IRS Practice and Procedures
Exam Materials
Course Introduction
This course provides an in-depth exploration of Internal Revenue Service (IRS) practice and procedures, focusing on the regulatory framework governing tax compliance and enforcement in the United States. Topics include tax return filing requirements, representation before the IRS, examinations and audits, appeals processes, collection actions, penalty abatement, and dispute resolution mechanisms. Students will learn to interpret and apply the rules set forth in Circular 230, understand taxpayer rights, and develop strategies for navigating IRS interactions on behalf of individuals and organizations. The course is designed for those pursuing careers in tax practice, offering practical insights and case studies to prepare students for real-world challenges in federal tax administration.
Recommended Textbook
South western Federal Taxation 2017 Comprehensive Edition 40th Edition by William H. Hoffman
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28 Chapters
3604 Verified Questions
3604 Flashcards
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Page 2
Chapter 1: An Introduction to Taxation and Understanding
the Federal Tax Law
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159 Verified Questions
159 Flashcards
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Sample Questions
Q1) Some states use their state income tax return as a means of collecting unpaid sales and use taxes.
A)True
B)False
Answer: True
Q2) The Federal estate and gift taxes are examples of progressive taxes.
A)True
B)False
Answer: True
Q3) Noah dies in 2012 with an estate worth $12 million.Under his will, $6 million passes to his wife while $6 million goes to his church.What is Noah's Federal estate tax result?
Answer: None. After a marital deduction of $6 million and a charitable deduction of $6 million, Noah's taxable estate is $0.
Q4) The tax law allows an income tax deduction for state and local income taxes.Explain why.
Answer: The deduction for state and local income taxes can be justified on the grounds that it mitigates the double tax imposed on the same income.
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Chapter 2: Working With the Tax Law
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Sample Questions
Q1) Which of the following is not an administrative source of tax law?
A)Reg.§ 301.6114-1.
B)Section 2(a)(1)(A).
C)Rev.Rul.2011-19.
D)Notice 90-20.
E)Ltr.Rul 201008049.
Answer: B
Q2) Which tax-related website probably gives the best policy-orientation results?
A)taxalmanac.org.
B)irs.gov.
C)taxsites.com.
D)taxanalyst.com.
E)ustaxcourt.gov.
Answer: D
Q3) The following citation is correct: Larry
G.Mitchell, 131 T.C.215 (2008).
A)True
B)False
Answer: True
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Page 4
Chapter 3: Computing the Tax
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Sample Questions
Q1) Keith, age 17 and single, earns $3,000 during 2012.Keith's parents cannot claim him as a dependent even if he does not live with them.
A)True
B)False
Answer: False
Q2) As opposed to itemizing deductions from AGI, the majority of individual taxpayers choose the standard deduction.
A)True
B)False
Answer: True
Q3) Because they appear on page 1 of Form 1040, itemized deductions are also referred to as "page 1 deductions."
A)True
B)False
Answer: False
Q4) A child who is married can be subject to the kiddie tax.
A)True
B)False
Answer: True
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Chapter 4: Gross Income: Concepts and Inclusions
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Sample Questions
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 the above.
Q2) An accrual basis taxpayer who owns and operates a professional basketball team is allowed to allocate income from season ticket sales on the basis of the number of games played during the year.
A)True
B)False
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Chapter 5: Gross Income: Exclusions
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Sample Questions
Q1) Amber Machinery Company purchased a building from Ted for $250,000 cash and a mortgage of $750,000.One year after the transaction, the mortgage had been reduced to $725,000 by principal payments by Amber, but it was apparent that Amber would not be able to continue to make the monthly payments on the mortgage.Ted reduced the amount owed by Amber to $600,000.This reduced the monthly payments to a level that Amber could pay.Amber must recognize $125,000 income from the reduction in the debt by Ted.
A)True
B)False
Q2) Gary cashed in an insurance policy on his life. He needed the funds to pay for his terminally ill wife's medical expenses.He had paid $12,000 in premiums and he collected $30,000 from the insurance company.Gary is not required to include the gain of $18,000 ($30,000 - $12,000) in gross income.
A)True
B)False
Q3) If a scholarship does not satisfy the requirements for a gift, the scholarship must be included in gross income.
