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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
Acc 565 Effective Communication / snaptutorial.comBaileyab
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
Jackson and Tanker Corporations are members of an affiliated group. The two corporations have been affiliated since they were formed last year. Both corporations have always used a calendar year as their tax year. Tanker, the
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
ACC 565 Effective Communication - tutorialrank.comBartholomew4
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income
Acc 565 Effective Communication / snaptutorial.comBaileyab
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
Jackson and Tanker Corporations are members of an affiliated group. The two corporations have been affiliated since they were formed last year. Both corporations have always used a calendar year as their tax year. Tanker, the
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
ACC 565 Effective Communication - tutorialrank.comBartholomew4
For more course tutorials visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000.
For more classes visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Bankruptcy filing in Delaware federal bankruptcy court by oil and natural gas drilling company Halcon Resources. This "pre-packaged" bankruptcy filing lists $3.12 billion in debt and $2.85 billion in assets. The plan will convert debt into equity, shafting existing shareholders.
Question 1 Which of the following indicates that a decision has .docxmakdul
Question 1
Which of the following indicates that a decision has precedential value for future cases?
A.
Stare decicis
B.
Golsen doctrine
C.
En banc
D.
Reenactment doctrine
E.
None of the above
Question 2
The Golsen doctrine applies to which court?
A.
U.S. Tax Court
B.
U.S. District Court
C.
U.S. Court of Federal Claims
D.
U.S. Supreme Court
E.
Some other court
Question 3
Interpret the following citation: 64-1 USTC ¶ 9618, aff’d in 344 F. 2d 966.
A.
A U.S. Tax Court Small Cases Division decision that was affirmed on appeal.
B.
A U.S. Tax Court decision that was affirmed on appeal.
C.
A U.S. District Court decision that was affirmed on appeal.
D.
A U.S. Circuit Court of Appeals decision that was affirmed on appeal.
E.
None of the above.
Question 4
A Memorandum decision of the U.S. Tax Court could be cited as:
A.
T.C. Memo. 1990-650
B.
68-1 USTC ¶ 9200
C.
37 AFTR 2d 456
D.
All of the above
E.
None of the above
Question 5
Bjorn owns a 60% interest in an S corporation that earned $150,000 in 2011. He also owns 60% of the stock in a C corporation that earned $150,000 during the year. The S corporation distributed $30,000 to Bjorn and the C corporation paid dividends of $30,000 to Bjorn. How much income must Bjorn report from these businesses?
A.
$0 income from the S corporation and $30,000 income from the C corporation.
B.
$90,000 income from the S corporation and $30,000 income from the C corporation.
C.
$90,000 income from the S corporation and $0 income from the C corporation.
D.
$30,000 income from the S corporation and $30,000 of dividend income from the C corporation.
E.
None of the above
Question 6
In 2011, Bluebird Corporation had net income from operations of $75,000. Further, Bluebird recognized a long-term capital loss of $30,000, and a short-term capital gain of $10,000. Which of the following statements is correct?
A.
Bluebird Corporation may use the capital loss to offset the capital gain and must carry the net capital loss of $20,000 forward five years as a long-term capital loss.
B.
Bluebird Corporation may deduct $13,000 of the capital loss in 2011 and may carry forward the remainder of the capital loss indefinitely to offset capital gains.
C.
Bluebird Corporation will have taxable income in 2011 of $55,000.
D.
Bluebird Corporation will have taxable income in 2011 of $75,000 and will have a net capital loss of $20,000 that can be carried back 3 years and forward 5 years.
E.
None of the above
Question 7
Which of the following statements is correct regarding the taxation of C corporations?
A.
The due date for a corporate income tax return (ignoring extensions) is the fifteenth day of the third month following the close of the corporation’s tax year.
B.
A corporation with taxable income of less than $500 need not file a tax return.
C.
The alternative minimum tax does not apply.
D.
In general, the required annual payment for corporate estimated taxes is 90% of the corporation’s final tax for ...
For more course tutorials visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000.
