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:
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3 .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?
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4 .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?
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7 .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?
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9 .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.
10 .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.
