1. Dedria Corporation changed its name to Lenise Corporation. This i.docx
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1. Dedria Corporation changed its name to Lenise Corporation. This is example of what type of tax-free reorganization? X reorganization F reorganization Y reorganization Z reorganization 2. Earnings accumulated for self-insurance purposes are considered to be for the reasonable needs of the business for purposes of the accumulated earnings tax (section 531). True False 3. Once a Corporation is determined to be a personal holding company, it will always be a personal holding company for the remainder of its existence for purposes of the personal holding company tax (section 541). true false 4. The IRS may impose both the accumulated earnings tax (section 531) and the personal holding company tax (section 541) on a Corporation in the same tax year. true false 5. Earnings accumulated for purposes of making loans to suppliers are considered to be for the reasonable needs of the business. true false 6. Corporations are not required to make estimated tax payments for any alternative minimum tax liability. true false 7. Voting stock only may be used by the acquiring corporation in a type B reorganization without causing the reorganization to be taxable. true false 8. In a type C reorganization, the acquiring corporation must assume all of the liabilities of the acquired (target) Corporation true false 9. Nonvoting stock may be used in a type a reorganization without causing the reorganization to be taxable true fasle 10. In regards to the personal holding company tax (section 541), under which of the following circumstances will the Corporation not pass the 50% tax? The Corporation has 10 unequal unrelated shareholders the Corporation has 10 equal unrelated shareholders the Corporation has nine equal unrelated shareholders the Corporation has nine unrelated shareholders 11. Which of the following types of income is not considered to be personal holding company income for purposes of the personal holding company tax (section 541)? Dividends interests sales royalties 12. Maggiore corporations total reasonable business needs for 2013 was $220,000. Majority corporations accumulated earnings and profit at the beginning of 2013 was 20 $40,000 (including consideration for the dividends listed below). Majority Corporation also the following information for 2013: taxable income-$350,000; federal income tax-hundred $19,000; dividends received (less than 20% owned domestic corporation)-hundred thousand dollars; cash dividends paid in 2013-$4000; dividends paid January 31, 2014-$20,000; consent dividends-$10,000; access travel contributions-$16,000; net capital loss adjustment-$8000. The accumulated earnings credit for purposes of the accumulated earnings tax for Maggiore Corporation for the year of 2013 is: $10,000 $110000 $80,000 $100,000 13. Which of the following will not reduce the amount of acutely taxable income? A non-taxable dividend paid during the tax year. A property dividend paid during the tax year. A cash dividend paid within two and .
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Wassim Zhani Chapter 1 Income Taxation of Corporations.pdf
- Linda's regular corporate form will not be suitable to hold her investment property because losses will remain in the corporation and not pass through to her.
- Using an S corporation also has limitations as her deductible losses would be limited to her $40,000 capital account basis, which could be reduced to zero within several years given the high interest rate on her loan and investment risk.
- Linda's third option of forming a regular corporation treated as her agent for tax purposes is viable according to the Bollinger Supreme Court case. If certain guidelines are followed, all losses would pass through to Linda and be deductible against her total $240,000 basis in the investment.
Acc 317 wk 5 midterm exam
1. Tomas must report $60,000 of income on his tax return as a sole proprietor, but Lucy does not report any income as the sole shareholder of a C corporation where no funds were distributed.
2. Rose must report $20,000 of partnership income on her tax return as she received a $20,000 distribution from the partnership where she is a 50% partner and it earned $100,000.
3. Rajib must report $350,000 of S corporation income on his tax return as the sole shareholder, even though the S corporation only distributed $80,000 to him and earned $350,000.
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OBJECTIVE The objective of this exercise is to perform appropr.docx
OBJECTIVE
The objective of this exercise is to perform appropriate research and analysis and to prepare reports with the answers to the questions in at least two research problems from the list below.
-The report should appropriately reference any sources used. Primary sources are, of course, preferable.
RESEARCH PROBLEMS
1. Crest Corporation, a calendar-year taxpayer, was formed in 2015 and incurred $60,000 in organizational expenditures. Had the corporation made a proper election under Code Sec. 248, it would have been entitled to a $7,000 deduction in 2015. However, on its 2015 tax return it erroneously claimed a $60,000 current deduction (i.e., it expensed the full amount in the year it was organized). Upon audit in 2018, the IRS disallowed Crest a $7,000 deduction. Crest Corporation seeks your advise on this issue.
2 Shoots and Ladders Inc. has had taxable income the last three years, but is breaking even this year. Elsa, the sole shareholder, has a $25,000 basis in her stock. After consulting with a local CPA, the corporation does the following: a. Sets up an Employee Stock Ownership Plan (ESOP). b. Contributes $40,000 to the ESOP, borrowed for the occasion from a local bank. c. Deducts the $40,000 as a contribution to a qualified plan, thus creating a net operating loss of $40,000. d. Permits the ESOP to purchase 49 percent of Elsa’s stock; she reports a long-term capital gain of $27,750. Can all of these transactions be executed under the rules applicable to employee stock ownership plans.
3. What formula is used in Pennsylvania for apportionment of multistate income and what are the corporate income tax rates? Compare Pennsylvania’s formula to the formulae used by each the surrounding states. Indicate when and why each state’s formula might be preferable.
4. Alice White, Bertha Smith, and Carol Jones each has her own computer equipment and service retail store. In an effort to potentially reduce their costs and increase their control over supply channels, they buy a plant which manufactures selected computer supplies and equipment. Each makes an equal cash contribution toward the purchase of the plant, each has an equal capital and profits interest in the plant, and they agree to share all losses equally. They own the plant as tenants in common. The co-owners have a written operating agreement specifying that each has an equal interest in the plant’s production, each is responsible for her equal share of expenses, and each owns a proportionate, undivided part of the plant’s equipment. The agreement also provides that the plant, as such, does not have the right to market the manufactured computer supplies and equipment. In lieu of the plant’s selling the manufactured comp-0uter supplies and equipment to other purchases, Alice, Bertha, and Carol agree that each will take one-third of the plant’s annual output. Each takes her share of the output, commingles it with other computer equipment and supplies in their respe.
,1. An S corporation cannot incur a tax liability at the corpo.docx
,
1.
An S corporation cannot incur a tax liability at the corporation level.
a. True
b. False
2. S corporation status allows shareholders to realize tax benefits from corporate losses immediately (assuming sufficient stock basis).
a. True
b. False
3. An estate may be a shareholder of an S corporation.
a. True
b. False
4. An S corporation cannot be a shareholder in another corporation.
a. True
b. False
5. If a resident alien shareholder moves outside the U.S., the S election is terminated.
a. True
b. False
6. An S election is made on the shareholder’s Form 2553.
a. True
b. False
7. An S election made before becoming a corporation is valid only beginning with the first 12-month tax year.
a. True
b. False
8.
For Federal income tax purposes, a business entity with two or more owners may be conducted as a partnership, C corporation, S corporation, or limited liability company.
a. True
b. False
9.
If a business entity has a majority of corporate characteristics, it is taxed as a corporation.
a. True
b. False
10.
A limited liability company (LLC) is a hybrid business form that combines the corporate characteristic of limited liability for the owners with the tax characteristics of a partnership.
a. True
b. False
11.
A sole proprietorship files Schedule C of Form 1040, a partnership files Form 1065, a C corporation files Form 1120, and an S corporation files Form 1120S.
a. True
b. False
12.
Each of the following can pass profits and losses through to the owners: general partnership, limited partnership, S corporation, and limited liability company.
a. True
b. False
13.
A C corporation offers greater flexibility in terms of the types of owners and capital structure than an S corporation.
a. True
b. False
14.
All of the shareholders of an S corporation have limited liability with respect to their ownership interests in the corporation, whereas only limited partners in a limited partnership have such limited liability.
a. True
b. False
15. In general, the purpose of ASC 740 (SFAS 109) is to compute and disclose the taxes payable by a business entity to state, local, Federal, and foreign governments, for the current year and all future years.
a. True
b. False
16.
A deferred tax asset is the expected future tax benefit (savings) associated with income reported in the current year GAAP financial statements.
a. True
b. False
17. All organizations that are exempt from Federal income tax are exempt under § 501(c)(3).
a. True
b. False
18. An exempt entity in no circumstance is subject to Federal income tax.
a. True
b. False
19. Most states begin the computation of corporate taxable income with an amount from the Federal income tax return.
a. True
b. False
20.
A state can levy an income tax on a business only if the business was incorporated in the state.
a. True
b. False
21.
Typical indicators of income-tax nexus include the presence of cu ...
Solution Manual for South-Western Federal Taxation 2024 Corporations, Partner...
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Wassim Zhani Chapter 9 Taxation of Partnerships and Partners.pdf
1. The document contains true/false and multiple choice questions about taxation of partnerships and partners.
2. Key topics covered include classification of partnerships, partnership formation transactions, basis calculations, partnership distributions, and allocations.
3. The questions test understanding of core Subchapter K concepts like entity theory, aggregate theory, inside and outside basis, and capital account maintenance.
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Wassim Zhani Chapter 1 Income Taxation of Corporations.pdf
- Linda's regular corporate form will not be suitable to hold her investment property because losses will remain in the corporation and not pass through to her.
- Using an S corporation also has limitations as her deductible losses would be limited to her $40,000 capital account basis, which could be reduced to zero within several years given the high interest rate on her loan and investment risk.
