Ati Corp. has two common stockholders. Ati derives all of its income from investments in stocks and securities, and it regularly distributes 51% of its taxable income as dividends to its stockholders. Ati is a:

1 .Hall, a divorced person and custodian of her 12-year-old child, filed her current year federal income tax return as head of a household. She submitted the following information to the CPA who prepared her return:- The divorce agreement, executed seven years ago, provides for Hall to receive $3,000 per month, of which $600 is designated as child support. After the child reaches 18, the monthly payments are to be reduced to $2,400 and are to continue until remarriage or death. However, for the current year, Hall received a total of only $5,000 from her former husband. Hall paid an attorney $2,000 in the current year in a suit to collect the alimony owed.- In June of the current year, Hall's mother gifted her 100 shares of a listed stock. The donor's basis for this stock, which she bought 20 years ago, was $4,000, and market value on the date of the gift was $3,000. Hall sold this stock in July of the current year for $3,500. The donor paid no gift tax.- During the year, Hall spent a total of $1,000 for state lottery tickets, and her lottery winnings totaled $200.- Hall earned a salary of $25,000 in the current year. Hall was not covered by any type of retirement plan, but contributed $2,000 to an IRA this year.- During the year, Hall sold an antique that she bought 10 years ago to display in her home. Hall paid $800 for the antique and sold it for $1,400, using the proceeds to pay a court-ordered judgment.- Hall paid the following expenses in the current year pertaining to the home that she owns: realty taxes, $3,400; mortgage interest, $7,000; casualty insurance, $490; assessment by city for construction of a sewer system, $910; interest of $1,000 on a personal, unsecured bank loan, the proceeds of which were used for home improvements. Hall does not rent out any portion of the home.What amount should be reported in Hall's current year tax return as alimony income?

A $36,000 B $28,800 C $0 D $5,000

题型: 单选题 提问时间: 2021-08-24

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2 .Jackson Corp., a calendar year corporation, mailed its Year 1 tax return to the Internal Revenue Service by certified mail on Friday, March 11, Year 2. The return, postmarked March 11, Year 2, was delivered to the Internal Revenue Service on March 18, Year 2. The statute of limitations (for assessments) on Jackson's corporate tax return begins on:

A March 16, Year 2. B March 11, Year 2. C December 31, Year 1. D March 18, Year 2.

题型: 单选题 提问时间: 2021-08-24

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3 .In which of the following circumstances does the three-year statute of limitations on additional tax assessments apply?

A A taxpayer inadvertently overstates deductions equal to 15% of gross income. B A taxpayer inadvertently omits from gross income an amount in excess of 25% of the gross income stated on the income tax return. C The IRS files a substitute income tax return when it learns that a taxpayer failed to fi...

题型: 单选题 提问时间: 2021-08-24

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4 .A corporation's capital loss carryback or carryover is:

A Limited to $3,000. B Always treated as a short-term capital loss. C Always treated as a long-term capital loss. D Not allowable under current law.

题型: 单选题 提问时间: 2021-08-24

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5 .Sky Corp. was a wholly-owned subsidiary of Jet Corp. Both corporations were domestic C corporations. Jet received a liquidating distribution of property in cancellation of its Sky stock when Jet's tax basis in Sky stock was $100,000. The distributed property had an adjusted basis of $135,000 and a fair market value of $250,000. What amount of taxable gain did Jet, the parent corporation, recognize on the receipt of the property?

A $250,000 B $150,000 C $0 D $35,000

题型: 单选题 提问时间: 2021-08-24

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7 .Chris Baker's adjusted gross income on her current year tax return was $160,000. The amount covered a 12-month period. For the next tax year, Baker may avoid the penalty for the underpayment of estimated tax if the timely estimated tax payments equal the required annual amount of:I.　90% of the tax on the return for the current year paid in four equal installments.II.　110% of prior year's tax liability paid in four equal installments.

A Both I and II. B I only. C Neither I nor II. D II only.

题型: 单选题 提问时间: 2021-08-24

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8 .In the current year, Mike and Jane Smith filed a joint return. Mike earned $40,000 in wages and was covered by his employer's qualified pension plan. Jane was employed part-time and received $7,000 in wages. The couple had no other income. Each contributed $5,000 to an IRA account. The allowable IRA deduction on their current year joint tax return is:

A $10,000 B $0 C $5,000 D $2,500

题型: 单选题 提问时间: 2021-08-24

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9 .In the current year, Joan Frazer's residence was totally destroyed by fire. The property had an adjusted basis and a fair market value of $130,000 before the fire. During the year, Frazer received insurance reimbursement of $120,000 for the destruction of her home. Frazer's current year adjusted gross income was $70,000. Frazer had no casualty gains during the year. What amount of the fire loss was Frazer entitled to claim as an itemized deduction on her current year tax return?

A $8,500 B $2,900 C $8,600 D $10,000

题型: 单选题 提问时间: 2021-08-24

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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 Did not terminate. B Terminated on December 31, Year 5. C Terminated on September 18, Year 5. D Terminated on March 15, Year 6.

题型: 单选题 提问时间: 2021-08-24

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