What is the underlying concept that supports the immediate recognition of a contingent loss?
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1 .A C corporation's net capital losses are:
A Carried forward indefinitely until fully utilized. B Carried back 3 years and forward 5 years. C Deductible in full from the corporation's ordinary income. D Deductible from the corporation's ordinary income only to the extent of $3,000.
2 .At the beginning of the year, Westwind, a C corporation, had a deficit of $45,000 in accumulated earnings and profits. For the current year, Westwind reported earnings and profits of $15,000. Westwind distributed $12,000 during the year. What was the amount of Westwind's accumulated earnings and profits at year-end?
A $45,000 B $42,000 C $57,000 D $30,000
3 .On January 1, Year 1, Kee Corp., a C corporation, had a $50,000 deficit in earnings and profits. For Year 1, Kee had current earnings and profits of $10,000 and made a $30,000 cash distribution to its stockholders. What amount of the distribution is taxable as dividend income to Kee's stockholders?
A $30,000 B $0 C $10,000 D $20,000
4 .According to the FASB and IASB conceptual frameworks, the primary users of financial reports include all of the following, except:
A Lenders B Regulators C Creditors D Investors
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?
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7 .The private foundation status of an exempt organization will terminate if it:
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9 .In the consolidated income tax return of a corporation and its wholly-owned subsidiary, what percentage of cash dividends paid by the subsidiary to the parent is tax-free?
A 0% B 100% C 70% D 80%
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