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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1 .CPA-01991Jackson, a single individual, inherited Bean Corp. common stock from Jackson’s parents. Bean is a qualified small business corporation under Code Section 1244. The stock cost Jackson’s parents USD 20,000 and had a fair market value of USD 25,000 at the parents’ date of death. During the year, Bean declared bankruptcy and Jackson was informed that the stock was worthless. What amount may Jackson deduct as an ordinary loss in the current year?
A USD 20,000 B USD 25,000 C USD 0 D USD 3,000
2 .CPA-02017On January 1, Year 1, Locke Corp., an accrual-basis, calendar-year C corporation, had USD 30,000 in accumulated earnings and profits. For Year 1, Locke had current earnings and profits of USD 20,000, and made two USD 40,000 cash distributions to its shareholders, one in April and one in September of Year 1. What amount of the Year 1 distributions is classified as dividend income to Locke's shareholders?
A USD 0 B USD 50,000 C USD 20,000 D USD 80,000
3 .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 January 1, Year 4. C January 1, Year 3. D December 5, Year 3.
4 .Which one of the following types of organizations qualifies as an organization exempt from income tax?
A A social club organized and operated exclusively for the pleasure and recreation of its members, supported solely by membership fees, dues, and assessments. B An organization whose purpose is to foster national or international amateur sports competition by providing athletic facilities and equipm...
5 .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?
A The organizations must be organized in the United States. B The organizations must be incorporated. C The organizations must be directly owned by the same interests. D The organizations may be members of an affiliated group that file a consolidated U.S. tax return.
7 .CPA-01669If the executor of a decedent's estate elects the alternate valuation date and none of the property included in the gross estate has been sold or distributed, the estate assets must be valued as of how many months after the decedent's death?
A 9 B 12 C 6 D 3
8 .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:
A Increases Smith's partnership basis by USD 16,000. B Has no effect on Smith's partnership basis. C Increases Smith's partnership basis by USD 20,000. D Increases Smith's partnership basis by USD 24,000.
9 .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?
A USD 11,000 B USD 3,000 C USD 13,000 D USD 10,000
10 .CPA-05524Which of the following is an attribute exclusively of a complex trust?
A It has a beneficiary that is not an individual. B It has a grantor that is not an individual. C It distributes corpus. D It distributes income to more than one beneficiary.