- Linda's third option of forming a regular corporation treated as her agent for tax purposes is viable according to the Bollinger Supreme Court case. If certain guidelines are followed, all losses would pass through to Linda and be deductible against her total $240,000 basis in the investment.
Acc 317 wk 5 midterm exam
1. Tomas must report $60,000 of income on his tax return as a sole proprietor, but Lucy does not report any income as the sole shareholder of a C corporation where no funds were distributed.
2. Rose must report $20,000 of partnership income on her tax return as she received a $20,000 distribution from the partnership where she is a 50% partner and it earned $100,000.
3. Rajib must report $350,000 of S corporation income on his tax return as the sole shareholder, even though the S corporation only distributed $80,000 to him and earned $350,000.
Wassim Zhani Federal Taxation Chapter 3 Taxable Entities; Tax Formula, Introd...
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OBJECTIVE The objective of this exercise is to perform appropr.docx
OBJECTIVE
The objective of this exercise is to perform appropriate research and analysis and to prepare reports with the answers to the questions in at least two research problems from the list below.
-The report should appropriately reference any sources used. Primary sources are, of course, preferable.
RESEARCH PROBLEMS
1. Crest Corporation, a calendar-year taxpayer, was formed in 2015 and incurred $60,000 in organizational expenditures. Had the corporation made a proper election under Code Sec. 248, it would have been entitled to a $7,000 deduction in 2015. However, on its 2015 tax return it erroneously claimed a $60,000 current deduction (i.e., it expensed the full amount in the year it was organized). Upon audit in 2018, the IRS disallowed Crest a $7,000 deduction. Crest Corporation seeks your advise on this issue.
2 Shoots and Ladders Inc. has had taxable income the last three years, but is breaking even this year. Elsa, the sole shareholder, has a $25,000 basis in her stock. After consulting with a local CPA, the corporation does the following: a. Sets up an Employee Stock Ownership Plan (ESOP). b. Contributes $40,000 to the ESOP, borrowed for the occasion from a local bank. c. Deducts the $40,000 as a contribution to a qualified plan, thus creating a net operating loss of $40,000. d. Permits the ESOP to purchase 49 percent of Elsa’s stock; she reports a long-term capital gain of $27,750. Can all of these transactions be executed under the rules applicable to employee stock ownership plans.
3. What formula is used in Pennsylvania for apportionment of multistate income and what are the corporate income tax rates? Compare Pennsylvania’s formula to the formulae used by each the surrounding states. Indicate when and why each state’s formula might be preferable.
4. Alice White, Bertha Smith, and Carol Jones each has her own computer equipment and service retail store. In an effort to potentially reduce their costs and increase their control over supply channels, they buy a plant which manufactures selected computer supplies and equipment. Each makes an equal cash contribution toward the purchase of the plant, each has an equal capital and profits interest in the plant, and they agree to share all losses equally. They own the plant as tenants in common. The co-owners have a written operating agreement specifying that each has an equal interest in the plant’s production, each is responsible for her equal share of expenses, and each owns a proportionate, undivided part of the plant’s equipment. The agreement also provides that the plant, as such, does not have the right to market the manufactured computer supplies and equipment. In lieu of the plant’s selling the manufactured comp-0uter supplies and equipment to other purchases, Alice, Bertha, and Carol agree that each will take one-third of the plant’s annual output. Each takes her share of the output, commingles it with other computer equipment and supplies in their respe.
,1. An S corporation cannot incur a tax liability at the corpo.docx
,
1.
An S corporation cannot incur a tax liability at the corporation level.
a. True
b. False
2. S corporation status allows shareholders to realize tax benefits from corporate losses immediately (assuming sufficient stock basis).
a. True
b. False
3. An estate may be a shareholder of an S corporation.
a. True
b. False
4. An S corporation cannot be a shareholder in another corporation.
a. True
b. False
5. If a resident alien shareholder moves outside the U.S., the S election is terminated.
a. True
b. False
6. An S election is made on the shareholder’s Form 2553.
a. True
b. False
7. An S election made before becoming a corporation is valid only beginning with the first 12-month tax year.
a. True
b. False
8.
For Federal income tax purposes, a business entity with two or more owners may be conducted as a partnership, C corporation, S corporation, or limited liability company.
a. True
b. False
9.
If a business entity has a majority of corporate characteristics, it is taxed as a corporation.
a. True
b. False
10.
A limited liability company (LLC) is a hybrid business form that combines the corporate characteristic of limited liability for the owners with the tax characteristics of a partnership.
a. True
b. False
11.
A sole proprietorship files Schedule C of Form 1040, a partnership files Form 1065, a C corporation files Form 1120, and an S corporation files Form 1120S.
a. True
b. False
12.
Each of the following can pass profits and losses through to the owners: general partnership, limited partnership, S corporation, and limited liability company.
a. True
b. False
13.
A C corporation offers greater flexibility in terms of the types of owners and capital structure than an S corporation.
a. True
b. False
14.
All of the shareholders of an S corporation have limited liability with respect to their ownership interests in the corporation, whereas only limited partners in a limited partnership have such limited liability.
a. True
b. False
15. In general, the purpose of ASC 740 (SFAS 109) is to compute and disclose the taxes payable by a business entity to state, local, Federal, and foreign governments, for the current year and all future years.
a. True
b. False
16.
A deferred tax asset is the expected future tax benefit (savings) associated with income reported in the current year GAAP financial statements.
a. True
b. False
17. All organizations that are exempt from Federal income tax are exempt under § 501(c)(3).
a. True
b. False
18. An exempt entity in no circumstance is subject to Federal income tax.
a. True
b. False
19. Most states begin the computation of corporate taxable income with an amount from the Federal income tax return.
a. True
b. False
20.
A state can levy an income tax on a business only if the business was incorporated in the state.
a. True
b. False
21.
Typical indicators of income-tax nexus include the presence of cu ...
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Wassim Zhani Chapter 9 Taxation of Partnerships and Partners.pdf
1. The document contains true/false and multiple choice questions about taxation of partnerships and partners.
2. Key topics covered include classification of partnerships, partnership formation transactions, basis calculations, partnership distributions, and allocations.
3. The questions test understanding of core Subchapter K concepts like entity theory, aggregate theory, inside and outside basis, and capital account maintenance.
1. Which, if either, of the following statements is or are true .docx
1. Which, if either, of the following statements is or are true?
I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.
II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
2. Which, if either, of the following statements is or are true?
I. On the formation of a partnership, the contribution by one partner of encumbered property to a partnership when other partners contribute only cash will not result in taxation unless the total amount of the debt relief exceeds the contributor’s basis in the contributed property.
II. The contribution of accounts receivable to a partnership results in immediate taxation to the contributor to the extent of the fair market value of the receivables on date of contribution.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
3. Under the check-the-box regulations a corporation incorporated under the law of any state can
a. elect to be taxed as a partnership
b. elect to be taxed as a limited liability company
c. elect to be taxed as a sole proprietor if there is only one shareholder
d. not be taxed as anything other than a corporation
4. On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:
a. $70,000
b. $50,000
c. $30,000
d. $23,333
e. $10,000
5. Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2012, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2012 federal income tax return, Malcolm should report income in the amount and character of:
a. $36,000 long-term capital gain
b. $36,000 short-term capital gain
c. $36,000 ordinary income
d. $18,000 long-term capital gain
e. $18,100 ordinary income
6. Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the 2012, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distributed $8,000 to Bobbie and $12,000 to Fran. Their respective bases ...
1. Which, if either, of the following statements is or ar.docx
1. Which, if either, of the following statements is or are true?
I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.
II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
2. Which, if either, of the following statements is or are true?
I. On the formation of a partnership, the contribution by one partner of encumbered property to a partnership when other partners contribute only cash will not result in taxation unless the total amount of the debt relief exceeds the contributor’s basis in the contributed property.
II. The contribution of accounts receivable to a partnership results in immediate taxation to the contributor to the extent of the fair market value of the receivables on date of contribution.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
3. Under the check-the-box regulations a corporation incorporated under the law of any state can
a. elect to be taxed as a partnership
b. elect to be taxed as a limited liability company
c. elect to be taxed as a sole proprietor if there is only one shareholder
d. not be taxed as anything other than a corporation
4. On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:
a. $70,000
b. $50,000
c. $30,000
d. $23,333
e. $10,000
5. Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2012, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2012 federal income tax return, Malcolm should report income in the amount and character of:
a. $36,000 long-term capital gain
b. $36,000 short-term capital gain
c. $36,000 ordinary income
d. $18,000 long-term capital gain
e. $18,100 ordinary income
6. Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the 2012, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distri ...
1. An S corporation cannot incur a tax liability at the corporatio.docx
1.
An S corporation cannot incur a tax liability at the corporation level.
a.
True
b.
False
2.
S corporation status allows shareholders to realize tax benefits from corporate losses immediately (assuming sufficient stock basis).
a.
True
b.
False
3.
An estate may be a shareholder of an S corporation.
a.
True
b.
False
4.
An S corporation cannot be a shareholder in another corporation.
a.
True
b.
False
5.
If a resident alien shareholder moves outside the U.S., the S election is terminated.
a.
True
b.
False
6.
An S election is made on the shareholder’s Form 2553.
a.
True
b.
False
7.
An S election made before becoming a corporation is valid only beginning with the first 12-month tax year.
a.
True
b.
False
8.
For Federal income tax purposes, a business entity with two or more owners may be conducted as a partnership, C corporation, S corporation, or limited liability company.
a.