A)True
B)False
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Page 7
Chapter 6: Deductions and Losses: in General
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Sample Questions
Q1) Abner contributes $1,000 to the campaign of the Tea Party candidate for governor, $750 to the campaign of the Tea Party candidate for senator, and $500 to the campaign of the Tea Party candidate for mayor.Can Abner deduct these political contributions?
Q2) A hobby activity can result in all of the hobby income being included in AGI and no deductions being allowed.
A)True
B)False
Q3) Which of the following is deductible as a trade or business expense?
A)A city coroner contributes to the mayor's reelection campaign fund.
B)Illegal bribes and kickbacks paid to a Federal government employee by a corporate executive.
C)Two-thirds of treble damage payments.
D)Fines and penalties paid by a trucking firm for excessive weight and speeding. E)None of the above.
Q4) If a vacation home is classified as primarily personal use, part of the maintenance and utility expenses can be allocated and deducted as a rental expense.
A)True
B)False
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Page 8
Chapter 7: Deductions and Losses: Certain Business
Expenses and Losses
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Sample Questions
Q1) On February 20, 2011, Bill purchased stock in Pink Corporation (the stock is not small business stock) for $1,000.On May 1, 2012, the stock became worthless.During 2012, Bill also had an $8,000 loss on § 1244 small business stock purchased two years ago, a $9,000 loss on a nonbusiness bad debt, and a $5,000 long-term capital gain.How should Bill treat these items on his 2012 tax return?
A)$4,000 long-term capital loss and $9,000 short-term capital loss.
B)$4,000 long-term capital loss and $3,000 short-term capital loss.
C)$8,000 ordinary loss and $3,000 short-term capital loss.
D)$8,000 ordinary loss and $5,000 short-term capital loss.
E)$8,000 long-term capital loss and $6,000 short-term capital loss.
Q2) An unreimbursed employee business expense can create an NOL for an individual.
A)True
B)False
Q3) A father cannot claim a casualty on his daughter's personal use property. A)True
B)False
Q4) Identify the factors that should be considered in determining whether a transaction is a business bad debt or a nonbusiness bad debt.
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Q5) Why was the domestic production activities deduction (DPAD) enacted by Congress?
Chapter 8: Depreciation, Cost Recovery, Amortization, and Depletion
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Q1) If a taxpayer uses regular MACRS for all property, an alternative minimum tax adjustment is made with respect to the depreciation on all property, regardless of the class life.
A)True
B)False
Q2) Janet purchased a new car on June 5, 2012, at a cost of $18,000.She used the car 80% for business and 20% for personal use in 2012.She used the automobile 40% for business and 60% for personal use in 2013. Janet takes additional first-year depreciation. Determine Janet's cost recovery recapture for 2013.
A)$0.
B)$928.
C)$1,008.
D)$7,408.
E)None of the above.
Q3) On April 15, 2012, Sam placed in service a storage facility (a single-purpose agricultural structure) costing $80,000. Sam also purchased and planted fruit trees costing $40,000. Sam does not elect to expense any of the acquisitions under § 179. Sam elected not to take additional first-year depreciation. Determine Sam's cost recovery from these two items for 2012.
Page 10
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Chapter 9: Deductions: Employee and
Self-Employed-Related Expenses
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Sample Questions
Q1) When is a taxpayer's work assignment in a new locale temporary? Permanent? What difference does it make?
Q2) A moving expense deduction is allowed even if at the time of the move the taxpayer did not have a job at the new location.
A)True
B)False
Q3) The maximum annual contribution to a Roth IRA for an unmarried taxpayer who is age 35 is the smaller of $5,000 or the individual's compensation for the year.
A)True
B)False
Q4) In terms of income tax treatment, what is the difference between common law and statutory employees?
Q5) Samuel, age 53, has a traditional deductible IRA with an account balance of $112,000.Of this amount, $82,000 represents contributions and $30,000 represents earnings.In 2012, he converts his traditional IRA into a Roth IRA.What amount must Samuel include in his gross income, if any, in 2012?
Q6) Once set for a year, when might the IRS change the rate for the automatic mileage method?