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
For more course tutorials visit
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ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Bankruptcy filing in Delaware federal bankruptcy court by oil and natural gas drilling company Halcon Resources. This "pre-packaged" bankruptcy filing lists $3.12 billion in debt and $2.85 billion in assets. The plan will convert debt into equity, shafting existing shareholders.
Question 1 Which of the following indicates that a decision has .docxmakdul
Question 1
Which of the following indicates that a decision has precedential value for future cases?
A.
Stare decicis
B.
Golsen doctrine
C.
En banc
D.
Reenactment doctrine
E.
None of the above
Question 2
The Golsen doctrine applies to which court?
A.
U.S. Tax Court
B.
U.S. District Court
C.
U.S. Court of Federal Claims
D.
U.S. Supreme Court
E.
Some other court
Question 3
Interpret the following citation: 64-1 USTC ¶ 9618, aff’d in 344 F. 2d 966.
A.
A U.S. Tax Court Small Cases Division decision that was affirmed on appeal.
B.
A U.S. Tax Court decision that was affirmed on appeal.
C.
A U.S. District Court decision that was affirmed on appeal.
D.
A U.S. Circuit Court of Appeals decision that was affirmed on appeal.
E.
None of the above.
Question 4
A Memorandum decision of the U.S. Tax Court could be cited as:
A.
T.C. Memo. 1990-650
B.
68-1 USTC ¶ 9200
C.
37 AFTR 2d 456
D.
All of the above
E.
None of the above
Question 5
Bjorn owns a 60% interest in an S corporation that earned $150,000 in 2011. He also owns 60% of the stock in a C corporation that earned $150,000 during the year. The S corporation distributed $30,000 to Bjorn and the C corporation paid dividends of $30,000 to Bjorn. How much income must Bjorn report from these businesses?
A.
$0 income from the S corporation and $30,000 income from the C corporation.
B.
$90,000 income from the S corporation and $30,000 income from the C corporation.
C.
$90,000 income from the S corporation and $0 income from the C corporation.
D.
$30,000 income from the S corporation and $30,000 of dividend income from the C corporation.
E.
None of the above
Question 6
In 2011, Bluebird Corporation had net income from operations of $75,000. Further, Bluebird recognized a long-term capital loss of $30,000, and a short-term capital gain of $10,000. Which of the following statements is correct?
A.
Bluebird Corporation may use the capital loss to offset the capital gain and must carry the net capital loss of $20,000 forward five years as a long-term capital loss.
B.
Bluebird Corporation may deduct $13,000 of the capital loss in 2011 and may carry forward the remainder of the capital loss indefinitely to offset capital gains.
C.
Bluebird Corporation will have taxable income in 2011 of $55,000.
D.
Bluebird Corporation will have taxable income in 2011 of $75,000 and will have a net capital loss of $20,000 that can be carried back 3 years and forward 5 years.
E.
None of the above
Question 7
Which of the following statements is correct regarding the taxation of C corporations?
A.
The due date for a corporate income tax return (ignoring extensions) is the fifteenth day of the third month following the close of the corporation’s tax year.
B.
A corporation with taxable income of less than $500 need not file a tax return.
C.
The alternative minimum tax does not apply.
D.
In general, the required annual payment for corporate estimated taxes is 90% of the corporation’s final tax for ...
Tax Research Memorandum To Bruce Wilson From .docxaryan532920
Tax Research Memorandum
To: Bruce Wilson
From: Tax Accountant, CPA
Date: December 31, 2015
Re: Tax Treatment of Lottery Winnings
Facts
You won $2,000,000 in the state lottery. The lottery pays out the prize money in 20 annual
installments of $100,000 each. After receiving three $100,000 installments ($300,000), you
sold the remaining $1,700,000 for $1,000,000. You want to report the $1,000,000 as long-
term capital gain, on which the tax rate is 15%, rather than reporting it as ordinary income, on
which you would be required to pay your 35% marginal tax rate.
Issue
The issues are (1) whether lottery winnings can be taxed at the long-term capital gains tax
rate, and (2) whether selling the right to the cash flow from the winnings for a lump sum after
owning the right to such cash flow for more than one year qualifies for long-term capital
gains tax treatment.
