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ACC 455 Final

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ACC 455 Final Exam

1) Which of the following statements regarding proposed regulations is not correct?

2) Regulations are

3) Which of the following courts is not a trial court for tax cases?

4) Which of the following statements is incorrect?

5) Which of the following is an advantage of a sole proprietorship over other business forms?

6) Which of the following statements is correct?

7) Three members form an LLC in the current year. Which of the following statements is incorrect?

8) Identify which of the following statements is true.

9) Identify which of the following statements is true.

10) Rose and Wayne form a new corporation. Rose contributes cash for 85% of the stock and Wayne contributes services for 15% of the stock. The tax effect is

11) Matt and Sheila form Krupp Corporation. Matt contributes property with a FMV of $55,000 and a basis of $35,000. Sheila contributes property with a FMV of $75,000 and a basis of $40,000.

12) For Sec. 351 purposes the term property does not include

13) Identify which of the following statements is true.

14) A new corporation may generally select one of the following accounting methods with the exception of

15) Identify which of the following statements is false.

16) Edison Corporation is organized on July 31. The corporation starts business on August 10. The corporation adopts a November 30 fiscal year end.

17) Maxwell Corporation reports the following results: Gross income from operations $ 90,000 Dividends received from 18%-owned domestic corporation 70,000 Expenses 100,000

18) Island Corporation has the following income and expense items for the year. Gross receipts from sales $60,000 Dividends received from 15%-owned domestic corporation 40,000 Expenses connected with sales 30,000 The taxable income of Island Corporation is

19) Which of the following is not an adjustment in calculating AMTI?

20) Tax-exempt interest income on state and local municipal bonds which are not a private activity is

21) Which of the following statements about the alternative minimum tax depreciation rules is correct?

22) Maxwell Corporation reports the following results: Year Current E&P Distributions 2005 $6,000 $4,000 2006 5,000 1,000 2007 1,000 -0-

23) Grant Corporation sells land (a no inventory item) with a basis of $57,000 for $100,000. Nichole will be paid on an installment basis in five equal annual payments starting in the current year. The E&P for the year of sale will be increased as a result of the sale (excluding federal income taxes) by

24) Identify which of the following statements is false.

25) Identify which of the following statements is true.

26) Identify which of the following statements is true.

27) For purposes of determining current E&P, which of the following items cannot be deducted in the year incurred?

28) A corporation distributes land and the related liability to Meg, its sole shareholder. The land has a FMV of $60,000 and is subject to a liability of $70,000. The corporation has current and accumulated E&P of $80,000. The corporation's adjusted basis for the property is $70,000.

29) Hogg Corporation distributes $30,000 to its sole shareholder, Ima. At the time of the distribution, Hoggs' E&P is $14,000 and Ima's basis in her stock is $10,000.

30) One consequence of a property distribution by a corporation to a shareholder is

31) Which of the following is not a reason for a stock redemption?

32) Elijah owns 20% of Park Corporation's single class of stock. Elijah's basis in the stock is $8,000. Park's E&P is $28,000.

33) Which of the following is not a condition that permits a stock redemption to be treated as a sale?

34) Identify which of the following statements is true.

35) Identify which of the following statements is true.

36) The definition of a partnership does not include

37) Which of the following items is not separately stated for an S corporation?

38) Cactus Corporation, an S Corporation, had accumulated earnings and profits of $100,000 at the beginning of 2008.

39) Cactus Corporation, an S Corporation, had accumulated earnings and profits of $100,000 at the beginning of 2008. Tex and Shirley each own 50% of the stock.

40) On January 1, Helmut pays $2,000 for a 10% capital, profits and loss interest in a partnership, which has recourse liabilities of $20,000.

41) On January 2 of the current year, Calloway and Taylor contribute cash equally to form the CT Partnership.

42) On the first day of the partnership's tax year, Karen purchases a 50% interest in a general partnership for $30,000 cash and she materially participates in the operation of the partnership for the entire year.

43) The total bases of all distributed property in the partner's hands following a nonliquidating distribution is limited to

44) The Internal Revenue Code includes which of the following assets in the definition of Sec. 751 properties?

45) Identify which of the following statements is true.

46) Which of the following conditions will not cause an S election to be terminated?

47) Identify which of the following statements is true.

48) Identify which of the following statements is false.

ACC 455 Final Exam 1) Which of the following statements regarding proposed regulations is not correct? 2) Regulations are 3) Which of the following courts is not a trial court for tax cases? 4) Which of the following statements is incorrect? 5)
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