Which of the following characteristics of service efforts and accomplishments is the most difficult to report for a governmental entity?
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1 .On February 10, Year 1, Ace Corp., a calendar-year corporation, elected S corporation status and all shareholders consented to the election. There was no change in shareholders in Year 1. Ace met all eligibility requirements for S status during the preelection portion of the year. What is the earliest date on which Ace can be recognized as an S corporation?
A January 1, Year 1. B February 10, Year 2. C February 10, Year 1. D January 1, Year 2.
2 .Brass Co. reported income before income tax expense of USD60,000 for Year 2. Brass had no permanent or temporary timing differences for tax purposes. Brass has an effective tax rate of 30% and a USD40,000 net operating loss carryforward from Year 1. What is the maximum income tax benefit that Brass can realize from the loss carryforward for Year 2?
A USD18,000 B USD12,000 C USD40,000 D USD20,000
3 .The private foundation status of an exempt organization will terminate if it:
A Is governed by a charter that limits the exempt purposes. B Is a foreign corporation. C Becomes a public charity. D Does not distribute all of its net assets to one or more public charities.
4 .In complying with GASB #34, a government will present separate fund financial statements for its governmental and proprietary funds. The purpose of this presentation is to:
A Report additional and detailed information about the primary government. B Document the prioritization of general revenue allocations. C Provide internal transfer pricing data regarding individual internal service funds. D Demonstrate compliance with legal, regulatory or other budgetary compliance...
5 .The IRS often makes adjustments when there are transfer pricing issues. Transfer pricing issues exist under which of the following circumstances?
A A U.S.-based taxpayer sells tangible property to an affiliate that is subject to U.S. income tax. B A U.S.-based taxpayer enters into a service contract with an affiliate that is subject to U.S. income tax and files a consolidated income tax return with the U.S.-based taxpayer. C A U.S.-based taxp...
7 .A review of Bearing's Year 2 records disclosed the following tax information:WagesUSD18,000Taxable interest and qualifying dividends4,000Schedule C trucking business net income32,000Rental (loss) from residential property(35,000)Limited partnership (loss)(5,000)Bearing actively participated in the rental property and was a limited partner in the partnership. Bearing had sufficient amounts at risk for the rental property and the partnership. What is Bearing's Year 2 adjusted gross income?
A USD 54,000 B USD 19,000 C USD 29,000 D USD 14,000
8 .The only fund that should show a positive amount in its unassigned fund balance classification would be the:
A Permanent fund. B General fund. C Special revenue fund. D Capital projects fund.
9 .On December 1, Year 1, Michaels, a self-employed cash basis taxpayer, borrowed USD100,000 to use in her business. The loan was to be repaid on November 30, Year 2. Michaels paid the entire interest of USD12,000 on December 1, Year 1. What amount of interest was deductible on Michaels' Year 2 income tax return?
A USD11,000 B USD12,000 C USD1,000 D USD0
10 .Which of the following is the measurement focus and basis of accounting for the government-wide financial statements?
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