Individual Taxation Exam Preparation Guide
Course Introduction
Individual Taxation is a foundational course that explores the principles and practices underlying the taxation of individuals. The course covers the determination of taxable income, computation of tax liability, federal and state tax regulations, filing requirements, and common exclusions, deductions, and credits available to individual taxpayers. Students will also examine tax planning strategies, the ethical responsibilities of tax practitioners, and current developments in tax law. Emphasis is placed on the application of tax codes and regulations to real-world scenarios through problem-solving and case studies, preparing students for both personal tax obligations and professional practice in tax-related fields.
Recommended Textbook
South Western Federal Taxation 2018 Comprehensive 41st Edition by William H. Hoffman
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Chapter 1: An Introduction to Taxation and Understanding
the Federal Tax Law
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Q1) Not all of the states that impose a general sales tax also have a use tax.
A)True
B)False
Answer: False
Q2) As a matter of administrative convenience,the IRS would prefer to have Congress decrease (rather than increase) the amount of the standard deduction allowed to individual taxpayers.
A)True
B)False
Answer: False
Q3) Which,if any,of the following provisions of the tax law cannot be justified as promoting administrative feasibility (simplifying the task of the IRS)?
A)Penalties are imposed for failure to file a return or pay a tax on time.
B)Prepaid income is taxed in the year received and not in the year earned.
C)Annual adjustments for indexation increases the amount of the standard deduction allowed.
D)Casualty losses must exceed 10% of AGI to be deductible.
E)A deduction is allowed for charitable contributions.
Answer: E
Page 3
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Chapter 2: Working With the Tax Law
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Q1) A taxpayer can obtain a jury trial in the U.S.Tax Court.
A)True
B)False Answer: False
Q2) This Internal Revenue Code section citation is incorrect: § 212(1).
A)True
B)False Answer: False
Q3) The granting of a Writ of Certiorari indicates that at least four members of the Supreme Court believe that an issue is of sufficient importance to be heard by the full court.
A)True
B)False Answer: True
Q4) Temporary Regulations are only published in the Internal Revenue Bulletin.
A)True
B)False Answer: False
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Page 4
Chapter 3: Computing the Tax
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Q1) Many taxpayers who previously itemized will start claiming the standard deduction when they purchase a home.
A)True
B)False
Answer: False
Q2) After her divorce,Hope continues to support her ex-husband's sister,Cindy,who does not live with her.Hope can claim Cindy as a dependent.
A)True
B)False
Answer: True
Q3) As opposed to itemizing deductions from AGI,the majority of individual taxpayers choose the standard deduction.
A)True
B)False
Answer: True
Q4) Kiddie tax does not apply
Answer: f
Q5) Resident of Canada or Mexico
Answer: b
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Chapter 4: Gross Income: Concepts and Inclusions
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Q1) Thelma and Mitch were divorced.The couple had a joint brokerage account that included stocks with a basis of $600,000 and a fair market value of $1,000,000.Under the terms of the divorce agreement,Mitch would receive the stocks and Mitch would pay Thelma $100,000 each year for 6 years,or until Thelma's death,whichever should occur first.Thelma and Mitch lived apart when the payments were made by Mitch.Mitch paid the $600,000 to Thelma over the six-year period.The divorce agreement did not contain the word "alimony." Then,Mitch sold the stocks for $1,300,000.Mitch's recognized gain from the sale is:
A)$0.
B)$1,000,000 ($1,300,000 - $300,000).
C)$700,000 ($1,300,000 - $600,000).
D)$300,000 ($1,300,000 - $1,000,000).
E)None of these.
Q2) The constructive receipt doctrine requires that income must be recognized when it is made available to the cash basis taxpayer,although it has not been actually received.The constructive receipt doctrine does not apply to accrual basis taxpayers.
A)True
B)False
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Page 6
Chapter 5: Gross Income: Exclusions
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Q1) Kristen's employer owns its building and provides parking space for its employees.The value of the free parking is $150 per month.Karen's employer does not have parking facilities,but reimburses its employee for the cost of parking in a nearby garage,up to $150 per month.
A)Kristen and Karen must recognize gross income from the parking services.
B)Kristen can exclude the employer provided parking from gross income, but Karen must include her reimbursement in gross income.
C)Kristen must include the value of the employer provided parking from her gross income, but Karen can exclude her reimbursement from gross income.
