Stock for Services

Stock for Debt

Repeal of the “General Utilities” Doctrine

Corporate Assets



Gift & Leaseback

Sale & Leaseback

“S” Corporation

Single Taxation

S Corporation Return

Planning Considerations

Tax Advantages


Corporations That Qualify


Estimated Tax Payments

Family Partnership

Partner’s Distributive Share

Partnership Return

Schedule K-1 (Form 1065)

Family Partnerships

Family Members


Children as Partners

Earned Income

Gift of Capital Interest

Custodianship & Children


Kiddie Tax - §1(g)

Income-Shifting Investments

US Savings Bonds

Municipal Bonds

Growth Stock

Real Estate

Child Care & Education

Nursery School & Day Care - §21

Special Schools

Credit Plus Special School Expenses

Employer Dependent Care Program - §129

Education Savings Bonds - §135

Notice 90-7

Interest on Education Loans - §221

Buying an Off-campus House

Status as Second Home

Status as Rental Property

Gifting Gain for Education Expenses


Gifts by Check



Interest Free Loans

De Minimis Exception

Special Rule for Gift Loans

Chapter 12 - Retirement Plans

Deferred Compensation

Qualified Deferred Compensation

Qualified v. Nonqualified Plans

Major Benefit

Current Deduction

Timing of Deductions

Part of Total Compensation

Compensation Base

Salary Reduction Amounts

Benefit Planning

Corporate Plans





Employee Costs

Comparison with IRAs & Keoghs

Basic ERISA Provisions

ERISA Reporting Requirements

Fiduciary Responsibilities

Bonding Requirement

Prohibited Transactions

Additional Restrictions

Fiduciary Exceptions


Pandemic Provisions

Employer Securities

Excise Penalty Tax

PBGC Insurance

Sixty-Month Requirement

Recovery Against Employer

Termination Proceedings

Plans Exempt from PBGC Coverage

Basic Requirements of a Qualified Pension Plan

Written Plan





Exclusive Benefit of Employees

Highly Compensated Employees

Reversion of Trust Assets to Employer

Participation & Coverage

Age & Service


Percentage Test

Ratio Test

Average Benefits Test

Numerical Coverage

Related Employers


Full & Immediate Vesting

Minimum Vesting

Nondiscrimination Compliance

Contribution & Benefit Limits

Defined Benefit Plans (Annual Benefits Limitation) - §415

Defined Contribution Plans (Annual Addition Limitation) - §415

Limits on Deductible Contributions - §404

Assignment & Alienation

Miscellaneous Requirements

Basic Types of Corporate Plans

Defined Benefit


Defined Benefit Pension

Defined Contribution



Favorable Circumstances

Types of Defined Contribution Plans


Requirements for a Qualified Profit-Sharing Plan

Written Plan


Deductible Contribution Limit

Substantial & Recurrent Rule

Money Purchase Pension

Cafeteria Compensation Plan

Thrift Plan

Section 401(k) Plans

Death Benefits

Defined Benefit Plans

Money Purchase Pension & Target Benefit Plans

Employee Contributions


Life Insurance in the Qualified Plan


Universal Life


Plan Terminations & Corporate Liquidations

10-Year Rule

Lump-Sum Distributions

Asset Dispositions

IRA Limitations

Self-Employed Plans - Keogh

Contribution Timing

Controlled Business

General Limitations

Effect of Incorporation


Parity with Corporate Plans

Figuring Retirement Plan Deductions For Self-Employed

Self-Employed Rate

Determining the Deduction

Individual Plans - IRA’s

Deemed IRA



Special Spousal Participation Rule - §219(g)(1)

Spousal IRA


Contributions & Deductions

Employer Contributions

Retirement Vehicles

Distribution & Settlement Options

Life Annuity Exemption

Minimum Distributions

Pandemic Provisions

Required Minimum Distribution


Required Minimum Distributions During Owner’s Lifetime

Sole Beneficiary Spouse Who Is More Than 10 Years Younger

Required Minimum Distributions in Year of the Owner's Death

Beneficiaries - Distributions after Owner’s Death

Estate Tax Deduction

Charitable Distributions from an IRA

Post-Retirement Tax Treatment of IRA Distributions

Income In Respect of a Decedent

Estate Tax Consequences

Losses on IRA Investments

Prohibited Transactions

Effect of Disqualification


Borrowing on an Annuity Contract

Tax-Free Rollovers

Rollover from One IRA to Another

Waiting Period Between Rollovers

Partial Rollovers

Rollovers from Traditional IRAs into Qualified Plans

Rollovers of Distributions from Employer Plans

Withholding Requirement

Waiting Period Between Rollovers

Conduit IRAs

Keogh Rollovers

Direct Rollovers From Retirement Plans to Roth IRAs

Rollovers of §457 Plans into Traditional IRAs

Rollovers of Traditional IRAs into §457 Plans

Rollovers of Traditional IRAs into §403(B) Plans

Rollovers from SIMPLE IRAs

Roth IRA - §408A


Contribution Limitation

Roth IRAs Only

Roth IRAs & Traditional IRAs




Taxation of Distributions

No Required Minimum Distributions

Simplified Employee Pension Plans (SEPs)