Rule
Lottery rights are not a capital asset, and selling those rights, even after holding them for over
one year, falls under the “substitute for ordinary income doctrine, which provides that when a
party receives a lump sum payment as essentially a substitute for what would otherwise be
received at a future time as ordinary income, that lump sum payment is taxable as ordinary
income as well.” R.W. Womack v. Comm’r, 510 F. 3d 1295 (11th Cir. 2007).
Analysis
It is well established that Lottery rights are not a capital asset. Watkins v. Comm’r, 447 F. 3d
1269 (10th Cir. 2006); Lattera v. Comm’r, 437 F. 3d 399 (3d Cir. 2006), cert. denied, 127 S.
Ct. 1328 (2007); United States v. Maginnis, 356 F. 3d 1179 (9th Cir. 2004); Davis v. Comm’r,
119 T.C. 1 (2002). Although 26 U.S.C. §1221 defines Capital Asset quite broadly, and does
not specifically except lottery winnings from the definition, the 11th Circuit has found that
“the statutory definition of capital asset has never been read as broadly as the statutory
language might seem to permit, because such a reading would encompass some things
Congress did not intend to be taxed as capital gains.” Womack, 510 F.3d 1295; Maginnis, 356
F.3d at 1181;. All of these decisions are based on the so-called substitute for ordinary income
doctrine, which provides that when a party receives a lump sum payment as “essentially a
substitute for what would otherwise be received at a future time as ordinary income, that
lump sum payment is taxable as ordinary income as well.” Comm’r v. P.G. Lake, Inc., 356
U.S. 260, 265, 78 S. Ct. 691, 694 (1958). Womack, 510 F.3d 1295. The courts have focused
on two significant factors in determining that lottery rights are not a capital asset and,
therefore, the sale of such asset would not constitute a long term capital gain:
1. The taxpayer did not make any underlying investment of capital in return for the receipt of
the lottery right, and
2. The sale of the right did not reflect an accretion in value over cost to any underlying asset
held by t ...
For each question on the midterm exam, unless the question expressly.docxrhetttrevannion
For each question on the midterm exam, unless the question expressly provides to the contrary, you should assume that:
all events occurred in ‘the current taxable year;’
all persons are United States citizens;
there is no tax avoidance purpose for any transaction, and that with respect to any mortgage on any property, there was a bona fide business purpose for incurring or assuming the debt;
whenever a party receives encumbered property, the party
assumed the mortgage, even if not specifically stated;
there is no special election made unless the facts specifically state that there is an election made and in effect;
in all cases, that there is only one class of stock issued and outstanding in any corporation, and that class is common voting stock;
with respect to each partnership question, the partnership has no hot assets, has no debts or other liabilities, and does not have a Section 754 election in effect;
with respect to each partnership question, each partnership is a general partnership; and
with respect to each partnership question, there are no special allocation provisions contained in any partnership agreement.
Choose the letter for the choice that best answers the question or completes the sentence.
Questions
1.
Jack
owns 60 percent of Corporation. Corporation had acquired land known as the Parcel in January of 2000 for $68,000 and held the Parcel
for investment purposes. During the current taxable year, Corporation sold the Parcel to Jack for $65,000 which amount was equal to the fair market value of the Parcel. Shortly after receiving the Parcel, Jack, never having made any gifts before, gave the Parcel
to his friend Tom from college when the property was worth $70,000.
Tom sold the Parcel two years later to Sue, a person not related to Corporation, Jack, Sue, or Tom, for $75,000.
How much gain or loss is realized and recognized as a result of these three transfers?
a.
Corporation realizes a loss of $3,000 and
recognizes a loss of 3,000 on the sale; Jack realizes a gain of $8,000 and recognizes a gain of 5,000 on the transfer to Tom; Tom realizes a gain of $5,000 and recognizes a gain of $2,000 on the transfer to Sue.
b.
Corporation realizes a loss of $3,000 and recognizes a loss of 3,000 on the sale; Jack realizes a gain of $5,000 and
recognizes a gain of 5,000 o the transfer to Tom; Tom realizes
gain of $5,000 and recognizes a gain of $2,000 on the transfer to Sue.
c.