D)Neither Kristen nor Karen is required to include the cost of parking in gross income.
E)None of these.
Q2) For a person who is in the 35% marginal tax bracket,$1,000 of tax-exempt income is equivalent to $1,350 of income that is subject to tax.
A)True
B)False
Q3) What Federal income tax benefits are provided for college students?
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Chapter 6: Deductions and Losses: in General
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Q1) Why are there restrictions on the recognition of gains and losses resulting from transactions between related parties?
Q2) Olive,Inc.,an accrual method taxpayer,is a corporation that is equally owned by Maurice and Alex,who are brothers.The corporation uses the accrual method of accounting and the shareholders use the cash method.To provide Olive with funds to acquire additional working capital,the shareholders each loan Olive $100,000 with a 6% interest rate.At the end of the tax year,there is unpaid accrued interest of $3,000 due to each shareholder.From a timing perspective,when should Olive deduct this $6,000 and when should Maurice and Alex include the $3,000 in gross income? Olive pays the $3,000 to each shareholder early next year.
Q3) Legal fees incurred in connection with a criminal defense are not deductible even if the crime is associated with a trade or business.
A)True B)False
Q4) Legal expenses incurred in connection with rental property are deductions from AGI. A)True B)False
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Page 8
Chapter 7: Deductions and Losses: Certain Business
Expenses and Losses
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Q1) Several years ago,John purchased 2,000 shares of Red Corporation § 1244 stock from Mark for $40,000.Last year,John sold one-half of his Red Corporation stock to Mike for $12,000.During the current year,John sold the remaining Red Corporation stock for $3,000.John has a $17,000 ($3,000 - $20,000) ordinary loss for the current year.
A)True
B)False
Q2) On June 2,2016,Fred's TV Sales sold Mark a large HD TV,on account,for $12,000.Fred's TV Sales uses the accrual method.In 2017,when the balance on the account was $8,000,Mark filed for bankruptcy.Fred was notified that he could not expect to receive any of the amount owed to him.In 2018,final settlement was made and Fred received $1,000.How much bad debt loss can Fred deduct in 2018?
A)$0
B)$7,000
C)$8,000
D)$12,000
E)None of the above
Q3) A loss from a worthless security is always treated as a short-term capital loss.
A)True
B)False
Page 9
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Chapter 8: Depreciation, cost Recovery, amortization, and Depletion
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Q1) If startup expenses total $53,000,$51,000 of those costs are amortized over 180 months.
A)True
B)False
Q2) Under the MACRS straight-line election for personalty,only the half-year convention is applicable.
A)True
B)False
Q3) Goodwill associated with the acquisition of a business cannot be amortized.
A)True
B)False
Q4) Rustin bought used 7-year class property on May 15,2017,for $738,000.Rustin elects § 179 and straight-line cost recovery.Rustin's taxable income would not create a limitation for purposes of the § 179 deduction.Determine the maximum cost recovery deduction Rustin can claim for 2017.
Q5) All listed property is subject to the substantiation requirements of § 274.
A)True
B)False
Q6) Discuss the requirements in order for startup expenditures to be amortized under § 195. Page 10
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Chapter 9: Deductions: Employee and
Self-Employed-Related Expenses
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Q1) Tracy,the regional sales director for a manufacturer of exercise equipment,pays $2,500 to rent a skybox for a visiting performance of the Harlem Globetrotters.The skybox holds 10 seats,and Tracy invites 7 clients to the event.Nonluxury seats range in price from $80 to $120.The refreshments provided during the event cost $600.If Tracy meets all of the requirements for deductibility (i.e.,business discussion,substantiation),she may deduct:
A)$900.
B)$1,100.
C)$1,260.
D)$1,500.
E)$1,550.
Q2) Characteristic of a taxpayer who is self-employed
Q3) A taxpayer who uses the automatic mileage method for the business use of an automobile can change to the actual cost method in a later year.
A)True
B)False
Q4) Sue was trained by Lynn.
Q5) Lynn determines when the services are to be performed.
Q6) Job hunting expenses
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Chapter 10: Deductions and Losses: Certain Itemized
Deductions
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Q1) Sergio was required by the city to pay $2,000 for the cost of new curbing installed by the city in front of his personal residence.The new curbing was installed throughout Sergio's neighborhood as part of a street upgrade project.Sergio may not deduct $2,000 as a tax,but he may add the $2,000 to the basis of his property.
