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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. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion
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) of
Question 2
If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct?
Question 3
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
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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.
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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
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
ACC 565 Effective Communication - tutorialrank.comBartholomew4
For more course tutorials visit
www.tutorialrank.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
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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
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
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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 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
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 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
For more course tutorials visit
uophelp.com is now newtonhelp.com
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Please check the Details Below
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?
Planning to Avoid the New Medicare Tax & Other 2013 Tax IncreasesBruce Givner
Information on all of the new tax increases for 2013, including the new Medicare tax, and how it will affect you!
For more information, please visit us at www.givnerkaye.com
For more course tutorials visit
www.newtonhelp.com
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 more course tutorials visit
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www.newtonhelp.com
Question 1
Transactions for Mehta Company for the month of May are presented below.
May 1 B.D. Mehta invests $3,054 cash in exchange for common stock of Mehta Company, a small welding corporation.
3 Buys equipment on account for $1,547.
14 07-09 orange county bar association - int'l estate planningBruce Givner
U.S. persons with real estate in multiple countries; U.S. persons with relatives in other countries; U.S. citizens abroad; non-U.S. persons with real estate in the U.S.; residency for income tax purposes; residency for transfer tax purposes; expatriation;
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 ...
Acc 565 Effective Communication / snaptutorial.comBaileyab
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
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
uophelp.com is now newtonhelp.com
www.newtonhelp.com
Please check the Details Below
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?
Planning to Avoid the New Medicare Tax & Other 2013 Tax IncreasesBruce Givner
Information on all of the new tax increases for 2013, including the new Medicare tax, and how it will affect you!
For more information, please visit us at www.givnerkaye.com
For more course tutorials visit
www.newtonhelp.com
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 more course tutorials visit
uophelp.com is now newtonhelp.com
www.newtonhelp.com
Question 1
Transactions for Mehta Company for the month of May are presented below.
May 1 B.D. Mehta invests $3,054 cash in exchange for common stock of Mehta Company, a small welding corporation.
3 Buys equipment on account for $1,547.
14 07-09 orange county bar association - int'l estate planningBruce Givner
U.S. persons with real estate in multiple countries; U.S. persons with relatives in other countries; U.S. citizens abroad; non-U.S. persons with real estate in the U.S.; residency for income tax purposes; residency for transfer tax purposes; expatriation;
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.
Question 1The Official Document which Gives a States Authorizat.docxIRESH3
Question 1
The Official Document which Gives a State's Authorization to Form a Corporation is (are) called:
A.
Charter
B.
Bylaws
C.
Permit
D.
Certificate to Operate
Question 2
The Fair Market Value of Land and/or Buildings Given as a Gift to Corporations by Communities as an Incentive to Locate in their Area is called _ _ _ by Accountants.
A.
Relocation Incentives
B.
Donated Capital
C.
A Freebie
D.
A Free Good
Question 3
Ed Rice has invested $40,000 in a privately held family corporation. If the Corporation Fails and Declares Bankruptcy, How much does Ed Rice stand to Lose?
A.
The $40,000 plus any personal assets the creditors demand.
B.
Up to his total investment of $40,000.
C.
Zero.
D.
Half of his investment, $20,000.
Question 4
Which of the following statements correctly describes the Transferability of Ownership Rights in a Corporation? A shareholder:
A.
Must obtain the permission of the board of directors before selling their shares.
B.
Must obtain the permission of 3 other stockholders before their selling shares.
C.
Must transfer all of their shares if they decide to transfer ownership.
D.
May dispose of part or all or their shares whenever they wish.
Question 5
Which of the following is NOT an Advantage of the Corporate Form of Ownership?
A.
It has the ability to raise large sums of capital by selling stocks and bonds.
B.
It is less subject to regulations than proprietorships or partnerships.
C.
Its stockholders have limited liability if the corporation fails.
D.
It has a continuous life which is independent of that of the managers.
Question 6
Dividends are Declared Out Of:
A.
Capital Stock.
B.
Retained Earnings.
C.
Paid in Capital in Excess of Par Value.
D.
Treasury Stock.
Question 7
Which of the following represents the Largest Number of Common Shares?
A.
Outstanding shares.
B.
Authorized shares.
C.
Issued shares.