Corporation realizes a loss of $3,000 and recognizes a loss of 0 on the sale; Jack does not realize or recognize any gain or loss on the transfer to Tom; Tom realizes a gain of $10,000 and recognizes a gain of $10,000 on the transfer to Sue.
d.
Corporation realizes a loss of $3,000 and recognizes a loss of 0 on the sale; Jack realizes a gain of $5,000 and recognizes a gain of $5,000 on the transfer to Tom;
Tom realizes a gain of $5,000 and recognizes a gain of $5,000 on the transfer to Sue.
2.
Corporation had the follow.
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ACC 544 Quiz 1
• Question 1 Imperial Corp. is offering $450,000 of its securities under Rule 504 of Regulation D of the Securities Act of 1933. Under Rule 504, Imperial is required to
For each question , unless the question expressly provides to the co.docxrhetttrevannion
For each question , unless the question expressly provides to the contrary, you should assume that:
all events occurred in ‘the current taxable year;’
all persons are United States citizens;
there is no tax avoidance purpose for any transaction, and that with respect to any mortgage on any property, there was a bona fide business purpose for incurring or assuming the debt;
whenever a party receives encumbered property, the party assumed the mortgage, even if not specifically stated;
there is no special election made unless the facts specifically state that there is an election made and in effect;
in all cases, that there is only one class of stock issued and outstanding in any corporation, and that class is common voting stock;
with respect to each partnership question, the partnership has no hot assets, has no debts or other liabilities, and does not have a Section 754 election in effect;
with respect to each partnership question, each partnership is a general partnership; and
with respect to each partnership question, there are no special allocation provisions contained in any partnership agreement.
Choose the letter for the choice that best answers the question or completes the sentence.
Questions
1. Jack owns 60 percent of Corporation. Corporation had acquired land known as the Parcel in January of 2000 for $68,000 and held the Parcel for investment purposes. During the current taxable year, Corporation sold the Parcel to Jack for $65,000 which amount was equal to the fair market value of the Parcel. Shortly after receiving the Parcel, Jack, never having made any gifts before, gave the Parcel to his friend Tom from college when the property was worth $70,000. Tom sold the Parcel two years later to Sue, a person not related to Corporation, Jack, Sue, or Tom, for $75,000. How much gain or loss is realized and recognized as a result of these three transfers?
a. Corporation realizes a loss of $3,000 and recognizes a loss of 3,000 on the sale; Jack realizes a gain of $8,000 and recognizes a gain of 5,000 on the transfer to Tom; Tom realizes a gain of $5,000 and recognizes a gain of $2,000 on the transfer to Sue.
b. Corporation realizes a loss of $3,000 and recognizes a loss of 3,000 on the sale; Jack realizes a gain of $5,000 and recognizes a gain of 5,000 o the transfer to Tom; Tom realizes gain of $5,000 and recognizes a gain of $2,000 on the transfer to Sue.
c. Corporation realizes a loss of $3,000 and recognizes a loss of 0 on the sale; Jack does not realize or recognize any gain or loss on the transfer to Tom; Tom realizes a gain of $10,000 and recognizes a gain of $10,000 on the transfer to Sue.
d. Corporation realizes a loss of $3,000 and recognizes a loss of 0 on the sale; Jack realizes a gain of $5,000 and recognizes a gain of $5,000 on the transfer to Tom; Tom realizes a gain of $5,000 and recognizes a gain of $5,000 on the transfer to Sue.
.
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Question 1.1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of $3,000 for the calendar year. For income tax purposes, the real estate tax deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew's basis in the residence is: (Points : 5)
Question 2.2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy e
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ACC 565 Education Organization / snaptutorial.com
1. ACC 565 Final Exam Guide
For more classes visit
www.snaptutorial.com
ACC 565 Final Exam Guide
Question 1
Barbara sells a house with an FMV of $170,000 to her daughter for
$120,000. From this transaction, Barbara is deemed to have made a
gift (before the annual exclusion) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act,
which of the following statements is correct?
Question 3
Jackson and Tanker Corporations are members of an affiliated group.
