Acc 565 Week 11 Final Exam - Strayer Essay

1716 Words May 23rd, 2015 7 Pages
ACC 565 Week 11 Final Exam - Strayer

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Parent and Subsidiary Corporations have filed calendar-year consolidated tax returns for several years. Parent Corporation uses the cash method of accounting while Subsidiary Corporation uses the accrual method of accounting. If Parent lends Subsidiary money,
Answer

the interest expense is deductible when accrued. the interest expense and interest income may be reported in different consolidated return years. the interest income is reported when the
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The partnership uses the land in its business for three years and then sells the property. When the property was contributed, it had a basis in Allen's hands of $500,000 and an FMV of $600,000. The partnership sells the land for $700,000. The gain reported by the partnership is
Answer

$100,000 of ordinary income and $100,000 of Sec. 1231 gain. $100,000 of Sec. 1231 gain and $100,000 of capital gain. $200,000 of ordinary income. $200,000 of Sec. 1231 gain.

The AB Partnership has a machine with an FMV of $25,000 and a basis of $20,000. The partnership has taken an $8,000 depreciation on the machine. The unrealized receivable related to the machine is
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$0. $5,000. $8,000. $20,000. The definition of "inventory" for purposes of Sec. 751 includes
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cash. land held for investment. marketable securities not held by dealers. depreciation recapture potential on Sec. 1231 assets. An S corporation is not treated as a corporate taxpayer with respect to which one of the following fringe benefits?
Answer

stock options qualified retirement plans group term life insurance premiums nonqualified deferred compensation

Which one of the following individuals or entities is ineligible to be an S corporation shareholder?
Answer

an

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