Cobb, Danver, and Evans each owned a one-third interest in the capital and profits of their calendar-year partnership. On September 18, Year 5, Cobb and Danver sold their partnership interests to Frank and immediately withdrew from all participation in the partnership. On March 15, Year 6, Cobb and Danver received full payment from Frank for the sale of their partnership interests. For tax purposes, the partnership:
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1 .Sky Corp. was a wholly-owned subsidiary of Jet Corp. Both corporations were domestic C corporations. Jet received a liquidating distribution of property in cancellation of its Sky stock when Jet's tax basis in Sky stock was $100,000. The distributed property had an adjusted basis of $135,000 and a fair market value of $250,000. What amount of taxable gain did Jet, the parent corporation, recognize on the receipt of the property?
A $250,000 B $150,000 C $0 D $35,000
2 .Ati Corp. has two common stockholders. Ati derives all of its income from investments in stocks and securities, and it regularly distributes 51% of its taxable income as dividends to its stockholders. Ati is a:
A Corporation subject to the accumulated earnings tax. B Corporation subject to tax only on income not distributed to stockholders. C Regulated investment company. D Personal holding company.
3 .Chris Baker's adjusted gross income on her current year tax return was $160,000. The amount covered a 12-month period. For the next tax year, Baker may avoid the penalty for the underpayment of estimated tax if the timely estimated tax payments equal the required annual amount of:I. 90% of the tax on the return for the current year paid in four equal installments.II. 110% of prior year's tax liability paid in four equal installments.
A Both I and II. B I only. C Neither I nor II. D II only.
4 .In the current year, Mike and Jane Smith filed a joint return. Mike earned $40,000 in wages and was covered by his employer's qualified pension plan. Jane was employed part-time and received $7,000 in wages. The couple had no other income. Each contributed $5,000 to an IRA account. The allowable IRA deduction on their current year joint tax return is:
A $10,000 B $0 C $5,000 D $2,500
5 .In the current year, Joan Frazer's residence was totally destroyed by fire. The property had an adjusted basis and a fair market value of $130,000 before the fire. During the year, Frazer received insurance reimbursement of $120,000 for the destruction of her home. Frazer's current year adjusted gross income was $70,000. Frazer had no casualty gains during the year. What amount of the fire loss was Frazer entitled to claim as an itemized deduction on her current year tax return?
A $8,500 B $2,900 C $8,600 D $10,000
7 .Under the Securities Act of 1933, the registration of an interstate securities offering is:
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8 .A CPA in public practice may not disclose confidential client information regarding auditing services without the client's consent in response to which of the following situations?
A A court-ordered subpoena or summons. B An inquiry from the professional ethics division of the AICPA. C A review of the CPA's professional practice by a state CPA society. D A letter to the client from the IRS.
9 .Which of the following is not considered a primary authoritative source when conducting tax research?
A IRS publications. B Internal Revenue Code. C Tax Court cases. D Treasury regulations.
10 .Under the Sales Article of the UCC and the United Nations Convention for the International Sale of Goods (CISG), absent specific terms in an international sales shipment contract, when will risk of loss pass to the buyer?
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