The two corporations have been affiliated since they were formed last
year. Both corporations have always used a calendar year as their tax
year. Tanker, the subsidiary, has a separate return year NOL of
$14,000 from last year. Jackson Corporation has a separate return
year NOL of $16,000 from last year. Commencing this year, the two
corporations filed a consolidated tax return. The NOLs can be carried
over
Question 4
Virginia gave stock with an adjusted basis of $8,000 and an FMV of
$10,000 to Carmen. No gift tax was paid on the transfer. Carmen then
sold the stock for $9,000. The gain or loss Carmen will recognize on
the sale is
Question 5
If a partnership chooses to form an LLC, under the check-the-box
rules, and assuming no elections are made, the entity will be taxed as
Question 6
2. Revocable trusts means
Question 7
Identify which of the following statements is true.
Question 8
Identify which of the following statements is true.
Question 9
Cactus Corporation, an S Corporation, had accumulated earnings and
profits of $100,000 at the beginning of 2009. Tex and Shirley each
own 50% of the stock and have a basis in their stock of $50,000 on
January 1, 2009. Cactus does not make any distributions during 2009,
but had $200,000 of ordinary income. In 2010, ordinary income was
$100,000 and distributions were $100,000. What is Tex's basis at
January 1, 2011?
Question 10
Tax return preparers can be penalized for the following activities
except
Question 11
An intervivos trust may be created by all of the following except
Question 12
Identify which of the following statements is true.
Question 13
Michael died in 2013 with a taxable estate and estate tax base of
$6,000,000. Michael's estate owed no state death taxes. Michael's
estate includes $250,000 of income in respect of a decedent (IRD),
none of which is received by his surviving spouse. His estate had no
DRD. The estate collects $200,000 of the IRD during its current tax
year. The Sec. 691(c) deduction for the estate in current year is
Question 14
Which of the following corporations is entitled to join in a
consolidated tax return without making a special election?
Question 15
Susan contributed land with a basis of $6,000 and an FMV of $10,000
to the SH Partnership two years ago to acquire her partnership
interest. This year, the land is distributed to Harry when its FMV is
$11,000. No other distributions have been made since Susan became a
partner. When the land is distributed, the partnership's basis in the
land immediately before distribution is increased by
3. Question 16
What is the penalty for a tax return preparer who willfully attempts to
understate taxes, or intentionally disregards the tax rules and
regulations?
Question 17
When computing the partnership's ordinary income, a deduction is
allowed for
Question 18
Identify which of the following statements is true.
Question 19
A consolidated return's tax liability is owed by
Question 20
Terry files his return on March 31. The return shows taxes of $6,000,
and Terry pays this entire amount when he files his return. By what
time must he file a claim of refund?
Question 21
The IRS provides advice concerning an issue that arises during an
audit by issuing
Question 22
In computing the ordinary income of a partnership, a deduction is
allowed for
Question 23
Damitria transfers her rights in a $100,000 insurance policy on June 1
to Tremayne. The policy has a cash value of $9,000 and an
interpolated terminal reserve of $8,500. The annual policy premium
of $12,000 had been paid on January 1. Damitria's gift (before the
annual gift tax exclusion) to Tremayne is
Question 24
Diana Corporation owns stock of Tomika Corporation. For Diana and
Tomika to qualify for the filing of consolidated returns, at least what
percentage of Tomika's total voting power and total value of stock
must be directly owned by Diana?
Question 25
The executor or administrator is responsible for all the following
estate duties except
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4. ACC 565 Midterm Exam Guide
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ACC 565 Midterm Exam Guide
Question 1
Identify which of the following statements is false.
Question 2
Which of the following transactions does nothave the potential of
creating a constructive dividend?
Question 3
The citation "Reg. Sec. 1.199-2" refers to
Question 4
Bruce receives 20 stock rights in a nontaxable distribution. The stock
rights have an FMV of $5,000. The common stock with respect to
which the rights are issued has a basis of $4,000 and an FMV of
$120,000. Bruce allows the stock rights to lapse. He can deduct a loss
of
Question 5
Identify which of the following statements is true.