A)True
B)False
Q2) Phyllis,a calendar year cash basis taxpayer who itemized deductions totaling $20,000,overpaid her 2016 state income tax and is entitled to a refund of $400 in 2017.Phyllis chooses to apply the $400 overpayment toward her state income taxes for 2017.She is required to recognize that amount as income in 2017.
A)True
B)False
Q3) Jack sold a personal residence to Steven and paid points of $3,500 on the loan to help Steven finance the purchase.Jack can deduct the points as interest.
A)True
B)False
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Chapter 11: Investor Losses
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Q1) Treatment of a sale of a passive activity where all of the realized gain or loss is recognized currently.
Q2) Judy owns a 20% interest in a partnership (not real estate) in which her at-risk amount was $35,000 at the beginning of the year.The partnership borrowed $50,000 on a recourse note and made a $40,000 profit during the year.Her at-risk amount at the end of the year is $43,000.
A)True
B)False
Q3) Paula owns four separate activities.She elects not to group them together as a single activity under the "appropriate economic unit" standard.Paula participates for 130 hours in Activity A,115 hours in Activity B,260 hours in Activity C,and 100 hours in Activity
D.She has one employee,who works 125 hours in Activity D.Which of the following statements is correct?
A)Activities A, B, C, and D are all significant participation activities.
B)Paula is a material participant with respect to Activities A, B, C, and D.
C)Paula is not a material participant with respect to Activities A, B, C, and D.
D)Losses from all of the activities can be used to offset Paula's active income.
E)None of the above.
Q4) Significant participation activity.
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Chapter 12: Tax Credits and Payments
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Q1) Because current U.S.corporate income tax rates are higher than many foreign corporate income tax rates only infrequently will the credit's,the overall limitation yield a lower foreign tax credit than the amount of foreign taxes actually paid.
A)True
B)False
Q2) Which of the following correctly describes the tax credit for rehabilitation expenditures?
A)The cost of enlarging any existing business building is a qualifying expenditure.
B)The cost of facilities related to the building (e.g., a parking lot) is a qualifying expenditure.
C)No recapture provisions apply.
D)No credit is allowed for the rehabilitation of personal use property.
E)None of the above.
Q3) All foreign taxes qualify for the foreign tax credit.
A)True
B)False
Q4) Explain the purpose of the disabled access credit and describe the general characteristics of its computation.
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Chapter 13: Property Transactions: Determination of Gain or
Loss, basis Considerations, and Nontaxable Exchanges
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Q1) Ed and Cheryl have been married for 27 years.They own land jointly with a basis of $300,000.Ed dies in 2017,when the fair market value of the land is $500,000.Under the joint ownership arrangement,the land passed to Cheryl.
a.If Ed and Cheryl reside in a community property state, what is Cheryl's basis in the land?
b.If Ed and Cheryl reside in a common law state, what is Cheryl's basis in the land?
Q2) The basis of inherited property usually is its fair market value on the date of the decedent's death.
A)True
B)False
Q3) After 5 years of marriage,Dave and Janet decided to get a divorce.As part of the divorce settlement,Janet transfers to Dave the house she purchased prior to their marriage.Janet's adjusted basis for the house is $230,000 and the fair market value is $410,000 on the date of the transfer.What are the tax consequences to Janet and to Dave as a result of the transfer?
Q4) Under what circumstance is there recognition of some or all of the realized gain associated with the giving of boot by the taxpayer in a like-kind exchange?
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Chapter 14: Property Transactions, capital Gains and
Losses, sec1231, and Recapture Provisions
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Q1) Carol had the following transactions during 2017: a painting held for two years and sold at a gain of $85,000; 100 shares of Gray stock held six months and sold for a loss of $6,000; 50 shares of Yellow stock held 18 months and sold for a gain of $36,000.Carol also had $264,000 of taxable income from other sources than these property transactions.What is Carol's net capital gain or loss and what is her taxable income?
Q2) Tom has owned 40 shares of Orange Corporation stock for five years.He sells the stock short for a total of $1,100.One month later,he closes the short sale by purchasing and delivering 40 shares of Orange Corporation stock for a total of $600.Tom has a $500 short-term capital gain.
A)True
B)False
Q3) "Collectibles" held long-term and sold at a gain are subject to maximum tax rate of 28%.An individual taxpayer recently sold an antique car for $40,000.The car had been held for several years and $30,000 was originally paid for it.Explain why the car is or is not a collectible.