True
b.
False
9.
If a business entity has a majority of corporate characteristics, it is taxed as a corporation.
a.
True
b.
False
10.
A limited liability company (LLC) is a hybrid business form that combines the corporate characteristic of limited liability for the owners with the tax characteristics of a partnership.
a.
True
b.
False
11.
A sole proprietorship files Schedule C of Form 1040, a partnership files Form 1065, a C corporation files Form 1120, and an S corporation files Form 1120S.
a.
True
b.
False
12.
Each of the following can pass profits and losses through to the owners: general partnership, limited partnership, S corporation, and limited liability company.
a.
True
b.
False
13.
A C corporation offers greater flexibility in terms of the types of owners and capital structure than an S corporation.
a.
True
b.
False
14.
All of the shareholders of an S corporation have limited liability with respect to their ownership interests in the corporation, whereas
only
limited partners in a limited partnership have such limited liability.
a.
True
b.
False
15.
In general, the purpose of ASC 740 (SFAS 109) is to compute and disclose the taxes payable by a business entity to state, local, Federal, and foreign governments, for the current year and all future years.
a.
True
b.
False
16.
A deferred tax asset is the expected future tax benefit (savings) associated with income reported in the current year GAAP financial statements.
a.
True
b.
False
17.
All organizations that are exempt from Federal income tax are exempt under § 501(c)(3).
a.
True
b.
False
18.
An exempt entity in no circumstance is subject to Federal income tax.
a.
True
b.
False
19.
Most states begin the computation of corporate taxable income with an amount from the Federal income tax return.
a.
True
b.
False
20.
A state can levy an income tax on a business only if the business was incorporated in the state.
a.
True
b.
Fa.
Issue, forfeiture and re issue of shares by N. Bala Murali Krishna
The document discusses various aspects of accounting for share capital. It defines types of share capital such as authorized, issued, subscribed, called up and paid up share capital. It explains journal entries for receipt and payment of application money, allotment money, call money. It discusses accounting treatment of shares issued at premium and discount. It also covers concepts of oversubscription of shares, calls in arrears, calls in advance, forfeiture and reissue of shares. The document provides detailed explanation of these concepts along with related journal entries.
Partnership Reviewer
This document contains a true/false and multiple choice partnership reviewer with 57 true/false statements and 58 multiple choice questions about partnerships. It covers topics such as the definition of a partnership, characteristics of general partnerships, advantages and disadvantages of partnerships compared to corporations, admitting and withdrawing partners, partnership dissolution and liquidation. The reviewer is intended to assess a student's understanding of key concepts relating to partnerships.
A.) TrueFalse1 A distribution from a corporation will be .docx
A.)
True/False
1
A distribution from a corporation will be taxable to the recipient shareholders only to the extent of the corporation’s E & P.
2
All distributions that are not dividends are a return of capital and decrease the shareholder’s basis.
3
All cash distributions received from a corporation with a positive balance in accumulated E & P at the beginning of the year will be taxed as dividend income.
4
A distribution in excess of E & P is treated as capital gain by shareholders.
5
The terms “earnings and profits” and “retained earnings” are identical in meaning.
6
Regardless of any deficit in current E & P, distributions during the year are taxed as dividends to the extent of accumulated E & P.
7
In a property distribution, the amount of dividend income recognized by a shareholder is always reduced by the amount of liability assumed by a shareholder.
8
Business reasons, and not tax incentives, constitute the primary motivation for most corporations to form a conglomerate and file tax and financial accounting reports on a consolidated basis.
9
A consolidated Federal income tax return may be the product of a merger of the affiliates, or another corporate combination.
10
The consolidated return rules are designed to allow a tax-neutral means by which to elect to file on a consolidated basis.
11
Most of the Federal consolidated income tax return rules are found in detailed sections of the tax Regulations.
12
When the parent acquires 51% of a subsidiary U.S. corporation, the subsidiary can join the consolidated financial statements and the consolidated tax return of the parent.
13
A consolidated Federal income tax group must meet the eligibility requirements of the Regulations on the first day of the first year for which the election to consolidate is effective, and then on the last day of every succeeding tax year.
14
The right to file on a consolidated basis is available to a group of corporations when they constitute a “parent-subsidiary affiliated group.”
15 A partnership is an association formed by two or more taxpayers (which may be any type of entity) to carry on a trade or business.
16
A limited partnership (LP) offers all partners protection from claims by the LP’s creditors.
17
The taxable income of a partnership flows through to the partners, who report the income on their tax returns.
18
Jack and Jill formed the equal JJ Partnership during the current year, with Jack contributing $100,000 in cash and Jill contributing land (basis of $60,000, fair market value of $40,000) and equipment (basis of $0, fair market value of $60,000). Jill recognizes a $40,000 gain on the contribution and her basis in her partnership interest is $100,000.
19
Section 721 provides that no gain or loss is recognized on a contribution of property to a partnership in exchange for an interest in the partnership. An exception might apply if the taxpayer receives a cash distribution from the partnership .
Fundamentals of Taxation 2005 – A Forms ApproachSolutions Manu.docx
Fundamentals of Taxation 2005 – A Forms Approach
Solution
s Manual
PAGE CHAPTER 14DISCUSSION QUESTIONS AND PROBLEMS
Discussion Questions
1.Discuss the formation of a partnership. Is any gain or loss recognized? Explain?
2. What entity forms are considered partnerships for federal income tax purposes?
3. How does taxation for the corporate form and the partnership form differ?
4. What is the concept of basis? In your discussion, differentiate between outside basis and inside basis.
5. Elaborate on the term basis-in – basis-out. What does that phrase mean in the context of a partnership formation?
6. How can two partners, each with a 50% interest in a partnership, have different amounts of outside basis at the formation of a partnership? Shouldn’t the two partners contribute the same amount to have the same interest?
7. When a partnership receives an asset from a partner, does the partnership ever recognize a gain? What is the basis of the asset in the hands of the partnership after contribution?
8. Discuss the concept of steps into the shoes. Does how this concept pertains to the partnership, the partners, or both?
9. Why would smaller partnerships (and other businesses for that matter) use only the tax basis of accounting, which does not follow GAAP?
10. How is depreciation calculated by the partnership when a partner contributes a business asset?
11. Discuss the concepts of ordinary income and separately stated items concerning partnerships. When must a partnership item of income or loss be separately stated and why?
12. Can a partner have a salary from a partnership? Why? What is a guaranteed payment?
13. Are guaranteed payments treated as an ordinary income items or as separately stated items?
14. Is the Section 179 expense deduction allowed for partnerships? If so, is Section 179 an ordinary income item or a separately stated item? Why?
15. If a partner owns a 20% interest, does that necessarily mean that he or she will receive 20% of the net income from the partnership? Explain?
16. Is partnership income considered self-employment income? If so, how is it calculated?
17. Why must some income and gain items be separately stated in a partnership?
18. Explain why nontaxable income and nondeductible expenses increase or reduce outside basis?
19. When is it mandatory that a partner calculate his or her partner interest basis (outside basis)? What items affect the outside basis of a partner?
20. How does a partner’s share of partnership liabilities affect his or hers outside basis?
21. The general rule is that partners do not recognize any gain when he or she receives a distribution. In what circumstances might a partner recognize a gain on a current distribution?
22. Define precontribution gain? What causes a partner to recognize it?
23. Describe the rules concerning the basis of property distributed to a partner. How does the concept of “basis-in, basis-out” apply to part.
21 A taxpayer works in a foreign country beginning April 1, 2012 t.docx
21 A taxpayer works in a foreign country beginning April 1, 2012 through May15, 2013. If the tax payer’s foreign earned income for 2012 is $77900, his foreign earned income exclusion for 2012 is
A 71455 B 34818 C 0 D95100 E 77900
22 Nondeductible taxes include all of the following except
A federal gift taxes
B real estate tax paid on behalf of the taxpayer’s son
C Social security taxes
D All of these are nondeductible taxes
E Gasoline taxes
23 Supporting evidence to justify a casualty loss deduction includes all the following except
A the cost to repair the property to its pre-incident condition
B all of these provide supporting evidence to justify a casualty loss deduction
C the FMV immediately before and after the loss
D pictures taken before and after the casualty
E appraisal of the property before and after the casualty
24A maximum deduction limitation of 30% of AGI applies to charitable contributions to public charities of which one of the following types of properties.
A appreciated capital gains property that is not reduced by any amount of appreciation
B cash or property other than appreciated capital gains property
C contributions of inventory
D none of the other choices
E Cash contributions
25A tornado damaged Angela’s home. Prior to the storm, her living expenses were $1200 a month, Angela had to move out of her home for three months while it was being fix. During that time, her living expenses increased by $800 a month. The insurance company reimbursed Angela $1000 a month during the three months to cover her living expenses. The amount that Angela must include in gross income is
A 2400 B 3000 C 0 D600 E none of the other choices
26Which of the following is not a factor considered in determining whether an activity is a business or a hobby
A relative amount of pleasure derived from the activity
B time and effort devoted to the activity
C all of these are factors considered in determining whether all activity is a business or a hobby.
D extent of dependence on the activity for financial support
E Locating the activity in the taxpayer’s home
27a tax attorney uses a country club to entertain clients and spends the following amounts : annual dues, $1000; personal meals, $1500; business meals,$2500 . He uses the country club 30% for business. What is the deductible expenses?
A 750 B 1550 C 375 D 1250 E none of the other choices
28what is the standard mileage rate for computing the deductible cost of operating a car for business purposes during 2012.
