A C corporation's net capital losses are:
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A Alimony payments. B Capital losses in excess of capital gains. C Unreimbursed employee business expenses. D Trade or business expenses.
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A $4,000 B $1,800 C $2,800 D $1,000
3 .Which of the following credits can result in a refund even if the individual had no income tax liability?
A Child and dependent care credit. B Elderly and permanently and totally disabled credit. C Earned income credit. D Credit for prior year minimum tax.
4 .The alternative minimum tax (AMT) is computed as the:
A Excess of the tentative AMT over the regular tax B Excess of the regular tax over the tentative AMT C The tentative AMT plus the regular tax D Lesser of the tentative AMT or the regular tax
5 .A calendar-year taxpayer files an individual tax return for Year 2 on March 20, Year 3. The taxpayer neither committed fraud nor omitted amounts in excess of 25% of gross income on the tax return. What is the latest date that the Internal Revenue Service can assess tax and assert a notice of deficiency?
A April 15, Year 5 B March 20, Year 6 C April 15, Year 6 D March 20, Year 5
7 .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
8 .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?
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9 .According to the FASB and IASB conceptual frameworks, the primary users of financial reports include all of the following, except:
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10 .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?
A December 5, Year 4. B December 5, Year 3. C January 1, Year 3. D January 1, Year 4.
