Which one of the following types of organizations qualifies as an organization exempt from income tax?
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1 .CPA-06528A tax preparer has advised a company to take a position on its tax return. The tax preparer believes that there is a 75% possibility that the position will be sustained if audited by the IRS. If the position is not sustained, an accuracy-related penalty and a late-payment penalty would apply. What is the tax preparer's responsibility regarding disclosure of the penalty to the company?
A The tax preparer has no responsibility for disclosing any potential penalties to the company, because the position will probably be sustained on audit. B The tax preparer is responsible for disclosing both penalties to the company. C The tax preparer is responsible for disclosing only the late-pay...
2 .CPA-04764A member would be in violation of the Standards for Tax Services if the member recommends a return position under which of the following circumstances?
A It does not meet the realistic possibility standard but the member feels the return has a minimal likelihood for examination by the IRS. B It meets the realistic possibility standard based on the well-reasoned opinion of the taxpayer's attorney. C It does not meet the realistic possibility standar...
3 .CPA-01991Jackson, a single individual, inherited Bean Corp. common stock from Jackson’s parents. Bean is a qualified small business corporation under Code Section 1244. The stock cost Jackson’s parents USD 20,000 and had a fair market value of USD 25,000 at the parents’ date of death. During the year, Bean declared bankruptcy and Jackson was informed that the stock was worthless. What amount may Jackson deduct as an ordinary loss in the current year?
A USD 20,000 B USD 25,000 C USD 0 D USD 3,000
4 .CPA-02017On January 1, Year 1, Locke Corp., an accrual-basis, calendar-year C corporation, had USD 30,000 in accumulated earnings and profits. For Year 1, Locke had current earnings and profits of USD 20,000, and made two USD 40,000 cash distributions to its shareholders, one in April and one in September of Year 1. What amount of the Year 1 distributions is classified as dividend income to Locke's shareholders?
A USD 0 B USD 50,000 C USD 20,000 D USD 80,000
5 .Village Corp., a calendar year corporation, began business in Year 1. Village made a valid S corporation election on December 5, Year 3, with the unanimous consent of its shareholders. The eligibility requirements for S status continued to be met throughout Year 4. On what date did Village's S status become effective?
A December 5, Year 4. B January 1, Year 4. C January 1, Year 3. D December 5, Year 3.
7 .The IRS has the authority to adjust upward or downward the gross income and deductions between or among certain organizations to prevent the evasion of taxes or to clearly reflect the income of two or more organizations. Which one of the following is a characteristic of these organizations?
A The organizations must be organized in the United States. B The organizations must be incorporated. C The organizations must be directly owned by the same interests. D The organizations may be members of an affiliated group that file a consolidated U.S. tax return.
8 .Martin & Sons is seeking tax advice from the company's CPA regarding a possible investment in a new production facility. Which of the following statements is likely to be good advice for the company?
A Asset purchases for the new facility will be analyzed in light of future pretax cash flows. B Asset abandonments from the old production facility will not have a tax effect because those assets were purchased in the past, and are almost fully depreciated. C Asset trade-ins could result in lower ta...
9 .CPA-01669If the executor of a decedent's estate elects the alternate valuation date and none of the property included in the gross estate has been sold or distributed, the estate assets must be valued as of how many months after the decedent's death?
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10 .CPA-01721On January 4, Year 1, Smith and White contributed USD 4,000 and USD 6,000 in cash, respectively, and formed the Macro General Partnership. The partnership agreement allocated profits and losses 40% to Smith and 60% to White. In Year 1, Macro purchased property from an unrelated seller for USD 10,000 cash and a USD 40,000 mortgage note that was the general liability of the partnership. Macro's liability:
A Increases Smith's partnership basis by USD 16,000. B Has no effect on Smith's partnership basis. C Increases Smith's partnership basis by USD 20,000. D Increases Smith's partnership basis by USD 24,000.