A 0.555 B 0.23 C 0.14 D 0.19 E 0.50
29A taxpayer reports $35000 as net profit on schedule C. the taxpayer also report wage income of $15000. The taxpayer’s deduction for AGI for the employer’s share of the self-employment tax in 2012 is
A none of the other choices B2677 C 2472 D 2150 E4229
30the maximum amount that a 54-year-old sole proprietor can contribute to his simple plan in 2012 is
A 14000 B5000 C 17000 D 11500 E 22500
.
Holding Account Basics-M.com Level
This document discusses holding companies and subsidiaries. It defines a holding company as one that acquires over 50% of another company's shares, making it a subsidiary. Advantages of holding companies include separate identities and financial reporting for subsidiaries, while disadvantages include potential manipulation and lack of minority shareholder protection. The Companies Act of 1956 provides the legal definition of a subsidiary. Consolidated financial statements must be prepared that combine the holding company and subsidiaries' balance sheets, income statements, and other reports. Capital profits, minority interests, investments, and other items require special treatment and calculations in consolidation.
dividendppt-170608123500.pdf
This document discusses various aspects of dividends, including:
- The definition of a dividend as profits distributed to shareholders.
- The types and forms of dividends such as interim, final, special dividends.
- The sources of dividends which can include current year's profits, previous years' undistributed profits, or capital profits.
- Key processes around dividend declaration including ascertainment of distributable profits, provisions for depreciation, declaration, payment and handling of unclaimed dividends.
- Important dates associated with dividends like declaration, ex-dividend, record and payment dates.
PPT on Dividend
The document discusses various aspects of dividends, including:
1) Types of dividends such as interim, final, special dividends.
2) Sources of dividends including current year's profits, previous years' undistributed profits, and capital profits.
3) Procedures for declaring dividends including recommendation by the board of directors, approval by shareholders, payment within 30 days of declaration.
19C H A P T E RC H A P T E RCorporations Distributions.docx
19
C H A P T E RC H A P T E R
Corporations: Distributions
Not in Complete Liquidation
L E A RN I NG O B J E C T I V E S : After completing Chapter 19, you should be able to:
LO.1 Explain the role that earnings and profits play in
determining the tax treatment of distributions.
LO.2 Compute a corporation’s earnings and profits (E & P).
LO.3 Determine taxable dividends paid during the year
by correctly allocating current and accumulated E & P to
corporate distributions.
LO.4 Describe the tax treatment of dividends for
individual shareholders.
LO.5 Evaluate the tax impact of property dividends by
computing the shareholder’s dividend income, basis in the
property received, and the effect on the distributing
corporation’s E & P and taxable income.
LO.6 Recognize situations when constructive dividends
exist and compute the tax resulting from such dividends.
LO.7 Compute the tax arising from receipt of stock
dividends and stock rights and the shareholder’s basis in
the stock and stock rights received.
LO.8 Identify various stock redemptions that qualify for
sale or exchange treatment.
LO.9 Determine the tax impact of stock redemptions on
the distributing corporation.
LO.10 Identify planning opportunities available to
minimize the tax impact in corporate distributions,
constructive dividends, and stock redemptions.
CHA P T E R OU T L I N E
19-1 Corporate Distributions—Overview, 19-2
19-2 Earnings and Profits (E & P), 19-3
19-2a Computation of E & P, 19-3
19-2b Summary of E & P Adjustments, 19-6
19-2c Current versus Accumulated E & P, 19-6
19-2d Allocating E & P to Distributions, 19-6
19-3 Dividends, 19-10
19-3a Rationale for Reduced Tax Rates on
Dividends, 19-10
19-3b Qualified Dividends, 19-11
19-3c Property Dividends, 19-12
19-3d Constructive Dividends, 19-15
19-3e Stock Dividends and Stock Rights, 19-18
19-4 Stock Redemptions, 19-19
19-4a Overview, 19-19
19-4b Historical Background, 19-22
19-4c Stock Attribution Rules, 19-22
19-4d Not Essentially Equivalent Redemptions,
19-23
19-4e Disproportionate Redemptions, 19-24
19-4f Complete Termination Redemptions, 19-25
19-4g Redemptions to Pay Death Taxes, 19-26
19-5 Effect on the Corporation Redeeming Its
Stock, 19-28
19-5a Recognition of Gain or Loss, 19-28
19-5b Effect on Earnings and Profits, 19-28
19-5c Redemption Expenditures, 19-28
19-6 Other Corporate Distributions, 19-29
19-7 Tax Planning, 19-29
19-7a Corporate Distributions, 19-29
19-7b Planning for Qualified Dividends, 19-30
19-7c Constructive Dividends, 19-31
19-7d Stock Redemptions, 19-32
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T H E B I G P I C T U R E Tax
Solution
s for the Real World
TAXING CORPORATE DISTRIBUTIONS
Lime Corporation, an ice cream manufacturer, has had a very profitable year. To share its profits with its
two .
Equity Incentives for Limited Liability Companies
This slide presentation reviews the options available to limited liability companies in providing equity incentives to their employees, and how limited liability companies should develop a program for maximum effectiveness. This presentation was given at the NCEO Annual Conference in Atlanta April 9, 2014.
2009 ABA Real Estate Presentation Final
The document discusses various aspects of debt forgiveness income under U.S. tax law, including what constitutes debt forgiveness income, exceptions to debt forgiveness income, and to which taxpayers the exceptions apply. It provides examples and discusses issues related to insolvency, bankruptcy, qualified farm/real property indebtedness, principal residence indebtedness, and deferral of income from certain debt restructurings. It also briefly discusses passive activity loss rules and how the rules apply differently to real estate professionals.
Docschi #5270-v1-nceo 2014-presentation1
The document discusses various forms of equity compensation that LLCs can use to attract, incentivize, and reward employees, including capital interests, profits interests, options, and phantom equity. It outlines the key advantages and disadvantages of equity compensation, as well as the tax treatment and implications for both employees and the LLC for each type of equity interest.
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each
1. Greg and Justin are forming the GJ Partnership. Greg contributes $500,000 cash and Justin contributes nondepreciable property with an adjusted basis of $200,000 and a fair market value of $550,000. The property is subject to a $50,000 liability, which is also transferred into the partnership and is shared equally by the partners for basis purposes. Greg and Justin share in all partnership profits equally except for any precontribution gain, which must be allocated according to the statutory rules for built-in gain allocations.
a. What is Justin’s adjusted tax basis for his partnership interest immediately after the partnership is formed?
b. What is the partnership’s adjusted basis for the property contributed by Justin?
c. If the partnership sells the property contributed by Justin for $600,000, how is the tax gain allocated between the partners?
2. The LN partnership reported the following items of income and deduction during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5,000. In addition, the partnership distributed $10,000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len. What is Nina’s share of ordinary partnership income and separately stated items?
3. In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Derek also contributed $50,000 cash to the partnership. Cody contributed land with an adjusted basis of $80,000 and a fair market value of $230,000. The land contributed by Derek was encumbered by a $60,000 nonrecourse debt. The land contributed by Cody was encumbered by $40,000 of nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, what is the basis of Cody’s partnership interest?
4. Janet Wang is a 50% owner of a calendar year S corporation. During 2012, the S corporation has ordinary income of $175,000, short-term capital gain of $94,000, tax-exempt income of $22,000, and a charitable contribution of $18,000. What S corporation items must Janet report in 2012?
5. Bidden, Inc., a calendar year S corporation, incurred the following items:
Sales
$130,000
Depreciation recapture income
12,000
Short-term capital gain
30,000
Cost of goods sold
(42,000)
Municipal bond interest income
7,000
Administrative expenses
(15,000)
Depreciation expense
(17,000)
Charitable contributions
(14,000)
Calculate Bidden’s nonseparately computed income.
6. During 2012, Ms. Rasic, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2011, Ms. Rasic’s stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. Calculate the amount and type of income Ms. Rasic recognizes in 2012, assuming there is no C ...
Sept 1 2011
This document discusses different entity structures for operating a business including C corporations, S corporations, and LLCs. C corporations are subject to double taxation while S corporations allow profits and losses to pass through to shareholders. S corporations have advantages over partnerships for highly profitable businesses since income is not subject to self-employment tax. LLCs are taxed as partnerships, allow flexible membership, and provide liability protection. The document also summarizes tax considerations for stock acquisitions under Sections 338 and 338(h)(10).
Sept 1 2011
This document discusses different entity structures for operating a business including C corporations, S corporations, and LLCs. C corporations are subject to double taxation while S corporations allow profits and losses to pass through to shareholders. S corporations have an advantage over partnerships for avoiding self-employment tax. LLCs are taxed as partnerships, allow flexible membership, and provide liability protection. The document also summarizes tax considerations for stock acquisitions under Sections 338 and 338(h)(10).
Entity choice
This document provides summaries of two presenters who will be speaking on business entity selection and its benefits and pitfalls. Kevin Learned is a founding partner at a law firm specializing in advising small and mid-sized federal services contractors on matters including company formation, mergers and acquisitions, private offerings, and certifications. Aman Badyal counsels clients on various transactions including choice of entity, formation, private placements, and mergers. The document then covers various topics related to different types of business entities including sole proprietorships, partnerships, corporations and LLCs and their characteristics regarding liability, taxes, ownership restrictions, and management.
