In a Type B reorganization, as defined by the Internal Revenue Code, the:I.Stock of the target corporation is acquired solely for the voting stock of either the acquiring corporation or its parent.II.Acquiring corporation must have control of the target corporation immediately after the acquisition.
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1 .Jim and Kay Ross contributed to the support of their two children, Dale and Kim, and Jim's widowed parent, Grant. For Year 27, Dale, a 19-year-old full-time college student, earned USD4,500 as a babysitter. Kim, a 23-year-old bank teller, earned USD12,000. Grant received USD5,000 in dividend income and USD4,000 in nontaxable Social Security benefits. Grant and Kim are U.S. citizens and were over one-half supported by Jim and Kay, but neither of the two currently reside with Jim and Kay. Dale's main place of residence is with Jim and Kay, and he is currently on a temporary absence to attend school. How many exemptions can Jim and Kay claim on their Year 27 joint income tax return?
A Two B Five C Three D Four
2 .Aztec, a C corporation, distributed an asset to Burn, a shareholder. The asset had a fair market value of USD30,000 and was subject to a USD40,000 liability, assumed by Burn. The asset had an adjusted basis of USD25,000. What amount of gain must Aztec recognize?
A USD 0 B USD 15,000 C USD 10,000 D USD 5,000
3 .Darr, an employee of Sorce C Corporation, is not a shareholder. Which of the following would be included in a taxpayer's gross income?
A The fair market value of land that the taxpayer inherited from an uncle. B A USD10,000 gift from the taxpayer's grandparents. C The dividend income on shares of stock that the taxpayer received for services rendered. D Employer-provided medical insurance coverage under a health plan.
4 .In the current year, Fitz, a single taxpayer, sustained a USD48,000 loss on Code Sec. 1244 stock in JJJ Corp., a qualifying small business corporation, and a USD20,000 loss on Code Sec. 1244 stock in MMM Corp., another qualifying small business corporation. What is the maximum amount of loss that Fitz can deduct for the current year?
A USD 68,000 capital loss. B USD 50,000 capital loss. C USD 50,000 ordinary loss and USD18,000 capital loss. D USD 18,000 ordinary loss and USD50,000 capital loss.
5 .Randolph is a single individual who always claims the standard deduction. Randolph received the following in the current year:WagesUSD22,000Unemployment compensation6,000Pension distribution (100% taxable)4,000A state tax refund from the previous year425What is Randolph’s gross income?
A USD 28,425 B USD 22,000 C USD 32,000 D USD 32,425
7 .Which of the following should be included when determining adjusted gross income?
A Tuition scholarship. B Rental value of parsonages. C Alimony received. D Compensation for injuries or sickness.
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A USD300 B USD750 C USD1,500 D USD2,000
9 .For a cash basis taxpayer, gain or loss on a year-end sale of listed stock arises on the:
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