Which of the following entities must pay taxes for federal income tax purposes?
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1 .EG Door Co., a manufacturer of custom exterior doors, verbally contracted with Art Contractors to design and build a $2,000 custom door for a house that Art was restoring. After EG had completed substantial work on the door, Art advised EG that the house had been destroyed by fire and Art was canceling the contract. EG finished the door and shipped it to Art. Art refused to accept delivery. Art contends that the contract cannot be enforced because it violated the Statute of Frauds by not being in writing. Under the Sales Article of the UCC, is Art's contention correct?
A Yes, because the contract cannot be fully performed due to the fire. B No, because the goods were specially manufactured for Art and cannot be resold in EG's regular course of business. C No, because the cancellation of the contract was not made in writing. D Yes, because the contract was not in w...
2 .Clark filed Form 1040EZ for the Year 8 taxable year. In July, Year 9, Clark received a state income tax refund of $900 plus interest of $10, for overpayment of Year 8 state income tax. What amount of the state tax refund and interest is taxable in Clark's Year 9 federal income tax return?
A $0 B $910 C $900 D $10
3 .Wade Inc. granted a nonqualified stock option for 100 shares at $50 per share to Mary, an employee, on May 1, Year 12. On that date, the option was selling on an established market for $4 per share. Mary exercised the option on August 2, Year 13, when the FMV was $80 per share. She sold the stock on September 2, Year 14, for $100 per share. How much gross income and what type did Mary recognize in Year 12?
A $5,000 ordinary income B $400 capital gain C $5,000 capital gain D $400 ordinary income
4 .Which of the following types of costs are required to be capitalized under the Uniform Capitalization Rules of Code Sec. 263A?
A Marketing. B Distribution. C Office maintenance. D Warehousing.
5 .Which of the following increases the accumulated adjustments account of an S corporation?
A Charitable contributions. B Interest and dividends. C Distribution to shareholders. D Capital contributions by the shareholders.
7 .A CPA prepared a tax return for a client who will receive a refund check. The client is traveling abroad and asked the CPA to pick up the check at the client's home address. Under Treasury Circular 230, any of the following actions, if taken by the CPA relating to the refund check, would be a violation of the rules of practice before the Internal Revenue Service, except:
A Holding the check until the client is billed, then endorsing and depositing the check into the CPA's account as payment for the bill. B Endorsing the check and depositing it into the client's bank account. C Holding the check for safe keeping and awaiting the client's return. D Endorsing the check...
8 .Which of the following transactions will be exempt from the full registration requirements of the Securities Act of 1933?
A All offerings made under Regulation A. B All intrastate offerings. C Any resale of a security purchased under Regulation D offering. D Any stockbroker transaction.
9 .Under the Commercial Paper Article of the UCC, which of the following requirements must be met for a person to be a holder in due course of a promissory note?
A All prior holders must have been holders in due course. B The holder must be the payee of the note. C The note must be payable to bearer. D The note must be negotiable.
10 .Under the liquidation provisions of Chapter 7 of the Federal Bankruptcy Code, which of the following statements applies to a person who has voluntarily filed for and received a discharge in bankruptcy?
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