Chapter 13 presentation
Milly and Doug are considering starting a dot-com business and need to choose between a C corporation or general partnership structure. They expect $200,000 in annual pre-tax earnings. As single filers with a 28% tax rate, an S corporation or LLC would minimize total taxes of $56,000, leaving $144,000 after-tax cash flow compared to $82,062 for a C corporation. The LLC offers additional flexibility over an S corporation.
1. Primary sources2. Secondary sources3. La Malinche4. Bacon’s.docx
1. Primary sources
2. Secondary sources
3. La Malinche
4. Bacon’s rebellion
5. Robert Carter III
6. Mesoamerica
7. Middle Passage
8. Indentured servitude
9. The Jefferson-Hemings Controversy
10. Triangular trade
11. Saint Dominique Revolt
12. Syncretism
13. Olaudah Equiano
14. Christopher Columbus
15. Columbian Moment
16. Hernan Cortes
17. Florentine Codex
18. Master Narrative of American History
19. Reconquista
20. The Paradox of Slavery
21. Indian Removal Act 1830
22. Trail of Tears
23. Treaty of Guadalupe Hidalgo
24. Niños Heroes (Heroic Children)
25. Antonio López de Santa Anna y Pérez de Lebrón
26. The Royal Africa Company
27. John Locke
28. St. Patrick’s Battalion
29. Chilam Balam
30. Popol Vuh
31. El requerimiento (The Requirement)
32. Manifest Destiny
33. Moses and Stephen F. Austin
34. Colonialism
35. Colonial Legacy
.
1. Prepare an outline, an introduction, and a summary.docx
The document instructs the reader to prepare a 4 page double spaced report on an attached article, including an outline, introduction, and summary, and to prepare 4 PowerPoint slides summarizing the report.
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1. Which, if either, of the following statements is or are true .docx
1. Which, if either, of the following statements is or are true?
I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.
II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
2. Which, if either, of the following statements is or are true?
I. On the formation of a partnership, the contribution by one partner of encumbered property to a partnership when other partners contribute only cash will not result in taxation unless the total amount of the debt relief exceeds the contributor’s basis in the contributed property.
II. The contribution of accounts receivable to a partnership results in immediate taxation to the contributor to the extent of the fair market value of the receivables on date of contribution.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
3. Under the check-the-box regulations a corporation incorporated under the law of any state can
a. elect to be taxed as a partnership
b. elect to be taxed as a limited liability company
c. elect to be taxed as a sole proprietor if there is only one shareholder
d. not be taxed as anything other than a corporation
4. On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:
a. $70,000
b. $50,000
c. $30,000
d. $23,333
e. $10,000
5. Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2012, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2012 federal income tax return, Malcolm should report income in the amount and character of:
a. $36,000 long-term capital gain
b. $36,000 short-term capital gain
c. $36,000 ordinary income
d. $18,000 long-term capital gain
e. $18,100 ordinary income
6. Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the 2012, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distributed $8,000 to Bobbie and $12,000 to Fran. Their respective bases ...
1. Which, if either, of the following statements is or ar.docx
1. Which, if either, of the following statements is or are true?
I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.
II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
2. Which, if either, of the following statements is or are true?
I. On the formation of a partnership, the contribution by one partner of encumbered property to a partnership when other partners contribute only cash will not result in taxation unless the total amount of the debt relief exceeds the contributor’s basis in the contributed property.
II. The contribution of accounts receivable to a partnership results in immediate taxation to the contributor to the extent of the fair market value of the receivables on date of contribution.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
3. Under the check-the-box regulations a corporation incorporated under the law of any state can
a. elect to be taxed as a partnership
b. elect to be taxed as a limited liability company
c. elect to be taxed as a sole proprietor if there is only one shareholder
d. not be taxed as anything other than a corporation
4. On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:
a. $70,000
b. $50,000
c. $30,000
d. $23,333
e. $10,000
5. Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2012, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2012 federal income tax return, Malcolm should report income in the amount and character of:
a. $36,000 long-term capital gain
b. $36,000 short-term capital gain
c. $36,000 ordinary income
d. $18,000 long-term capital gain
e. $18,100 ordinary income
6. Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the 2012, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distri ...
1. An S corporation cannot incur a tax liability at the corporatio.docx
1.
An S corporation cannot incur a tax liability at the corporation level.
a.
True
b.
False
2.
S corporation status allows shareholders to realize tax benefits from corporate losses immediately (assuming sufficient stock basis).
a.
True
b.
False
3.
An estate may be a shareholder of an S corporation.
a.
True
b.
False
4.
An S corporation cannot be a shareholder in another corporation.
a.
True
b.
False
5.
If a resident alien shareholder moves outside the U.S., the S election is terminated.
a.
True
b.
False
6.
An S election is made on the shareholder’s Form 2553.
a.
True
b.
False
7.
An S election made before becoming a corporation is valid only beginning with the first 12-month tax year.
a.
True
b.
False
8.
For Federal income tax purposes, a business entity with two or more owners may be conducted as a partnership, C corporation, S corporation, or limited liability company.
a.
True
b.
False
9.
If a business entity has a majority of corporate characteristics, it is taxed as a corporation.
a.
True
b.
False
10.
A limited liability company (LLC) is a hybrid business form that combines the corporate characteristic of limited liability for the owners with the tax characteristics of a partnership.
a.
True
b.
False
11.
A sole proprietorship files Schedule C of Form 1040, a partnership files Form 1065, a C corporation files Form 1120, and an S corporation files Form 1120S.
a.
True
b.
False
12.
Each of the following can pass profits and losses through to the owners: general partnership, limited partnership, S corporation, and limited liability company.
a.
True
b.
False
13.
A C corporation offers greater flexibility in terms of the types of owners and capital structure than an S corporation.
a.
True
b.
False
14.
All of the shareholders of an S corporation have limited liability with respect to their ownership interests in the corporation, whereas
only
limited partners in a limited partnership have such limited liability.
a.
True
b.
False
15.
In general, the purpose of ASC 740 (SFAS 109) is to compute and disclose the taxes payable by a business entity to state, local, Federal, and foreign governments, for the current year and all future years.
a.
True
b.
False
16.
A deferred tax asset is the expected future tax benefit (savings) associated with income reported in the current year GAAP financial statements.
a.
True
b.
False
17.
All organizations that are exempt from Federal income tax are exempt under § 501(c)(3).
a.
True
b.
False
18.
An exempt entity in no circumstance is subject to Federal income tax.
a.
True
b.
False
19.
Most states begin the computation of corporate taxable income with an amount from the Federal income tax return.
a.
True
b.
False
20.
A state can levy an income tax on a business only if the business was incorporated in the state.
a.
True
b.
Fa.
Issue, forfeiture and re issue of shares by N. Bala Murali Krishna
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Partnership Reviewer
This document contains a true/false and multiple choice partnership reviewer with 57 true/false statements and 58 multiple choice questions about partnerships. It covers topics such as the definition of a partnership, characteristics of general partnerships, advantages and disadvantages of partnerships compared to corporations, admitting and withdrawing partners, partnership dissolution and liquidation. The reviewer is intended to assess a student's understanding of key concepts relating to partnerships.
A.) TrueFalse1 A distribution from a corporation will be .docx
A.)
True/False
1
A distribution from a corporation will be taxable to the recipient shareholders only to the extent of the corporation’s E & P.
2
All distributions that are not dividends are a return of capital and decrease the shareholder’s basis.
3
All cash distributions received from a corporation with a positive balance in accumulated E & P at the beginning of the year will be taxed as dividend income.
4
A distribution in excess of E & P is treated as capital gain by shareholders.
5
The terms “earnings and profits” and “retained earnings” are identical in meaning.
6
Regardless of any deficit in current E & P, distributions during the year are taxed as dividends to the extent of accumulated E & P.
7
In a property distribution, the amount of dividend income recognized by a shareholder is always reduced by the amount of liability assumed by a shareholder.
8
Business reasons, and not tax incentives, constitute the primary motivation for most corporations to form a conglomerate and file tax and financial accounting reports on a consolidated basis.
9
A consolidated Federal income tax return may be the product of a merger of the affiliates, or another corporate combination.
10
The consolidated return rules are designed to allow a tax-neutral means by which to elect to file on a consolidated basis.
11
Most of the Federal consolidated income tax return rules are found in detailed sections of the tax Regulations.
12
When the parent acquires 51% of a subsidiary U.S. corporation, the subsidiary can join the consolidated financial statements and the consolidated tax return of the parent.
13
A consolidated Federal income tax group must meet the eligibility requirements of the Regulations on the first day of the first year for which the election to consolidate is effective, and then on the last day of every succeeding tax year.
14
The right to file on a consolidated basis is available to a group of corporations when they constitute a “parent-subsidiary affiliated group.”
15 A partnership is an association formed by two or more taxpayers (which may be any type of entity) to carry on a trade or business.
16
A limited partnership (LP) offers all partners protection from claims by the LP’s creditors.
17
The taxable income of a partnership flows through to the partners, who report the income on their tax returns.
18
Jack and Jill formed the equal JJ Partnership during the current year, with Jack contributing $100,000 in cash and Jill contributing land (basis of $60,000, fair market value of $40,000) and equipment (basis of $0, fair market value of $60,000). Jill recognizes a $40,000 gain on the contribution and her basis in her partnership interest is $100,000.
19
Section 721 provides that no gain or loss is recognized on a contribution of property to a partnership in exchange for an interest in the partnership. An exception might apply if the taxpayer receives a cash distribution from the partnership .