Question 6
A corporation cannot reasonably accumulate earnings to
Question 7
Small case procedures of the U.S. Tax Court requires that the amount
in dispute not exceed
Question 8
For purposes of determining current E&P, which of the following
items cannot be deducted in the year incurred?
Question 9
5. What are the consequences of a stock redemption to the distributing
corporation?
Question 10
Under a plan of complete liquidation, Coast Corporation distributes
land with a $300,000 adjusted basis and a $400,000 FMV to William,
a 25% shareholder. William has a $200,000 basis in his Coast stock.
The land is inventory in the hands of Coast Corporation. Coast
Corporation must recognize
Question 11
The phrase "Entered under Rule 155" indicates that
Question 12
You need to locate a recent tax case that was tried in a Federal district
court. The decision is an "unreported" decision. This means the
decision was
Question 13
When using the Bardahl formula, an increase in accounts payable
(while holding purchases and operating expenses constant) has which
of the following effects on the working capital
Question 14
Which of the following steps, related to a tax bill, occurs first?
Question 15
Dexer Corporation is owned 70% by Amy and 30% by Brad. Dexer
Corporation owns Eagle Corporation stock with a $50,000 adjusted
basis and a $30,000 FMV. The stock is not disqualified property. As
part of a complete liquidation, the Eagle Corporation stock is
distributed to Amy. Amy's basis in her Dexer stock is $40,000. Dexer
Corporation will recognize
Question 16
Which of the following requirements must be met for a redemption to
be treated as substantially disproportionate?
Question 17
During the course of an audit, a CPA discovers an error in a prior
return. According to the Statements on Standards for Tax Services,
the CPA should
Question 18
Which of the following is not a condition that permits a stock
redemption to be treated as a sale?
6. Question 19
Carolyn transfers property with an adjusted basis of $50,000 and an
FMV of $60,000 in exchange for Prime Corporation stock in a Sec.
351 transaction. Carolyn's basis in the stock is
Question 20
Tia owns 2,000 shares of Bass Corporation common stock with an
$80,000 basis. Bass distributes a nontaxable preferred stock dividend.
When the preferred stock is distributed, it has an FMV of $60,000 and
the FMV of the 2,000 common stock shares is $180,000.The basis of
the preferred stock is
Question 21
American Corporation acquires the noncash assets of Utech
Corporation in exchange for $700,000 of its voting stock plus $50,000
of cash. Utech Corporation assets are worth $750,000. Utech
Corporation does not distribute the stock and cash but instead holds
the stock as an investment. Utech will use the American cash along
with the cash it retained to start a new business. The transaction can
be classified as a
Question 22
Dixie Corporation distributes $31,000 to its sole shareholder, Sally.
At the time of the distribution, Dixie's E&P is $25,000 and Sally's
basis in her Dixie stock is $10,000. Sally's basis in her Dixie stock
after the distribution is
Question 23
Tomika Corporation has current and accumulated earnings and profits
of $0. Tomika distributes $10,000 to its sole shareholder, Alana. What
are Tomika's earnings and profits
Question 24
Which of the following items are tax preference items for purposes of
arriving at alternative minimum taxable income?
Question 25
JLA is a U.S. shoe manufacturer. Its domestic production income is
$1,000,000 and U.S. W-2 wages are $600,000. Taxable income before
the domestic production deduction is $500,000.What is the amount of
the production activities deduction?
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7. ACC 565 Week 2 Assignment 1 Client Letter (2
Papers)
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This Tutorial contains 2 Different Papers
ACC 565 Assignment 1 Client Letter
Assignment 1: Client Letter
Imagine that you are a Certified Public Accountant (CPA) with a new
client who needs an opinion on the most advantageous capital
structure of a new corporation. Your client formed the corporation in
question to provide technology to the medical profession to facilitate
compliance with the Health Insurance Portability and Accountability
Act (HIPAA). Your client is very excited because of the ability to
secure several significant contracts with sufficient capital.
Use the Internet and Strayer databases to research the advantages and
disadvantages of debt for capital formation versus equity for capital
formation of a corporation. Prepare a formal letter to the client using
the six (6) step tax research process in Chapter 1 and demonstrated in
Appendix A of your textbook as a guide.