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Chapter 10: Deductions and Losses: Certain Itemized
Deductions
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Q1) Letha incurred a $1,600 prepayment penalty to a lending institution because she paid off the mortgage on her home early.The $1,600 is deductible as interest expense.
A)True B)False
Q2) Shirley pays FICA (employer's share) on the wages she pays her maid to clean and maintain Shirley's personal residence. The FICA payment is not deductible as an itemized deduction.
A)True B)False
Q3) Interest paid or accrued during the tax year on aggregate acquisition indebtedness of $2 million or less ($1 million or less for married persons filing separate returns) is deductible as qualified residence interest.
A)True B)False
Q4) Linda borrowed $60,000 from her parents for a down payment on a condominium.She paid interest of $5,500 in 2010, $0 in 2011, and $9,000 in 2012.The IRS disallowed the deduction. Can you offer any explanation for the disallowance?
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Chapter 11: Investor Losses
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Sample Questions
Q1) Harry earned investment income of $18,500, incurred investment interest expense of $15,500, and other investment expenses of $9,000 during the current year.Harry may deduct $9,500 of investment interest expense this year and carry forward $6,000 to future years.
A)True
B)False
Q2) Individuals with modified AGI of $100,000 can deduct against active or portfolio income losses of up to $25,000 from real estate rental activities in which they actively participate.
A)True
B)False
Q3) Individuals can deduct from active or portfolio income losses of up to $25,000 from real estate rental activities in which they actively participate.
A)True
B)False
Q4) Ken has a $40,000 loss from an investment in a partnership in which he does not materially participate. He paid $30,000 for his interest. How much of the loss is disallowed by the at-risk rules? How much is disallowed by the passive loss rules?
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Page 13
Chapter 12: Tax Credits and Payments
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Sample Questions
Q1) George and Jill are husband and wife, ages 67 and 65 respectively.During the year, they receive Social Security benefits of $4,000 and have adjusted gross income of $11,000.Assuming they file a joint return, their tax credit for the elderly, before considering any possible limitation due to their tax liability, is:
A)$1,125.
B)$750.
C)$450.
D)$375.
E)None of the above.
Q2) Discuss the treatment of unused general business credits.
Q3) The credit for child and dependent care expenses is an example of a refundable credit.
A)True B)False
Q4) The purpose of the tax credit for rehabilitation expenditures is to encourage the relocation of businesses from older, economically distressed areas (i.e., inner city) to newer locations.
A)True B)False
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Chapter 13: Property Transactions: Determination of Gain or
Loss, Basis Considerations, and Nontaxable
Exchanges-Part 1
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Q1) The basis of property acquired in a bargain purchase is the cost of the asset. The bargain amount (fair market value - cost) is recognized when the asset is sold.
A)True
B)False
Q2) Nontaxable stock dividends result in no change to the total basis of the old and new stock, but the basis per share decreases.
A)True
B)False
Q3) Which of the following might motivate a taxpayer to try to avoid like-kind exchange treatment?
A)Taxpayer has unused NOL carryovers.
B)Taxpayer has unused general business credit carryovers.
C)Taxpayer has suspended or current passive activity losses.
D)Only a.and b.are correct.
E)a., b., and c.are correct.
Q4) In a nontaxable exchange, the replacement property is assigned a carryover basis.
A)True
B)False
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Chapter 13: Property Transactions: Determination of Gain or
Loss, Basis Considerations, and Nontaxable
Exchanges-Part 2
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Sample Questions
Q1) Identify two tax planning techniques that can be used to avoid the wash sale disallowance of loss.
Q2) Define fair market value as it relates to property transactions.
Q3) Melissa, age 58, marries Arnold, age 50, on June 1, 2012.Melissa decides to sell her principal residence on August 1, 2012, which she has owned and occupied for the past 30 years.Arnold has never owned a house.However, while he was married to Kelly who died 6 months prior to his marriage to Melissa, Kelly used the § 121 election on the sale of her residence in January 2010 to reduce her realized gain from $123,000 to $0.Kelly used the sales proceeds to pay off Arnold's gambling debts.Can Melissa elect the § 121 exclusion on the sale of her residence? What is the maximum § 121 exclusion available to Melissa and Arnold if they file a joint return?