Fundamentals of Taxation 2005 – A Forms ApproachSolutions Manu.docx
Fundamentals of Taxation 2005 – A Forms Approach
Solution
s Manual
PAGE CHAPTER 14DISCUSSION QUESTIONS AND PROBLEMS
Discussion Questions
1.Discuss the formation of a partnership. Is any gain or loss recognized? Explain?
2. What entity forms are considered partnerships for federal income tax purposes?
3. How does taxation for the corporate form and the partnership form differ?
4. What is the concept of basis? In your discussion, differentiate between outside basis and inside basis.
5. Elaborate on the term basis-in – basis-out. What does that phrase mean in the context of a partnership formation?
6. How can two partners, each with a 50% interest in a partnership, have different amounts of outside basis at the formation of a partnership? Shouldn’t the two partners contribute the same amount to have the same interest?
7. When a partnership receives an asset from a partner, does the partnership ever recognize a gain? What is the basis of the asset in the hands of the partnership after contribution?
8. Discuss the concept of steps into the shoes. Does how this concept pertains to the partnership, the partners, or both?
9. Why would smaller partnerships (and other businesses for that matter) use only the tax basis of accounting, which does not follow GAAP?
10. How is depreciation calculated by the partnership when a partner contributes a business asset?
11. Discuss the concepts of ordinary income and separately stated items concerning partnerships. When must a partnership item of income or loss be separately stated and why?
12. Can a partner have a salary from a partnership? Why? What is a guaranteed payment?
13. Are guaranteed payments treated as an ordinary income items or as separately stated items?
14. Is the Section 179 expense deduction allowed for partnerships? If so, is Section 179 an ordinary income item or a separately stated item? Why?
15. If a partner owns a 20% interest, does that necessarily mean that he or she will receive 20% of the net income from the partnership? Explain?
16. Is partnership income considered self-employment income? If so, how is it calculated?
17. Why must some income and gain items be separately stated in a partnership?
18. Explain why nontaxable income and nondeductible expenses increase or reduce outside basis?
19. When is it mandatory that a partner calculate his or her partner interest basis (outside basis)? What items affect the outside basis of a partner?
20. How does a partner’s share of partnership liabilities affect his or hers outside basis?
21. The general rule is that partners do not recognize any gain when he or she receives a distribution. In what circumstances might a partner recognize a gain on a current distribution?
22. Define precontribution gain? What causes a partner to recognize it?
23. Describe the rules concerning the basis of property distributed to a partner. How does the concept of “basis-in, basis-out” apply to part.
21 A taxpayer works in a foreign country beginning April 1, 2012 t.docx
21 A taxpayer works in a foreign country beginning April 1, 2012 through May15, 2013. If the tax payer’s foreign earned income for 2012 is $77900, his foreign earned income exclusion for 2012 is
A 71455 B 34818 C 0 D95100 E 77900
22 Nondeductible taxes include all of the following except
A federal gift taxes
B real estate tax paid on behalf of the taxpayer’s son
C Social security taxes
D All of these are nondeductible taxes
E Gasoline taxes
23 Supporting evidence to justify a casualty loss deduction includes all the following except
A the cost to repair the property to its pre-incident condition
B all of these provide supporting evidence to justify a casualty loss deduction
C the FMV immediately before and after the loss
D pictures taken before and after the casualty
E appraisal of the property before and after the casualty
24A maximum deduction limitation of 30% of AGI applies to charitable contributions to public charities of which one of the following types of properties.
A appreciated capital gains property that is not reduced by any amount of appreciation
B cash or property other than appreciated capital gains property
C contributions of inventory
D none of the other choices
E Cash contributions
25A tornado damaged Angela’s home. Prior to the storm, her living expenses were $1200 a month, Angela had to move out of her home for three months while it was being fix. During that time, her living expenses increased by $800 a month. The insurance company reimbursed Angela $1000 a month during the three months to cover her living expenses. The amount that Angela must include in gross income is
A 2400 B 3000 C 0 D600 E none of the other choices
26Which of the following is not a factor considered in determining whether an activity is a business or a hobby
A relative amount of pleasure derived from the activity
B time and effort devoted to the activity
C all of these are factors considered in determining whether all activity is a business or a hobby.
D extent of dependence on the activity for financial support
E Locating the activity in the taxpayer’s home
27a tax attorney uses a country club to entertain clients and spends the following amounts : annual dues, $1000; personal meals, $1500; business meals,$2500 . He uses the country club 30% for business. What is the deductible expenses?
A 750 B 1550 C 375 D 1250 E none of the other choices
28what is the standard mileage rate for computing the deductible cost of operating a car for business purposes during 2012.
A 0.555 B 0.23 C 0.14 D 0.19 E 0.50
29A taxpayer reports $35000 as net profit on schedule C. the taxpayer also report wage income of $15000. The taxpayer’s deduction for AGI for the employer’s share of the self-employment tax in 2012 is
A none of the other choices B2677 C 2472 D 2150 E4229
30the maximum amount that a 54-year-old sole proprietor can contribute to his simple plan in 2012 is
A 14000 B5000 C 17000 D 11500 E 22500
.
Holding Account Basics-M.com Level
This document discusses holding companies and subsidiaries. It defines a holding company as one that acquires over 50% of another company's shares, making it a subsidiary. Advantages of holding companies include separate identities and financial reporting for subsidiaries, while disadvantages include potential manipulation and lack of minority shareholder protection. The Companies Act of 1956 provides the legal definition of a subsidiary. Consolidated financial statements must be prepared that combine the holding company and subsidiaries' balance sheets, income statements, and other reports. Capital profits, minority interests, investments, and other items require special treatment and calculations in consolidation.
dividendppt-170608123500.pdf
This document discusses various aspects of dividends, including:
- The definition of a dividend as profits distributed to shareholders.
- The types and forms of dividends such as interim, final, special dividends.
- The sources of dividends which can include current year's profits, previous years' undistributed profits, or capital profits.
- Key processes around dividend declaration including ascertainment of distributable profits, provisions for depreciation, declaration, payment and handling of unclaimed dividends.
- Important dates associated with dividends like declaration, ex-dividend, record and payment dates.
PPT on Dividend
The document discusses various aspects of dividends, including:
1) Types of dividends such as interim, final, special dividends.
2) Sources of dividends including current year's profits, previous years' undistributed profits, and capital profits.
3) Procedures for declaring dividends including recommendation by the board of directors, approval by shareholders, payment within 30 days of declaration.
19C H A P T E RC H A P T E RCorporations Distributions.docx
19
C H A P T E RC H A P T E R
Corporations: Distributions
Not in Complete Liquidation
L E A RN I NG O B J E C T I V E S : After completing Chapter 19, you should be able to:
LO.1 Explain the role that earnings and profits play in
determining the tax treatment of distributions.
LO.2 Compute a corporation’s earnings and profits (E & P).
LO.3 Determine taxable dividends paid during the year
by correctly allocating current and accumulated E & P to
corporate distributions.
LO.4 Describe the tax treatment of dividends for
individual shareholders.
LO.5 Evaluate the tax impact of property dividends by
computing the shareholder’s dividend income, basis in the
property received, and the effect on the distributing
corporation’s E & P and taxable income.
LO.6 Recognize situations when constructive dividends
exist and compute the tax resulting from such dividends.
LO.7 Compute the tax arising from receipt of stock
dividends and stock rights and the shareholder’s basis in
the stock and stock rights received.
LO.8 Identify various stock redemptions that qualify for
sale or exchange treatment.
LO.9 Determine the tax impact of stock redemptions on
the distributing corporation.
LO.10 Identify planning opportunities available to
minimize the tax impact in corporate distributions,
constructive dividends, and stock redemptions.
CHA P T E R OU T L I N E
19-1 Corporate Distributions—Overview, 19-2
19-2 Earnings and Profits (E & P), 19-3
19-2a Computation of E & P, 19-3
19-2b Summary of E & P Adjustments, 19-6
19-2c Current versus Accumulated E & P, 19-6
19-2d Allocating E & P to Distributions, 19-6
19-3 Dividends, 19-10
19-3a Rationale for Reduced Tax Rates on
Dividends, 19-10
19-3b Qualified Dividends, 19-11
19-3c Property Dividends, 19-12
19-3d Constructive Dividends, 19-15
19-3e Stock Dividends and Stock Rights, 19-18
19-4 Stock Redemptions, 19-19
19-4a Overview, 19-19
19-4b Historical Background, 19-22
19-4c Stock Attribution Rules, 19-22
19-4d Not Essentially Equivalent Redemptions,
19-23
19-4e Disproportionate Redemptions, 19-24
19-4f Complete Termination Redemptions, 19-25
19-4g Redemptions to Pay Death Taxes, 19-26
19-5 Effect on the Corporation Redeeming Its
Stock, 19-28
19-5a Recognition of Gain or Loss, 19-28
19-5b Effect on Earnings and Profits, 19-28
19-5c Redemption Expenditures, 19-28
19-6 Other Corporate Distributions, 19-29
19-7 Tax Planning, 19-29
19-7a Corporate Distributions, 19-29
19-7b Planning for Qualified Dividends, 19-30
19-7c Constructive Dividends, 19-31
19-7d Stock Redemptions, 19-32
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T H E B I G P I C T U R E Tax
Solution
s for the Real World
TAXING CORPORATE DISTRIBUTIONS
Lime Corporation, an ice cream manufacturer, has had a very profitable year. To share its profits with its
two .
