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ACC 455 Final Exam Answers

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ACC 455 Final Exam 3

1) Identify which of the following statements is false.

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

3) The Term tax law includes

4) Which of the following statements about a partnership is true?

5) Which of the following statements is incorrect?

6) Which of the following statements is correct?

7) Identify which of the following statements is true.

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

9) Identify which of the following statements is false.

10) Barry, Dan, and Edith together form a new corporation; Barry and Dan each contribute property in exchange for stock. Within 2 weeks after the formation, the corporation issues additional stock to Edith in exchange for property. Barry and Dan each hold 10,000 shares and Edith will receive 9,000 shares. Which transactions will qualify for nonrecognition?

11) Identify which of the following statements is true.

12) Identify which of the following statements is true.

13) Once a corporation has elected a taxable year it can change the taxable year without IRS permission if

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 true.

16) 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

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 Maxwell's dividends-received deduction is

18) Green Corporation is incorporated on March 1 and begins business on June 1. Green's first tax year ends on October 31, i.e., a short year. Green incurs the following expenses during the year: Date Type Amount February Draft charter $ 2,000 March Stock commission 30,000 March Accounting fees to set up books 2,000 April Temporary director fees 2,000 December Charter modification fee 1,000 What is the deduction for organizational expenses if Green chooses to deduct its costs as soon as possible?

19) Tax-exempt interest income on state and local municipal bonds which are not a private activity is 20) Which of the following is not an adjustment in calculating AMTI?

ACC 455 Final Exam 3 1) Identify which of the following statements is false. 2) Which of the following courts is not a trial court for tax cases? 3) The Term tax law includes 4) Which of the following statements about a partnership is true? 5) W
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