Q4) Katrina, age 58, rented (as a tenant) the house that was her principal residence from January 1, 2012 through December 31, 2013.She purchased the house on January 1, 2014, for $150,000 and continued to occupy it through June 30, 2015.She leased it to a tenant from July 1, 2015, through December 31, 2016.On January 1, 2017, she sells the house for $350,000.She incurs a realtor's commission of $20,000.Calculate her recognized gain if her objective is to minimize the recognition of gain and she does not intend to acquire another residence.
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Chapter 14: Property Transactions: Capital Gains and Losses,
1231, Recapture Provisions
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Q1) Which of the following assets held by a cash basis accounting firm is a § 1231 asset?
A)An account receivable from a client.
B)A desk used in the business and held more than one year.
C)An investment in Orange Company common stock.
D)A computer used in the business, held more than one year, but fully depreciated under § 179 when acquired.
E)b.and d.
Q2) Robin Corporation has ordinary income from operations of $30,000, net long-term capital gain of $10,000, and net short-term capital loss of $15,000.What is the taxable income for 2012?
A)$25,000.
B)$27,000.
C)$28,500.
D)$30,000.
E)None of the above.
Q3) When an individual taxpayer has a net long-term capital gain that includes both 25% gain and 0%/15% gain, which of these gains will be taxed first when the alternative tax on net long-term capital gain method is used and what difference does it make?
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Chapter 15: Alternative Minimum Tax
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Questions
Q1) For individual taxpayers, the AMT credit is applicable for the AMT that results from timing differences, but it is not available for the AMT that results from the adjustment for itemized deductions or exclusion preferences.
A)True
B)False
Q2) A tax preference can increase or decrease alternative minimum taxable income while an adjustment can only increase alternative minimum taxable income.
A)True
B)False
Q3) After personal property is fully depreciated for both regular income tax purposes and AMT purposes, the positive and negative adjustments that have been made for AMT purposes will net to zero.
A)True
B)False
Q4) How can the positive AMT adjustment for research and experimental expenditures be avoided?
Q5) If Jessica exercises an ISO and disposes of the option in the same tax year, are any AMT adjustments required?
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Chapter 16: Accounting Periods and Methods
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Q1) The Yellow Equipment Company, an accrual basis C corporation, is a manufacturer's representative and works on a commission basis (15% of sales that it places) and does not carry inventory.In November 2012, Yellow made a sale and collected a commission for $20,000. In June of 2013, the customer had not received the equipment from the manufacturer and canceled the order. As a result, Yellow was required to refund the $20,000 commission to the manufacturer.Yellow's taxable income in 2012 was $70,000, and in 2013 Yellow's taxable income was $25,000 after deducting the refund.The applicable tax rate schedule is 15% on the first $50,000 of income and 25% on income in excess of $50,000.What is the effect of the refund on Yellow's 2013 tax liability?
Q2) A C corporation's selection of a tax year, generally, is independent of the tax year of its principal shareholders.
A)True
B)False
Q3) If an installment sale contract does not charge interest on the sale of a capital asset, the IRS will impute interest and thereby increase the taxpayer's capital gain and interest income.
A)True
B)False
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Chapter 17: Corporations: Introduction and Operating Rules
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Q1) Compare the taxation of C corporations with that of individual taxpayers. Provide several examples of similarities and differences in your discussion.
Q2) Almond Corporation, a calendar year C corporation, had taxable income of $900,000, $1.1 million, and $1.2 million for 2009, 2010, and 2011, respectively. Almond's taxable income is $2 million for 2012. Compute the minimum estimated tax payments for 2012 for Almond Corporation.
Q3) Eagle Corporation owns stock in Hawk Corporation and has taxable income of $100,000 for the year before considering the dividends received deduction.Hawk Corporation pays Eagle a dividend of $130,000, which was considered in calculating the $100,000.What amount of dividends received deduction may Eagle claim if it owns 25% of Hawk's stock?
A)$0.
B)$80,000.
C)$100,000.
D)$104,000.
E)None of the above.
Q4) What is the annual required estimated tax payment for a C corporation? What are the rules regarding payment of the estimated tax?