Equity Incentives for Limited Liability Companies
This slide presentation reviews the options available to limited liability companies in providing equity incentives to their employees, and how limited liability companies should develop a program for maximum effectiveness. This presentation was given at the NCEO Annual Conference in Atlanta April 9, 2014.
2009 ABA Real Estate Presentation Final
The document discusses various aspects of debt forgiveness income under U.S. tax law, including what constitutes debt forgiveness income, exceptions to debt forgiveness income, and to which taxpayers the exceptions apply. It provides examples and discusses issues related to insolvency, bankruptcy, qualified farm/real property indebtedness, principal residence indebtedness, and deferral of income from certain debt restructurings. It also briefly discusses passive activity loss rules and how the rules apply differently to real estate professionals.
Docschi #5270-v1-nceo 2014-presentation1
The document discusses various forms of equity compensation that LLCs can use to attract, incentivize, and reward employees, including capital interests, profits interests, options, and phantom equity. It outlines the key advantages and disadvantages of equity compensation, as well as the tax treatment and implications for both employees and the LLC for each type of equity interest.
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each
1. Greg and Justin are forming the GJ Partnership. Greg contributes $500,000 cash and Justin contributes nondepreciable property with an adjusted basis of $200,000 and a fair market value of $550,000. The property is subject to a $50,000 liability, which is also transferred into the partnership and is shared equally by the partners for basis purposes. Greg and Justin share in all partnership profits equally except for any precontribution gain, which must be allocated according to the statutory rules for built-in gain allocations.
a. What is Justin’s adjusted tax basis for his partnership interest immediately after the partnership is formed?
b. What is the partnership’s adjusted basis for the property contributed by Justin?
c. If the partnership sells the property contributed by Justin for $600,000, how is the tax gain allocated between the partners?
2. The LN partnership reported the following items of income and deduction during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5,000. In addition, the partnership distributed $10,000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len. What is Nina’s share of ordinary partnership income and separately stated items?
3. In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Derek also contributed $50,000 cash to the partnership. Cody contributed land with an adjusted basis of $80,000 and a fair market value of $230,000. The land contributed by Derek was encumbered by a $60,000 nonrecourse debt. The land contributed by Cody was encumbered by $40,000 of nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, what is the basis of Cody’s partnership interest?
4. Janet Wang is a 50% owner of a calendar year S corporation. During 2012, the S corporation has ordinary income of $175,000, short-term capital gain of $94,000, tax-exempt income of $22,000, and a charitable contribution of $18,000. What S corporation items must Janet report in 2012?
5. Bidden, Inc., a calendar year S corporation, incurred the following items:
Sales
$130,000
Depreciation recapture income
12,000
Short-term capital gain
30,000
Cost of goods sold
(42,000)
Municipal bond interest income
7,000
Administrative expenses
(15,000)
Depreciation expense
(17,000)
Charitable contributions
(14,000)
Calculate Bidden’s nonseparately computed income.
6. During 2012, Ms. Rasic, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2011, Ms. Rasic’s stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. Calculate the amount and type of income Ms. Rasic recognizes in 2012, assuming there is no C ...
Sept 1 2011
This document discusses different entity structures for operating a business including C corporations, S corporations, and LLCs. C corporations are subject to double taxation while S corporations allow profits and losses to pass through to shareholders. S corporations have advantages over partnerships for highly profitable businesses since income is not subject to self-employment tax. LLCs are taxed as partnerships, allow flexible membership, and provide liability protection. The document also summarizes tax considerations for stock acquisitions under Sections 338 and 338(h)(10).
Sept 1 2011
This document discusses different entity structures for operating a business including C corporations, S corporations, and LLCs. C corporations are subject to double taxation while S corporations allow profits and losses to pass through to shareholders. S corporations have an advantage over partnerships for avoiding self-employment tax. LLCs are taxed as partnerships, allow flexible membership, and provide liability protection. The document also summarizes tax considerations for stock acquisitions under Sections 338 and 338(h)(10).
Entity choice
This document provides summaries of two presenters who will be speaking on business entity selection and its benefits and pitfalls. Kevin Learned is a founding partner at a law firm specializing in advising small and mid-sized federal services contractors on matters including company formation, mergers and acquisitions, private offerings, and certifications. Aman Badyal counsels clients on various transactions including choice of entity, formation, private placements, and mergers. The document then covers various topics related to different types of business entities including sole proprietorships, partnerships, corporations and LLCs and their characteristics regarding liability, taxes, ownership restrictions, and management.
Chapter 13 presentation
Milly and Doug are considering starting a dot-com business and need to choose between a C corporation or general partnership structure. They expect $200,000 in annual pre-tax earnings. As single filers with a 28% tax rate, an S corporation or LLC would minimize total taxes of $56,000, leaving $144,000 after-tax cash flow compared to $82,062 for a C corporation. The LLC offers additional flexibility over an S corporation.
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1. Which, if either, of the following statements is or are true .docx
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Issue, forfeiture and re issue of shares by N. Bala Murali Krishna
Issue, forfeiture and re issue of shares by N. Bala Murali Krishna
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A.) TrueFalse1 A distribution from a corporation will be .docx
Fundamentals of Taxation 2005 – A Forms ApproachSolutions Manu.docx
Fundamentals of Taxation 2005 – A Forms ApproachSolutions Manu.docx
21 A taxpayer works in a foreign country beginning April 1, 2012 t.docx
21 A taxpayer works in a foreign country beginning April 1, 2012 t.docx
19C H A P T E RC H A P T E RCorporations Distributions.docx
19C H A P T E RC H A P T E RCorporations Distributions.docx
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Problems – 5 points each1. Greg and Justin are forming the G.docx
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1. Primary sources
2. Secondary sources
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5. Robert Carter III
6. Mesoamerica
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10. Triangular trade
11. Saint Dominique Revolt
12. Syncretism
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14. Christopher Columbus
15. Columbian Moment
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1. Prepare an outline, an introduction, and a summary.docx
The document instructs the reader to prepare a 4 page double spaced report on an attached article, including an outline, introduction, and summary, and to prepare 4 PowerPoint slides summarizing the report.
1. Normative moral philosophy typically focuses on the determining t.docx
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SAMPLE OUTLINE
Research Paper Outline
Title: Rebellious Libya
Thesis: The United States should not get involved with Libya’s conflicts.
I.
Introduction:
A.
Start with the question, what is war? Explain briefly.
B.
Talk about the wars of the United States.
C.
What were the outcomes of some of those wars?
II.
Narration:
A.
Give some background on Libya.
B.
Explain how Col. Muammar Gaddafi became the leader of Libya
C.
Talk about why the citizens of Libya want to overthrow Gaddafi.
D.
Explain why the people feel that the United States should get involved in Libya’s conflicts.
III.
Partition:
A.
Thesis: I believe that the United States should not get involve with Libya’s conflicts.
B.
Essay Map.
1.
Cost of war.
2.
Using money in other Departments other defense.
3.
Killing innocent civilians and soldiers.
4.
Helping unknown rebels
5.
Involvement of foreign wars
IV.
Arguments:
A.
The cost of war is rising by the minute. The Obama Administration proposed a budget of $553 billion dollars for the department.
B.
Instead of spending all that money on war, we should be investing that money on health care and education.
C.
This conflict has caused the lives of many innocent civilians. NATO openly admitted to have killed innocent civilians, due to misguidance.
D.
The rebels fighting against Gaddafi are in need of military supplies. I don’t think that it is a good idea to help unknown rebels. We helped the Afghanistan rebels when they were fighting Russia. After they were victorious, they later became the “Taliban” and used those weapons to attack the US.
E.
Getting involved in foreign wars is not a good idea. The US has been involved in many foreign wars lately. These wars have been in foreign countries where Islam is the prominent religion. Libya is one of these countries. The involvement of the US in these places, builds a bad reputation worldwide and among the Muslim community.
V.
Refutation:
A.
Gaddafi’s actions against the civilians of Libya are totally wrong. Killing your own people is bad and therefore, we should help the rebels overthrow him.
B.
Gaddafi has been in power for many years. In fact, he holds the record for most years in power in a single country. This type of power can potentially lead to corruption and mistreatment of civilians.
C.
The people of Libya deserve to have democracy. They should have the right to elect their own leader.
D.
If Al Qaeda is threatening NATO and Libyan mercenaries then we should help them fight terrorism.
VI.
Conclusion:
A.
Summarize my arguments.
B.
State why we should not get involve with Libya’s conf.
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Adequacy Equity Exportability Neutrality Simplicity
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3. List and describe the eight steps of the scientific research model.
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1. Members of one species cannot successfully interbreed and produc.docx
1. Members of one species cannot successfully interbreed and produce fertile offspring with members of other species. This idea is known as
a. reproductive success.
b. punctuated evolution.
c. adaptive radiation.
d. the biological species concept.
e. geographic isolation.
2. The origin of new species, the extinction of species, and the evolution of major new features of living things are all changes that result from
a. macroevolution.
b. fitness.
c. speciation.
d. the biological species concept.
e. convergent evolution.
3. Which is a barrier that can contribute to reproductive isolation?
a. timing
b. behavior
c. habitat
d. incompatible reproductive structures
e. all of the above
4. Which of the following statements is false?
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b. Two mules can mate and produce fertile offspring.
c. A horse and a donkey can mate and produce offspring.
d. Two donkeys can mate and produce fertile offspring.
e. Two horses can mate and produce fertile offspring.