Q4) Depreciation recapture under § 1245 and § 1250 is reported on Form 4797. A)True
B)False
Page 17
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Chapter 15: Alternative Minimum Tax
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Q1) A taxpayer who expenses circulation expenditures in the year incurred for regular income tax purposes will have a positive AMT adjustment in the following year.
A)True
B)False
Q2) Which of the following regular taxable income amounts does not potentially create an adjustment or preference in both the individual and the corporate AMT calculations?
A)Depreciation on tangible property placed in service after 1998.
B)The excess of percentage depletion over basis.
C)The deduction for state and local taxes.
D)The use of the completed contract method of accounting for long-term contracts.
Q3) Beige,Inc.,records AMTI of $200,000.Calculate the amount of the AMT exemption if:
a.Beige is a small corporation for AMT purposes.
b.Beige is not a small corporation for AMT purposes.
Q4) Under what circumstances are C corporations exempt from the AMT?
Q5) What is the relationship between taxable income and AMTI?
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Chapter 16: Accounting Periods and Methods
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Q1) A retailer must actually receive a claim for refund from the customer before a deduction can be taken for the refund.
A)True
B)False
Q2) In the case of an accrual basis taxpayer,an item of income:
A)Is not recognized until cash is received.
B)From services is never recognized until the services are performed.
C)Is not recognized if the customer can return the goods.
D)Is recognized when all the events have occurred to fix the taxpayer's right to receive the income and the amount of the income can be determined with reasonable accuracy.
E)None of the above.
Q3) In 2017,T Corporation changed its tax year from ending each April 30th to ending each December 31st.The corporation earned $60,000 during the period May 1,2017 through December 31,2017.The annualized income for the short year is $90,000.
A)True B)False
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Chapter 17: Corporations: Introduction and Operating Rules
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Q1) Dawn is the sole shareholder of Thrush Corporation,a C corporation.In the current year,Thrush earned $350,000 and distributed $75,000 to Dawn.Kirk is the sole shareholder of Swallow Corporation,an S corporation.In the current year,Swallow earned $350,000 and distributed $75,000 to Kirk.Contrast the tax treatment of Thrush Corporation and Dawn with the tax treatment of Swallow Corporation and Kirk.
Q2) Schedule M-3 is similar to Schedule M-1 in that the form is designed to reconcile net income per books with taxable income.However,an objective of Schedule M-3 is more transparency between financial statements and tax returns than that provided by Schedule M-1.
A)True B)False
Q3) Double taxation of corporate income results because dividend distributions are included in a shareholder's gross income but are not deductible by the corporation. A)True B)False
Q4) What is a limited liability company? What favorable nontax and tax attributes does the LLC entity form offer taxpayers?
Q5) Briefly discuss the requirements for the dividends received deduction.
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Chapter 18: Corporations: Organization and Capital Structure
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Q1) Erica transfers land worth $500,000,basis of $100,000,to a newly formed corporation,Robin Corporation,for all of Robin's stock,worth $300,000,and a 10-year note.The note was executed by Robin and made payable to Erica in the amount of $200,000.As a result of the transfer:
A)Erica does not recognize gain.
B)Erica recognizes gain of $400,000.
C)Robin Corporation has a basis of $100,000 in the land.
D)Robin Corporation has a basis of $300,000 in the land.
E)None of the above.
Q2) Stock in Merlin Corporation is held equally by Jane,Eve,and Fred.Merlin seeks additional capital to buy a valuable tract of land that will cost $6,000,000.Jane,Eve,and Fred propose to loan Merlin $2,000,000 each,taking from Merlin a $2,000,000 ten-year note with interest payable annually at five points above the prime rate.Merlin Corporation has current taxable income of $7,000,000.How are the payments on the notes treated for tax purposes?
Q3) A shareholder contributes land to his wholly owned corporation but receives no stock in return.The corporation has a zero basis in the land.
A)True B)False
Page 21
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Chapter 19: Corporations: Distributions Not in Complete Liquidation
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Q1) Provide a brief outline on computing current E & P.
Q2) When current E & P has a deficit and accumulated E & P is positive,the two accounts are netted at the date of the distribution.If a positive balance results,the distribution is a dividend to the extent of the balance.