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Page 20
Chapter 18: Corporations: Organization and Capital Structure
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Q1) Allen transfers marketable securities with an adjusted basis of $120,000, fair market value of $300,000, for 85% of the stock of Heron Corporation.In addition, he receives cash of $40,000.Allen recognizes a capital gain of $40,000 on the transfer.
A)True
B)False
Q2) A shareholder lends money to his corporation in his capacity as an investor.If the loans become worthless, a business bad debt results.
A)True
B)False
Q3) If a shareholder owns stock received as a gift from her mother, it cannot be § 1244 stock.
A)True
B)False
Q4) The use of § 351 is not limited to the initial formation of a corporation, and it can apply to later transfers as well.
A)True
B)False
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Chapter 19: Corporations: Distributions Not in Complete
Liquidation
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Q1) How does the definition of accumulated E & P differ from the definition of current E & P?
Q2) Regardless of any deficit in current E & P, distributions during the year are taxed as dividends to the extent of accumulated E & P.
A)True
B)False
Q3) Ashley and Andrew, equal shareholders in Parrot Corporation, receive $250,000 each in distributions on December 31 of the current year.During the current year, Parrot sold an appreciated asset for $500,000 (basis of $150,000). 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 7.5%.Before considering the effect of the asset sale, Parrot's current year E & P is $400,000 and it has no accumulated E & P. How much of Ashley's distribution will be taxed as a dividend?
A)$0.
B)$200,000.
C)$250,000.
D)$425,000.
E)None of the above.
Q4) Explain the stock attribution rules that apply in the case of stock redemptions.
Page 22
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Chapter 20: Corporations: Distributions in Complete
Liquidation and an Overview of Reorganizations
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Q1) The stock in Toucan Corporation is held equally by two brothers. Four years ago, the shareholders transfer property (basis of $200,000, fair market value of $220,000) to Toucan Corporation as a contribution to capital. In the current year and pursuant to a complete liquidation of Toucan, the property is distributed proportionately to the brothers. At the time of the distribution, the property had a fair market value of $40,000. What amount of loss will Toucan Corporation recognize on the distribution of the property?
A)$0.
B)$20,000.
C)$160,000.
D)$180,000.
E)None of the above.
Q2) The treatment of corporate reorganizations is similar to like-kind exchanges.
A)True
B)False
Q3) For purposes of the § 338 election, a corporation must acquire, in a taxable transaction, at least 80% of the stock (voting power and value) of another corporation within an 12-month period.
A)True
B)False
Page 23
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Chapter 21: Partnerships
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Q1) At the beginning of the year, Elsie's basis in the E&G Partnership interest is $90,000.She receives a proportionate nonliquidating distribution from the partnership consisting of $10,000 of cash, unrealized accounts receivable (basis of $0, fair market value $40,000), and land (basis of $30,000, fair market value of $50,000).After the distribution, Elsie's bases in the accounts receivable, land, and partnership interest are:
A)$0; $30,000; and $50,000.
B)$0; $50,000; and $30,000.
C)$40,000; $30,000; and $10,000.
D)$40,000; $40,000; and $0.
E)None of the above.
Q2) Randi owns a 40% interest in the capital and profits of the RAY Partnership.Immediately before she receives a proportionate nonliquidating distribution from RAY, the basis for her partnership interest is $60,000.The distribution consists of $45,000 in cash and land with a fair market value of $72,000.RAY's adjusted basis in the land immediately before the distribution is $36,000.As a result of the distribution, Randi recognizes a gain of $21,000.
A)True
B)False
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Chapter 22: S: Corporations
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Q1) An S corporation that has total assets of at least $7.5 million on Schedule L at the end of the tax year must file a Schedule M-3.
A)True
B)False
Q2) An S corporation does not recognize a loss when distributing assets that are worth less than their basis.
A)True B)False
Q3) Which statement is incorrect?
A)S corporation status allows shareholders to realize tax benefits from corporate losses immediately.
B)Shareholder-level tax on corporate profits can be eliminated by a step-up in the basis of the stock upon a shareholder's death.
C)Fewer than 50% of all U.S.corporations make the S election.
D)An S corporation resembles an LLC for Federal income tax purposes.
E)None of the above.
Q4) Tax-exempt income is a Schedule K item for an S corporation.
A)True B)False
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Chapter 23: Exempt Entities
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Q1) Which of the following activities is not subject to the feeder organization rules?