Write a one to two (1-2) page letter in which you:
1. Compare the tax advantages of debt versus equity capital formation
of the corporation for
the client.
2. Recommend to the client whether he / she should use debt or equity
for capital formation of the new corporation, based on your research.
Provide a rationale for the response.
8. 3. Use the six (6) step tax research process, located in Chapter 1 and
demonstrated in Appendix A of the textbook, to record your research
for communications to the client.
Your assignment must follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12),
with one-inch margins on all sides; citations and references must
follow APA or school-specific format. Check with your professor for
any additional instructions.
• Include a cover page containing the title of the assignment, the
student’s name, the professor’s name, the course title, and the date.
The cover page and the reference page are not included in the
required assignment page length.
The specific course learning outcomes associated with this
assignment are:
• Analyze tax issues regarding corporate formations, capital
structures, income tax, non-liquidating distributions, or other
corporate levies.
• Use technology and information resources to research issues in
organizational tax research and planning.
• Write clearly and concisely about organizational tax research and
planning using proper writing mechanics.
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ACC 565 Week 4 Assignment 2 Constructive
Dividends, Redemptions, and Related Party
Losses (2 Papers)
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9. This Tutorial contains 2 Different Papers
This paper of ACC 565 Week 4 Assignment 2
Assignment 2 :Constructive Dividends, Redemptions, and Related
Party Losses
Suppose you are a CPA hired to represent a client that is currently
under examination by the IRS. The client is the president and 95%
shareholder of a building supply sales and warehousing business. He
also owns 50% of the stock of a construction company. The
remaining 50% of the stock of the construction company is owned by
the client’s son. The client has received a Notice of Proposed
Adjustments (NPA) on three (3) significant issues related to the
building supply business for the years under examination. The issues
identified in the NPA are unreasonable compensation, stock
redemptions, and a rental loss. Additional facts regarding the issues
are reflected below:
· Unreasonable compensation: The taxpayer receives a salary of $10
million composed of a $5 million base salary plus 5% of gross
receipts not to exceed $5 million. The total gross receipts of the
building supply business are $300 million. The NPA by the IRS
disallows the salary based on 5% of gross receipts as a constructive
dividend
· Stock redemptions: During the audit period, the construction
company redeemed 50% of the outstanding stock owned by the client
and 50% of the stock owned by the client’s son, leaving each with the
same ownership percentage of 50%. The redemption was treated as a
distribution under Section 301 of the IRC by the IRS.
· Rental loss: The rental loss results from a building leased to the
construction company owned by the client and his son.
Write a three page paper in which you:
1. Based on your research and the facts stated in the scenario, prepare
a recommendation for the client in which you advise either
acceptance of the proposed adjustments or further appeal of the issue
based on the potential for prevailing on appeal.
10. 2. Create a tax plan for the future redemption of the client’s stock
owned in the construction company that will not be taxed according to
Section 301 of the IRC.
3. Propose a strategy for the client to receive similar amounts in
compensation in the future and avoid the taxation as a constructive
dividend.
4. Use the six (6) step tax research process to record your research for
communications to the client.
Use the Internet and databases to research the rules and income tax
laws regarding unreasonable compensation, stock redemptions treated
as dividends and related party losses. Be sure to use the six (6) step
tax research process in Chapter 1 and demonstrated in Appendix A of
your textbook as a guide for your written response.
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ACC 565 Week 7 Assignment 3 Reorganizations
and Consolidated Tax contains (2 Papers)
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This Tutorial contains 2 Different Papers
ACC 565 Week 7 Assignment 3 Reorganizations and Consolidated
Tax contains
Due Week 7 and worth 250 points
11. Suppose you are a CPA, and you have a corporate client that has
been operating for several years. The company is considering
expansion through reorganizations. The company currently has two
(2) subsidiaries acquired through Type B reorganizations. The client
has asked you for tax advice on the benefit of a Type A, C, or D
reorganization over a Type B reorganization. Additional facts
regarding the issues are reflected below.
