CPA-05524Which of the following is an attribute exclusively of a complex trust?
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1 .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.
2 .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...
3 .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?
A 9 B 12 C 6 D 3
4 .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.
5 .CPA-01755White has a one-third interest in the profits and losses of Rapid Partnership. Rapid's ordinary income for the current taxable year is USD 30,000, after a USD 3,000 deduction for a guaranteed payment made to White for services rendered. None of the USD 30,000 ordinary income was distributed to the partners. What is the total amount that White must include from Rapid as taxable income in his current year tax return?
A USD 11,000 B USD 3,000 C USD 13,000 D USD 10,000
7 .CPA-05970Which of the following is allowed in the calculation of the taxable income of a simple trust?
A Brokerage commission for purchase of tax-exempt bonds. B Charitable contribution. C Exemption. D Standard deduction.
8 .CPA-02187A tax return preparer may disclose or use tax return information without the taxpayer's consent to:
A Be evaluated by a quality or peer review. B Solicit additional nontax business. C Accommodate the request of a financial institution that needs to determine the amount of taxpayer's debt to it, to be forgiven. D Facilitate a supplier's or lender's credit evaluation of the taxpayer.
9 .CPA-02189Which, if any, of the following could result in penalties against an income tax return preparer?I.Knowing or reckless disclosure or use of tax information obtained in preparing a return.II.A willful attempt to understate any client's tax liability on a return or claim for refund.
A Both I and II. B I only. C II only. D Neither I nor II.
10 .CPA-02093An accuracy-related penalty applies to the portion of tax underpayment attributable to:I.Negligence or a disregard of the tax rules or regulations.II.Any substantial understatement of income tax.
A Neither I nor II. B II only. C I only. D Both I and II.
