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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
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?

2. 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
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

3. 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