A)True
B)False
Q3) Aaron and Michele,equal shareholders in Cavalier Corporation,receive $25,000 each in distributions on December 31 of the current year.During the current year,Cavalier sold an appreciated asset for $60,000 (basis of $15,000).Payment for the sale of the asset will be made as follows: 50% next year and 50% in the following year,with interest payable at a rate of 6 percent.Before considering the effect of the asset sale,Cavalier's current year E & P is $40,000 and it has no accumulated E & P.How much of Aaron's distribution will be taxed as a dividend?
A)$0
B)$20,000
C)$25,000
D)$42,500
E)None of the above
Q4) Charitable contribution carryforward deducted in the current year.
Page 22
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Chapter 20: Corporations: Distributions in Complete
Liquidation and an Overview of Reorganization
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Q1) One similarity between the tax treatment accorded liquidating and nonliquidating distributions is with respect to a shareholder's basis in property received in such distributions.For each type of distribution,the shareholder's basis is the property's fair market value on the date of distribution.
A)True
B)False
Q2) Cotinga Corporation is acquiring Petrel Corporation through a "Type C" reorganization by exchanging 20% of its voting stock and $50,000 for all of Petrel's assets (value of $800,000 and basis of $600,000) and liabilities ($100,000).Jerrika owns 48% of Petrel (basis $270,000),and Allen owns the remaining 52% (basis $380,000).They exchange their stock in Petrel for their proportionate shares of the Cotinga stock and cash.What is the value of the Cotinga stock received by Jerrika and Allen? What are the amounts of gains/losses each recognizes due to the reorganization? What is Jerrika's and Allen's basis in the Cotinga stock?
Q3) Since debt security holders do not own stock,they do not fall under the corporate reorganization rules.
A)True
B)False
Q4) Discuss the role of letter rulings in corporate reorganizations.
Page 23
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Chapter 21: Partnerships
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Q1) Limited liability partnership
Q2) Tara and Robert formed the TR Partnership four years ago.Because they decided the company needed some expertise in multimedia presentations,they offered Katie a 1/3 interest in partnership capital if she would come to work for the partnership.On July 1 of the current year,the unrestricted partnership interest (fair market value of $25,000) was transferred to Katie.How should Katie treat the receipt of the partnership interest in the current year?
A)Nontaxable.
B)$25,000 ordinary income.
C)$25,000 short-term capital gain.
D)$25,000 long-term capital gain.
Q3) If a partnership allocates losses to the partners,the partners must first apply the passive loss limitations,then the basis limitation,and finally the at-risk limitations.If all three hurdles are met,the partner may deduct the loss.
A)True
B)False
Q4) § 179 deduction
Q5) General partnership
Q6) Business purpose
Page 24
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Chapter 22: S Corporations
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Q1) Which item does not appear on Schedule K of Form 1120S?
A)Intangible drilling costs.
B)Foreign loss.
C)Utilities expense.
D)Recovery of a tax benefit.
E)All of the above items appear on Schedule K.
Q2) When loss assets are distributed by an S corporation,a shareholder's basis is equal to the asset's fair market value.
A)True
B)False
Q3) Distributions of appreciated property by an S corporation are not taxable to the entity.
A)True
B)False
Q4) A one person LLC can be a shareholder of an S corporation.
A)True
B)False
Q5) Realized gain is recognized by an S corporation on its distribution of ____________________ property.
Page 25
Q6) Discuss two ways that an S election may be terminated.
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Chapter 23: Exempt Entities
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Q1) Medical,Inc.,a § 501(c)(3) exempt organization,engages in an excess benefit transaction,such that the intermediate sanctions rules may apply.The amount of the excess benefit is $50,000.For the organization management,the participation in the excess benefit transaction was not willful and was due to reasonable cause.Calculate the amount of the excise tax (first-level tax) imposed under the intermediate sanctions provision.
Q2) What are the common characteristics of organizations that receive exempt status?
Q3) Form 990
Q4) Even though a church is not required to obtain IRS approval of its exempt status,it still annually must file a Form 990.
A)True
B)False
Q5) Certain § 501(c)(3) exempt organizations are permitted to engage in lobbying activities on a limited basis.Churches are allowed to make this election.
A)True
B)False
Q6) If an exempt organization is required to file an annual information return,on what form is it filed?