The company currently files a consolidated income tax return with the
two (2) subsidiaries acquired through a Type B reorganization.
ABC Corporation, a subsidiary targeted by the client for takeover,
has substantial net operating losses.
XYZ Corporation and BB Corporation will be acquired as
subsidiaries in the next six (6) months.
Use the Internet and Strayer databases to research the rules and
income tax laws regarding Types A, B, C, and D reorganizations and
consolidated tax returns. Be sure to use the six (6) step tax research
process in Chapter 1 and demonstrated in Appendix A of your
textbook as a guide for your written response.
Write a four to six (4-6) page paper in which you:
Compare the long-term tax benefits and advantages of each type of
reorganization, and recommend the type of reorganization that will
be most beneficial to the client.
Suggest the type of reorganization the client should use for the ABC
Corporation based on your research. Justify the response.
Propose a taxable acquisition structure for the client’s planned
acquisitions over a nontaxable reorganization. Assess the value of a
taxable transaction over a nontaxable reorganization for the client.
Examine the value and limitations of including the ABC Corporation
if acquired as a wholly owned subsidiary in the consolidated return,
12. and provide a recommendation to your client. Support the
recommendation with applicable research.
Create a scenario that will allow the client to reduce any
disadvantages from filing a consolidated return as a member of a
controlled group.
Use the six (6) step tax research process, located in Chapter 1 and
demonstrated in Appendix A of the textbook, to record your research
for communications to the client.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with
one-inch margins on all sides; citations and references must follow
APA or school-specific format. Check with your professor for any
additionalinstructions.
Include a cover page containing the title of the assignment, the
student’s name, the professor’s name, the course title, and the date.
The cover page and the reference page are not included in the
required assignment page length.
The specific course learning outcomes associated with this
assignment are:
Prepare client, internal, and administrative documents that
appropriately convey the results of tax research and planning.
Evaluate tax-planning strategies related to liquidating distributions,
acquisitions, and reorganizations.
Create an approach to tax research that results in credible and
current resources.
Research and analyze tax issues regarding consolidated tax returns.
Use technology and information resources to research issues in
organizationaltax research and planning.
13. Write clearly and concisely about organizationaltax research and
planning using proper writing mechanics.
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ACC 565 Week 10 Assignment 4 Tax-Planning
Client Letter on Irrevocable Trusts, Gift Tax,
and Estate Tax
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ACC 565 Week 10 Assignment 4 Letter to Client
TAX-PLANNING CLIENT LETTER ON IRREVOCABLE
TRUSTS, GIFT TAX, AND ESTATE TAX
Suppose you are a CPA, and your client has requested advice
regarding establishing an irrevocable trust for his two (2)
grandchildren. He wants the income from the trust paid to the children
for 20 years and the principal distributed to the children at the end of
20 years.
Use the Internet and Strayer databases to research the rules regarding
irrevocable trusts, gift tax, and estate tax. Be sure to use the six (6)
step tax research process in Chapter 1 and demonstrated in Appendix
A of your textbook as a guide for your written response.
Write a one to two (1-2) page letter in which you:
Analyze the effect of an irrevocable trust on the gift tax and future
estate taxes.
14. Suggest other significant alternatives that the client could use both to
reduce estate tax and to maximize potential advantages of the
payment of gift taxes on transfers of property.
Use the six (6) step tax research process, located in Chapter 1 and
demonstrated in Appendix A of the textbook, to record your research
for communications to the client.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12),
with one-inch margins on all sides; citations and references must
follow APA or school-specific format. Check with your professor for
any additional instructions.
Include a cover page containing the title of the assignment, the
student’s name, the professor’s name, the course title, and the date.
The cover page and the reference page are not included in the
required assignment page length.
The specific course learning outcomes associated with this
assignment are:
Prepare client, internal, and administrative documents that
appropriately convey the results of tax research and planning.
Create an approach to tax research that results in credible and current
resources.
Analyze tax issues regarding the gift tax and the estate tax.
Analyze tax issues regarding trusts and estates.
Use technology and information resources to research issues in
organizational tax research and planning.
Write clearly and concisely about organizational tax research and
planning using proper writing mechanics.
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