D.
Treasury shares.
Question 8
1. Treasury Stock is a(n):
A.
Asset account.
B.
Contra Stockholder's Equity account.
C.
Contra Asset account.
D.
Retained Earnings account.
Question 9
Dividends in Arrears on Cumulative Preferred Stock:
A.
Never have to be paid.
B.
Enable preferred stockholders to share equally in corporate earnings with the common stockholders.
C.
Must be paid before common stockholders receive a dividend.
D.
Should be recorded as a current liability until they are paid.
Question 10
The Correct Sequence of Dividend Dates is:
A.
Announcement date Registration date Payout date.
B.
Record date Declaration date Payment date.
C.
Declaration date Record date Payment date.
D.
Record date Payment date Declaration date.
Question 11
The Effect of a Declaration of a Cash Dividend by the Board of Directors is to:
.........INCREASE .................DECREASE
A.
Stockholder's Equity …….… Assets
B.
Assets ……………………… Liabilities
C.
Liabilities ………………Stockholder’s Equity
D.
Liabilities …………………… Assets
Question 12
Stock Dividends and Stock Splits have the foll ...
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QUESTION 1A change from the cost method to the equity method of .docxJUST36
QUESTION 1
A change from the cost method to the equity method of accounting for an investment in common stock resulting from an increase in the number of shares held by the investor requires:
A.
Only footnote disclosure
B.
That the cumulative amount of the change be shown as a line item on the income statement, net of tax
C.
That the change be accounted for currently and prospectively.
D.
Retroactive restatement as if the investor always had used the equity method
QUESTION
2
Which one of
the follow
ing is not a limitation of consolidated financial statements?
A.
Poor performance of one or more companies may be hidden by good performance of others.
B.
Information about the financial status and results of operations of the economic entity will be reported.
C.
All the consolidated retained earnings balance may not be available for dividends of the parent.
D.
Supplemental information about individual companies or groups of companies included in consolidated statements may be necessary for a fair presentation.
QUESTION 3
Which of the laws belo
w regulate the i
nitial dis
tribution of security issues in the United States?
Securities Exchange
Securities
Act of 1934
Act of 1933
A)
Yes
Yes
B)
Yes
No
C)
No
Yes
D)
No
No
A.
item A
B.
item B
C.
item C
D.
item D
QUESTION 4
The SEC requires a full and fair disclosur
e of informati
on about c
ompanies so that:
A.
investors can assess the investment quality of registered securities.
B.
the SEC can assess the investment quality of registered securities.
C.
the SEC can assess the credit worthiness of registered companies.
D.
all of the above.
QUESTION 5
Which of the following situations best describes a business combi
nation to be acc
ounted for
as a statutory merger?
A.
All of the outstanding stock of a company is acquired.
B.
Cash or other consideration is exchanged for total net assets of another company.
C.
Two companies combine to form a new third company, and the original two companies are dissolved.
D.
One company transfers assets to another company it has created.
QUESTION 6
Which one of the following items results in an identical decrease in an investor's investm
ent account unde
r both the
cost method and the equity method?
A.
Liquidating dividends from the investor's point of view.
B.
Dividend payments.
C.
Sale of one-half of the shares owned by the investor.
D.
Amortization of cost over book value.
QUESTION 7
The history of securities regulation can be traced to:
A.
medieval times.
B.
18th century English Parliament's pa
ssage of the B
ubble Acts
.
C.
18th century creation of New York Stock Exchange.
D.
the stock market crash of 1929.
QUESTION 8
Which statement below is correct about Form 10Q?
A.
This form contains a company's interim financial statements and is due 45 days after t
he end of each o
f the four
quarters.
B.
This form contains a company's Basic Information Package and is due 45 da ...
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2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
1. ACC 565 Final Exam Guide
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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 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
2. 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
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
3. 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
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?
4. Question 25
The executor or administrator is responsible for all the following estate
duties except
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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
5. 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
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
6. 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?
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
7. 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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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.
8. 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.
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.
9. ACC 565 Week 4 Assignment 2 Constructive
Dividends, Redemptions, and Related Party
Losses (2 Papers)
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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
10. · 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.
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
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.
12. 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, 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 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.
13. 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.
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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14. 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.
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.
15. 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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