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b. reproductive isolation.
c. adaptation of existing structures to new functions.
d. inheritance of acquired characteristics.
e. the biological species concept.
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b. insects preserved in amber
c. petrified plant remains
d. animal bones
e. all of the above
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b. Devonian (409–363 million years ago)
c. Carboniferous (363–290 million years ago)
d. Jurassic (206–144 million years ago)
e. Cretaceous (144–65 million years ago)
8. The development of the complex, camera-like eye of a mammal is an example of
a. refinement of existing adaptations.
b. reproductive isolation.
c. adaptation of existing structures to new functions.
d. inheritance of acquired characteristics.
e. the biological species concept.
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a. Carbon-14 dating is useful for studying the age of early dinosaur fossils.
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c. Uranium-238 has a very short half-life.
d. Uranium-238 is present in all organisms.
e. Carbon-12 is not found in living plants.
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a. punctuated equilibrium
b. the biological species concept
c. convergent evolution
d. continental drift
e. cladistics
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a. Australia
b. the Yucatán peninsula
c. The Galápagos Islands
d. Pangaea
e. India
12. The great diversit.
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1. Of the three chemical bonds discussed in class, which of them is simultaneously the weakest and most important for life on this planet as we know it?
2.Carbohydrates are very important sources of energy for life. Plants and arthropods also use carbohydrates as components of structures that are very important for their existence. Provide the names of the two most important carbohydrate based structures (one for plants and one for arthropods) and the carbohydrate components that are used to form them.
3._____________ _____________ are joined by ______________ bonds to form proteins.
4.Proteins can be used for several functions. Provide examples of structural and metabolic functions of proteins.
5.Describe the phosholipid bilayer of the plasma membrane. Why is this bilayer important for the formation of cells and the sequestration of chemical reactions within the cell?
.
1. Look at your diagrams for hydrogen, lithium, and sodium. What do .docx
1. Look at your diagrams for hydrogen, lithium, and sodium. What do they all have in common? What group are these elements in on the periodic table?
2. Look at your diagrams for fluorine and chlorine. What do they have in common?
Picture is in the link. Put answers on the word document and re-submit
.
1. Name the following molecules2. Sketch the following molecules.docx
1. Name the following molecules:
2. Sketch the following molecules:
3-cyclohexenone
4-ethyl 2,2,5-trimethyl 3-hexanone
ethyl butyrate
pentanoic acid
2-chloro 4-methyl 2,5-heptadienal
3,4-dichloro 4-ethyl octanal
p-chloro phenol
3-bromo 2-chloro 4-methyl hexane
3-cyclopropyl 1,2-cyclopentanediol
methyl phenyl ether
3,5-dimethyl 2-heptene-4,5-diol
3. Give two different uses for ethanol.
4. Name two categories of organic compounds (alkanes, aldehydes…) that have very strong characteristic odours.
.
1. List the horizontal and vertical levels of systems that exist in .docx
1. List the horizontal and vertical levels of systems that exist in organizations.
2.
Describe at least five steps involved in systems integration
3.
What is the role of ERP systems in system integration?
4. Why do you think functional silos are not appropriate for today's organization? Discuss your answer from organizational and technical perspectives.
5. Pick an organization that you know of or where you are/were working and provide examples of logical and physical integration issues that were faced by the organization when they broke the functional silos and moved to integrated systems.
.
1. Kemal Ataturk carried out policies that distanced the new Turkish.docx
1. Kemal Ataturk carried out policies that distanced the new Turkish republic of the 1920s from the Ottoman past. Why? What specific policies did Ataturk pursue? 2. Why many Arabs felt betrayed by the British (and the French) after the First World War? 3. Discuss at least three features of patrimonial leadership. List three or more Middle Eastern states where such type of political leadership persists 4. Describe the key processes (both internal and external) that initiated political and economic disintegration of the Ottoman Empire in the nineteenth century. 5. European military superiority in the late eighteenth century prompted Ottoman rulers to respond with what specific political measures? 6. The Zionist political movement originated in Europe rather than in the Middle East. Explain why and how. 7. After the Second World War, several Arab countries went through the process of transition from constitutional monarchies to republics. Identify three such countries and describe the course of events that brought about this transition. 8. How is religious Zionism different from secular Zionism? What is the relevance of this difference for the creation of the state of Israel? Has the relative influence of the two remained stable since the creation of the Israeli state? 9. What was the principle source of political legitimacy of the Ottoman Empire? 10. While most Ottoman European provinces, riding the tide of the nineteenth century nationalism, sought and won independence from Istanbul, Ottoman Arab provinces maintained their political loyalty to the Ottomans. What explains this difference between Arab and European provinces? 11. Social and political forces in favor of a constitutional reform in Iran (1905-1911) were markedly different from the groups that promoted constitutional limitations on executive powers of the sultan in the Ottoman Empire prior to the First World War? Explain this difference. 12. What are some of the key features of Arab socialisms? Which Arab leaders adopted socialist ideology? Which Arab leaders were opposed to it? 13. After the First World War, the new Middle Eastern protectorates (e.g., Syria, Lebanon, Iraq) were expected to develop into modern secular states. What specific policies did France and Britain try to implement? How successful have theses policies been? 14. The 1967 war was a watershed event for all major actors in the Middle East. Explain the consequences of the war for domestic politics in Israel and Egypt respectively.
.
1. If we consider a gallon of gas as having 100 units of energy, and.docx
1. If we consider a gallon of gas as having 100 units of energy, and 25 of those units are used to move the car, what law of thermodynamics accounts for the other 75 units of energy? (Points : 2)
the first law
the second law
2. Which of these is not a component of a molecule of adenosine triphosphate (ATP)? (Points : 3)
adenosine
phosphate
deoxyribose sugar
ribose sugar
3. Glycolysis is a sequence of ______ chemical reactions. (Points : 3)
nine
six
five
ten
4. Exergonic reactions produce products with a ___ energy level than that of the initial reactants. (Points : 3)
lower
higher
the same
5. When chemical X is reduced, which of these expressions would be an accurate representation of its reduced state? (Points : 3)
XO
XH
X
HX
6. Most enzymes are which kind of organic compound? (Points : 3)
carbohydrates
lipids
proteins
none of the above
7. The area on an enzyme where the substrate attaches is called the: (Points : 3)
active site
allosteric site
anabolic site
inactive site
8. Which of the following creatures would not be an autotroph? (Points : 3)
cactus
cyanobacteria
fish
palm tree
9. The process by which most of the world's autotrophs make their food is known as: (Points : 3)
glycolysis
photosynthesis
chemosynthesis
herbivory
10. Plants are the only organisms that use ATP for the transfer and storage of energy. (Points : 2)
True
False
11. The colors of light in the visible range (from longest wavelength to shortest) are: (Points : 3)
ROYGBIV
VIBGYOR
GRBIYV
ROYROGERS
12. Chlorophyll is a green pigment because it absorbs only the green part of the visible light spectrum. (Points : 2)
True
False
13. The photosynthetic pigment that is essential for the process to occur is: (Points : 3)
chlorophyll a
chlorophyll b
beta carotene
xanthocyanin
14. A photosystem is: (Points : 3)
a collection of hydrogen-pumping proteins
a series of electron-accepting proteins arranged in the thylakoid membrane
a collection of photosynthetic pigments arranged in a thylakoid membrane
found only in prokaryotic organisms
15. Which of these molecules is NOT a product of the Electron Transport System? (Points : 3)
ATP
Water
Pyruvate
NAD+
16. The dark reactions require all of these chemicals to proceed except: (Points : 3)
ATP
NADPH
carbon dioxide
oxygen
17. The structural unit of photosynthesis, where the photosystems are located, are called: (Points : 3)
chlorophylls
eukaryotes
stroma
thylakoids
18. Which of the following does NOT occur during the light independent process? (Points : 3)
CO2 is used to form carbohydrates
NADPH converts to NADP
ADP converts to ATP
ATP converts to ADP
19. The production of ATP that occurs in the presence of oxygen is called: (Points : 3)
aerobic respiration
anaerobic respiration
chemiosmosis
photosynthesis
20. The first stable chemical formed by the Calvin Cycle is: (Points :.
1. In 200-250 words, analyze the basic issues of human biology as th.docx
1. In 200-250 words, analyze the basic issues of human biology as they relate to chronic conditions and describe the interaction between disability, disease, and behavior. Examine and discuss the impact of biological health or illness on social, psychological, and physical problems from the micro, mezzo, and macro perspectives. Choose a chronic condition from those provided in your text and consider how you might feel, think, and behave differently if the condition were affecting you versus if the condition were affecting a stranger. How might you think differently about this chronic condition if it were affecting someone close to you, your neighbor, or someone in your community? Please include at least two supporting scholarly resources.
2.Our stage of life, intellectual/cognitive abilities, and sociocultural position in life, affect our perspectives and resultant behaviors about a number of conditions including cancer. Consider the information provided in the
“Introduction to the Miller Family”
document. Both Ella and Elías have been diagnosed with cancer. Ella has been fighting cancer with complementary and alternative methods with some success for many years. Elías, her grandson, is 10 years old and has recently been diagnosed with leukemia but has not yet begun treatment. Putting yourself in either Ella or Elías’s place, what might your perspective on your cancer be? Integrate how the stage of life, cognitive abilities, and sociocultural position of your chosen person impacts her/his perspective on his/her individual disease.
.
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