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57 Cards in this Set
- Front
- Back
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Clinton and Norman
Basis in building |
B. 40,000
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Clinton and Norman
gain clinton recognize on exchange |
A. 0
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Clinton and Normal
basis in depot stock |
C. 30,000
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Billy Goat Corp
what amount of income recognized |
D. 17,000 Capital gain
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Swinger Corp
max allowable deduction |
D. 40,000
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Charitable contribution exceed the limitation for deductibility in particular year
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C. carried forward max 5 yrs
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Cookie Corp
Total taxable inc |
D. 38,500
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Saddie owns 600 shares of Eagle Corp
What is the min number of shares eagle must redeem |
B. 231 share
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Charter Corp
maximum possible deduction |
C. 6200
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Taxed corp
what is tax corps div rec ded |
B. 56,000
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Dagger Corp
daggers taxable income |
C. 502,000
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Loser Corp
Net operating loss will be available |
B. 130,000
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Zelda corp
Percentage of stock watson owns |
D. 70%
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Bob, Rob, Roberta
Gain roberta recognize from transaction |
D. 0
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Sigh Corp
recognized gain or loss |
C. 7,500
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RT and Steve
basis in mowers stock |
C. 110,000
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CC, a C corp, distributed assets
amount of gain must CC recognize |
D. 15,000
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Watson, an individual shareholder
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A. Land, 30,000; Stock 200,000
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Work it Corp. Owned 100 shares of Jumpers
workits recognized gain on this distribution |
B. 1,100
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how does a Noncorporate shareholder treat the gain on a stock dividend
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A. As a capital gain
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Baybridge corp
Taxed as a dividend |
C. 10,000
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Divvy Corp, accrual-basis calendar year
Divvy's dividends-received deduction |
D. 63,000
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Fluffy a C corp had 15,000 in accumulated earnings
what amount of julys distribution classified as div inc |
D. 5,000
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Carlos owned 40% of cars incorporated's stock
amt and character of recog gain |
C. Carlos, 45,000 CG; David, 50,000 div
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Pleat corp owns 10% of the stock of hemline corp
as result of transaction, pleat must report |
A. 42,000 Gain
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Ben's Brewing company
net effect of the transaction on earnings and profits |
B. A decrease of 20,000
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March of this year, charlie transferred
What Charlie recognize as a result of this transaction |
A. Ordinary income of 25,000
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Sweetwater corp
amount fo charitable contribution deduction |
B. 68,000
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Flightly, inc
corps charitable contribution |
D. 1,800
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Core Corp reported current earnings and profits
dividend received by shareholder |
D. 140,000
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a C corporations net capital losses are
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B. carried back 3 years and forward 5
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Kangaroo corp surrendered its 90
amount of gain kangaroo recognize |
D. No gain recog and basis in land of 200,000
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ABC corp ends its tax year
when must income tax be filed |
A. January 15 of subsequent year
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Filler, inc made nonliquidating property distribution
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C. 10,000
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Harbour Corporation
Adjustment to taxable income needed to determine current E&P |
C. Add 100,000
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Mouse, a C corp
What amount of gain must mouse recognize |
C. 15,000
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Playful Pups corporation has a taxable inc of 150,000
current E&P |
A. 127,000
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Stars n stripes in
Current E&P |
B. 535,000
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C-Lo corp
accumulated E&P as of january 1 |
B. 950,000
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Clara and Beatrice each own 50%
accumulated E&P is allocated to distribution |
B. 75,000
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Rods n reels corp has 1,000 shares
how many shares does rods n reels own |
C. 750
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Heidi, Tim, and Nina, unrelated individuals
With respect to the distribution in redemption of stock |
B. Heidi has dividend income of 450,000
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lupin corp distributes the following assets
what are the tax consequences to lupin corp |
C. Lupin corp would recognize a net capital gain of 340,000 and an ordinary loss of 20,000
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Starfish Corp
amount of loss will starfish recognize |
B. 47,000
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Pinnochio Corp
amount of loss will PC recog |
A. 0
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Which of the following statements regarding AMT is true
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D. Min tax credits can be carried forward indef
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Ace and Jack each own 100 shares of Flush Plumbing
Tax consequences |
B. A reduction of 50,000 in E&P as a result of the exchange
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Jillian transferred prop
tax result of transfer |
B. Jillian will recognize 50 of compensation inc, but she cannot count the shares of stock she receives in exchange for services in determining if the control test is met under section 351
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Packing Man Corp
tax consequences |
B. a reduction of 150,000 in E&P as a result of the exchange
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Norman transferred his 10% int
amt of gain norman recog |
A. 50,000 gain recog and a basis in land of 100,000
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Which of the following best describes the impact of receiving boot in Sec 351 transaction
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B. Boot received causes gain realized to be recognized but not loss
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Hanging Bridge Corp
current E&P |
D. (260,000)
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Crimson corp
how is distribution treated |
B. 100,000 div, 50,000 tax free return of basis, and 50,00 cap gain
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Which of the following payments could be treated as a contructive div by IRS
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D. All of the above payments
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Connie owns 60% of the stock of conch corp
percentage of conch stock must she own |
C. Any percentage less than 48%
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C inc, a calendar year taxpayer has AMTI
tentitive min tax |
B. 2.55 million
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Which does not create a temp book tax difference`
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D. Domestic manufacturing deduction
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