Q7) Form 1023
Page 26
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Chapter 24: Multistate Corporate Taxation
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Q1) The ____________________ tax usually is applied at the city or county level,as its main source of revenue.
Q2) In some states,an S corporation must withhold Federal income tax for the proportionate flowthrough income of its shareholders who ____________________ (are/are not) state residents.
Q3) In determining a corporation's taxable income for state income tax purposes,which of the following does not constitute a subtraction from Federal income?
A)Interest on U.S. obligations.
B)Expenses that are directly or indirectly related to state and municipal interest that is taxable for state purposes.
C)The amount by which the state depreciation deduction exceeds the corresponding Federal amount.
D)The amount by which the Federal depreciation deduction exceeds the corresponding state amount.
Q4) A state sales/use tax is designed to be collected by the ____________________ (seller/purchaser) of the product and then remitted to the state.
Q5) Q adopts a throwback rule.
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Chapter 25: Taxation of International Transactions
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Q1) A U.S.taxpayer may take a current FTC equal to the greater of the FTC limit or the actual foreign taxes (direct or indirect) paid or accrued.
A)True
B)False
Q2) Which of the following determinations requires knowing the amount of one's foreign-source gross income?
A)Itemized deductions.
B)Foreign tax credit.
C)Calculation of a U.S. person's total taxable income.
D)Calculation of a U.S. person's deductible interest expense.
Q3) Which of the following statements best describes the primary purpose of the Subpart F income provisions?
A)They allow for a deferral of non-U.S.-source income from U.S. taxation.
B)They provide certainty as to the U.S. income tax treatment of cross-border transactions.
C)They prevent shifting of income from the U.S. to high-tax non-U.S. jurisdictions.
D)They prevent shifting of income from the U.S. to low-tax non-U.S. jurisdictions.
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Page 28
Chapter 26: Tax Practice and Ethics
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Sample Questions
Q1) The National Taxpayer Advocate reports to:
A)Treasury Secretary.
B)IRS Commissioner.
C)IRS Director of Compliance Analytics.
D)IRS Director of Professional Responsibility.
Q2) The usual three-year statute of limitations on additional tax assessments applies in the following situation(s).
A)No return at all is filed.
B)An investment in a marketable security is worthless.
C)Taxpayer discovers an inadvertent overstatement of deductions equal to 30% of gross income.
D)Taxpayer inadvertently omits an amount of gross income equal to 30% of the gross income stated on the return.
Q3) A tax preparer is in violation of Circular 230 if he or she:
A)Files a tax return that includes a math error.
B)Fails to inform the IRS of an error on the client's prior-year return.
C)Charges a fee to prepare an original Form 1120 equal to one-third of the taxpayer's refund due.
D)All of the above are Circular 230 violations.
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Page 29
Chapter 27: The Federal Gift and Estate Taxes
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Sample Questions
Q1) To make the election to split gifts,spouses must file a Form 709 (Federal gift tax return).
A)True
B)False
Q2) A lifetime transfer that is supported by full and adequate consideration is not a gift.
A)True
B)False
Q3) Concerning the Federal estate tax deduction for asset transfers to a surviving spouse:
A)The deduction is disallowed for transfers between same-sex spouses.
B)A deduction is allowed for a transfer to a member of a same-sex civil union.
C)A deduction is allowed for life insurance proceeds paid to a surviving spouse.
D)All of the above statements are true.
Q4) What is the justification for the terminable interest rule that is applicable to the marital deduction?
Q5) Hector transfers funds to his aunt so she can obtain a much needed hip operation.The aunt does not qualify as Hector's dependent.
Q6) Future interest
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Chapter 28: Income Taxation of Trusts and Estates
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Q1) The Circle Trust reports some exempt interest income for the year.How does this investment income affect Circle's deduction of its fiduciary fees? Charitable contributions?
Q2) The trust usually makes a distribution to the income beneficiaries in the amount of its fiduciary ____________________ income.
Q3) With respect to a trust,the terms creator,donor,and grantor are synonyms.
A)True B)False
Q4) Distributable net income (DNI) is the ____________________ (maximum,minimum) amount that can be included in the beneficiaries' gross incomes from the fiduciary for the year.
Q5) Tax planning usually dictates that high-income and high-wealth individuals be specified as second-tier beneficiaries of a trust arrangement. A)True B)False
Q6) The unextended due date for a calendar-year trust to file its Form 1041 is March 15. A)True B)False
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