A)At least 80% of the net income of the for-profit entity is contributed to the exempt organization for a consecutive three-year period.
B)A trade or business where substantially all the work is performed by volunteers.
C)A trade or business of selling merchandise where substantially all of the merchandise has been received as contributions or gifts.
D)Only b.and c.
E)a., b., and c.
Q2) George is running for mayor of Culpepper. The members of Third Church adamantly oppose his candidacy. They would like to run a political advertisement in the local newspaper opposing his candidacy. The newspaper ad would have no effect on Third Church's exempt status because the ad opposes George; it does not support his opponent.
A)True
B)False
Q3) Are organizations that qualify for exempt organization status completely exempt from Federal income taxation?
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Chapter 24: Multistate Corporate Taxation
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Q1) An ad valorem property tax is based on the asset's current
Q2) Parent and Junior form a non-unitary group of corporations.Parent is located in a state with an effective tax rate of 3%, while Junior's effective tax rate is 9%.Acting in concert to reduce overall tax liabilities, the group should:
A)Execute an intercompany loan, such that Junior pays deductible interest to Parent.
B)Have Parent charge Junior an annual management fee.
C)Shift Parent's high-cost assembly and distribution operations to Junior.
D)All of the above are effective income-shifting techniques for a non-unitary group.
E)None of the above is an effective income-shifting technique for a non-unitary group.
Q3) For most taxpayers, which of the traditional apportionment factors yields the greatest opportunities for tax reduction?
A)Payroll.
B)Property.
C)Sales (gross receipts).
D)Unitary.
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Chapter 25: Taxation of International Transactions
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Sample Questions
Q1) The "residence of seller" rule is used in determining the sourcing of all gross income and deductions of a U.S.multinational business.
A)True
B)False
Q2) GreenCo, a domestic corporation, earns $25 million of taxable income from U.S.sources and $5 million of taxable income from foreign sources.What amount of taxable income does GreenCo report on its U.S.tax return?
A)$30 million.
B)$25 million.
C)$30 million less any tax paid on U.S.income.
D)$25 million less any tax paid on the foreign income.
Q3) WaterCo, a domestic corporation, purchases inventory for resale from unrelated distributors outside the United States and resells this inventory to customers inside the United States with title passing inside the United States.What is the source of WaterCo's inventory sales income?
A)100% U.S.source.
B)100% foreign source.
C)50% U.S.source and 50% foreign source.
D)50% foreign source and 50% sourced based on location of manufacturing assets.
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Page 28
Chapter 26: Tax Practice and Ethics
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Sample Questions
Q1) Marco, a cash basis, calendar year taxpayer, filed his income tax return 50 days after the due date.Marco never extended his return, and with the return he paid the taxes that were due.What penalties will Marco incur, and how much is the penalty if his additional tax is $5,000? Disregard any additional interest he must pay.
Q2) The AICPA's Statements on Standards for Tax Services must be followed by its members; they are more than merely advisory.
A)True
B)False
Q3) A negligence penalty is assessed when the taxpayer is found to have not made a reasonable attempt to apply with the tax law.
A)True
B)False
Q4) A taxpayer penalty may be waived if there is shown to be reasonable cause for the misstatement on the tax return. The courts have applied this standard strictly. List three or more assertions for a waiver of a taxpayer penalty that courts have found not to constitute reasonable cause. Example: Ignorance of the tax law.
Q5) The IRS is a subsidiary agency of the Department of the
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Chapter 28: Income Taxation of Trusts and Estates
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Sample Questions
Q1) The Prakash Trust is required to pay its entire annual accounting income to beneficiaries Sam and Janet.The trust's personal exemption is:
A)$0.
B)$100.
C)$300.
D)$600.
Q2) Generally, capital gains are allocated to fiduciary income, because they arise from current-year transactions as directed by the trustee.
A)True
B)False
Q3) Sixty percent of the income received by the Atom Trust this year constituted municipal bond interest.Atom's trustee also made a $100,000 gift to the United Fund, a qualifying charity.The charitable deduction associated with this gift is limited to $60,000. A)True
B)False
Q4) Corpus, principal, and assets of the trust are synonyms.
A)True
B)False
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