A corporation's penalty for underpaying federal estimated taxes is:
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1 .In Year 1, Brun Corp. properly accrued USD10,000 for an income item on the basis of a reasonable estimate. In Year 2, Brun determined that the exact amount was USD12,000. Which of the following statements is correct?
A No further inclusion of income is required as the difference is less than 25% of the original amount reported and the estimate had been made in good faith. B Brun is required to file an amended return to report the additional USD2,000 of income. C The USD2,000 difference is includible in Brun's Ye...
2 .Baker Corp., a calendar year C corporation, realized taxable income of USD36,000 from its regular business operations for the calendar year. In addition, Baker had the following capital gains and losses during the year.Short-term capital gainUSD8,500Short-term capital loss(4,000)Long-term capital gain1,500Long-term capital loss(3,500)Baker did not realize any other capital gains or losses since it began operations. What is Baker's total taxable income for the year?
A USD38,500 B USD42,000 C USD40,500 D USD46,000
3 .Which of the following entities must pay taxes for federal income tax purposes?
A C corporation. B Limited partnership. C General partnership. D Joint venture.
4 .In the filing of a consolidated tax return for a corporation and its wholly owned subsidiaries, intercompany dividends between the parent and subsidiary corporations are:
A Not taxable. B Included in taxable income to the extent of 20%. C Included in taxable income to the extent of 80%. D Fully taxable.
5 .Which of the following is (are) among the requirements to enable a taxpayer to be classified as a "qualifying widow(er)"?I. A dependent has lived with the taxpayer for six months.II. The taxpayer has maintained the cost of the principal residence for six months.
A II only. B Both I and II. C Neither I nor II. D I only.
7 .A couple filed a joint return in prior tax years. During the current tax year, one spouse died. The couple has no dependent children. What is the filing status available to the surviving spouse for the first subsequent tax year?
A Single. B Surviving spouse. C Head of household D Married filing separately.
8 .A corporation's tax year can be reopened after all statutes of limitations have expired if:I.The tax return has a 50% nonfraudulent omission from gross income.II.The corporation prevails in a determination allowing a deduction in an open tax year that was taken erroneously in a closed tax year.
A Both I and II. B Neither I nor II. C II only. D I only.
9 .In Year 1, Smith, a divorced person, provided over one half the support for his widowed mother, Ruth, and his son, Clay, both of whom are U.S. citizens. During Year 1, Ruth did not live with Smith. She received USD9,000 in Social Security benefits. Clay, a 25-year-old full-time graduate student, and his wife lived with Smith. Clay had no income but filed a joint return for Year 1, owing an additional USD500 in taxes on his wife's income. How many exemptions was Smith entitled to claim on his Year 1 tax return?
A 1 B 3 C 4 D 2
10 .On January 1 of the current year, Locke Corp., an accrual-basis calendar-year C corporation, had USD30,000 in accumulated earnings and profits. For the current year, Locke had current earnings and profits of USD20,000, and made two USD40,000 cash distributions to its shareholders, one in April and one in September. What amount of the distributions is classified as dividend income to Locke's shareholders?
A USD 20,000 B USD 50,000 C USD 0 D USD 80,000
