The filing of an involuntary bankruptcy petition under the Federal Bankruptcy Code:
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1 .Which of the following would be reported as an investing activity in a company's statement of cash flows?
A Collection of an overdue account receivable from a customer. B Collection of proceeds from a note payable. C Collection of a note receivable from a related party. D Collection of a tax refund from the government.
2 .To establish a cause of action based on strict liability in tort for personal injuries resulting from using a defective product, one of the elements the plaintiff must prove is that the seller (defendant):
A Failed to exercise due care. B Defectively designed the product. C Was engaged in the business of selling the product. D Was in privity of contract with the plaintiff.
3 .Polk Co. acquires a forklift from Quest Co. for USD30,000. The terms require Polk to pay USD3,000 down and finance the remaining USD27,000. On March 1, Year 1, Polk pays the USD3,000 down and accepted delivery of the forklift. Polk signed a note that requires Polk to pay principal payments of USD1,000 per month for 27 months beginning July 1, Year 1. What amount should Polk report as an investing activity in the statement of cash flows for the year ended December 31, Year 1?
A USD12,000 B USD9,000 C USD30,000 D USD3,000
4 .Hogan exchanged a business-use machine having an original cost of USD100,000 and accumulated depreciation of USD30,000 for business-use equipment owned by Baker having a fair market value of USD80,000 plus USD1,000 cash. Baker assumed a USD2,000 outstanding debt on the machine. What taxable gain should Hogan recognize?
A USD11,000 B USD3,000 C USD10,000 D USD0
5 .Which of the following items qualifies for treatment under Section 1231 (Property Used in the Trade or Business and Involuntary Conversions)?
A Building used in the business, held for 6 months. B Machinery used in the business, held for 11 months. C Copyright used in the business, held for 10 years. D Computer used in the business, held for 4 years.
7 .Taxes payable under the Federal Unemployment Tax Act (FUTA) are:
A Partially deductible by the covered employee for federal income tax purposes. B Calculated as a fixed percentage of all compensation paid to an employee. C Payable by all employers regardless of the total amount of compensation paid to individual employees. D Deductible by the employer as a busine...
8 .Stone's basis in Ace Partnership was USD70,000 at the time he received a nonliquidating distribution of partnership capital assets. These capital assets had an adjusted basis of USD65,000 to Ace and a fair market value of USD83,000. Ace had no unrealized receivables, appreciated inventory, or properties that had been contributed by its partners. What was Stone's recognized gain or loss on the distribution?
A USD18,000 ordinary income. B USD5,000 capital loss. C USD13,000 capital gain. D USD0.
9 .If a financial institution receives a deposit of USD 20,000 from a customer for whom the bank has not filed a designation of exempt person form, within how many days must the bank file a currency transaction report if the bank does not file electronically?
A 20 days. B 30 days. C 15 days. D 10 days.
10 .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:
A Terminated on March 15, Year 6. B Did not terminate. C Terminated on December 31, Year 5. D Terminated on September 18, Year 5.
