• Recognize compensation issues and nontaxable employee fringe benefits
• Identify the specific rules that apply under the “passive activity” rules
• Identify and calculate the business deduction for home office expenses and deduction limitations on vacation homes and other ordinary business expenses
• Analyze the deductibility of hobby losses
• Identify the rules for depreciation and amortization deductions
• Differentiate between capital and ordinary income treatment on property transactions
• Identify tax consequences for self-employed retirement plans and IRAs
• Gather the necessary information required to include the claim for a tax credit on an individual income tax return

• Fringe benefits • Retirement plan distributions • Hobby losses • Home Offices • Depreciation and amortization • Tax Credits • Gains and losses on property transactions