Contribution Limits & Taxation



Employee Limit

Other Qualified Plan

Set up

Contribution Limits

Salary Reduction Contributions

Employer Matching Contributions

Deduction of Contributions


SIMPLE §401(k) Plan

Chapter 13 - Distributions from Retirement Plans & IRAs

Annuity Payments - §72

General Rule - Prior Law

Exclusion Ratio

Investment in Contract (Cost)

Expected Return

Simplified Alternative Rule - Prior Law

Mandatory Basis Rule - Current Law

Annuity Benefits Paid Over Two Lives

Withholding & Estimated Tax

Lump-Sum Distributions

Nonqualifying Distributions

Treatment Options

5-Year Averaging - Repealed

Employer Securities - Net Unrealized Appreciation (NUA)

Capital Gain Treatment

“Grandfather” or Transition Rules


Eligible Rollover Distributions

20% Withholding


Direct Rollover

Rollover Period

Annual Usage

Rollover of Noncash Distributions

Qualified Domestic Relations Order Rollover

Surviving Spouse Rollover

Premature Distributions - 10% Penalty




Equal Periodic Payments

Total Value & Aggregation Requirement

Five-Year Requirement

Medical Expenses

Qualified Domestic Relations Order

Recapture Tax

Minimum Distribution Rules

2009 Waiver of Required Minimum Distribution Rules

Required Beginning Date for Minimum Distributions

Minimum Distribution Rules

Making Charitable Gifts with Plan Balances

Chapter 14 - Elderly & Disabled Planning

Managing the Estate

Joint Tenancy


Durable Power

Revocable Living Trust

Catastrophic illness



Countable Assets

Non-Countable Assets

Personal Residence

Gifting the Residence - General Rule


Inaccessible Assets


Spousal Transfers

Spousal Allowance

Medicaid Trusts

Limited Trust Exceptions

Criminalization of Medicaid Asset Transfers

Private Insurance

Health Care Decisions

Supplemental Security Income


Unearned Income

Earned Income

Exempt Income


Countable Assets

Non-Countable Assets

Disability Benefits


Kidney Disease


Chapter 15 - Wills & Probate

What Is A Will?

Provisions & Requirements

Specific & General Bequests

Residual Bequests

Conditional Bequests



Types of Wills

Title Implications


Joint Tenancy

Tenants in Common

Tenants by the Entirety

Community Property

Tax Basis Advantage

Untitled Assets

Changes to a Will

Advantages of a Will

Intestate Succession

Periodic Review

Continuing Business Operations

Simple Will




Probate Avoidance

Joint Tenancy

Community Property

Totten Trust Accounts

Life Insurance & Employee Benefits

Living Trusts

Chapter 16 - Estate Planning

Unlimited Marital Deduction

Outright To Spouse

Marital Deduction Trust

Qualified Terminable Interest Property (QTIP) Trust

Applicable Exclusion Amount

Spousal Portability of Unused Exemption Amount - §2010(c)(2)

Stepped-up Basis - §1014

Former Modified Carryover Basis Rules - §1022

Property to Which the Former  Modified Carryover Basis Rules Applied

Limited Basis Increase for Certain Property

2010 Special Election

Basic Estate Planning Goals

Primary Dispositive Plans

Simple Will

Danger for Larger Estates


Assets Not Subject to a Will

Assets Subject to a Will


Types of Trusts

Living Trusts

Testamentary Trusts

Revocable & Irrevocable

Living “A-B” Revocable Trust

Living “A-B-C” (QTIP) Trust

Impact of Spousal Portability on Trust B under TUIRJCA

Charitable Trusts

Charitable Remainder Trusts

Charitable Income Trusts

Insurance Trusts

Family Documents

Living Will

Property Agreement & Inventory

Durable Power Of Attorney

Power of Attorney for Health Care


Funeral Arrangements

Anatomical Gifts

Private Annuity?

Advantages to the Transferor

Disadvantages to the Transferor

Advantages to the Transferee

Disadvantages to the Transferee

Regulations Restrict Private Annuity Income



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