Acct424Week1-3.quiz
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Acct424Week1-3.quiz

Course Number: ACCT ACCT424, Spring 2010

College/University: DeVry Chicago O'Hare

Word Count: 3301

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Week 1: 1. Question: (TCO 2) Penguin Corporation, a C corporation, has two equal shareholders, Bob and Leo. Penguin earned $100,000 net profit during its first year of operations and paid a dividend of $50,000 to each shareholder. Before considering the dividend, Bob is in the 10% marginal tax bracket and Leo is in the 28% marginal tax bracket. Which of the following statements is incorrect? Your Answer: $100,000...

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1: Week 1. Question: (TCO 2) Penguin Corporation, a C corporation, has two equal shareholders, Bob and Leo. Penguin earned $100,000 net profit during its first year of operations and paid a dividend of $50,000 to each shareholder. Before considering the dividend, Bob is in the 10% marginal tax bracket and Leo is in the 28% marginal tax bracket. Which of the following statements is incorrect? Your Answer: $100,000 will be subject to double taxation. Penguin could have avoided paying corporate tax if, instead of paying a dividend, it had paid Bob and Leo a salary of $50,000 each (assuming a $50,000 salary for each is reasonable). A preferential tax rate will apply to the dividend income of both Bob and Leo. If Penguin had paid Bob and Leo a salary of $50,000 each, Bob would have paid less Federal income tax on his salary than Leo would have paid on his salary. None of the above. CORRECT ANSWER INCORRECT Instructor Explanation: To the extent Bob's dividend income would otherwise be taxed at 105 and 15%, the preferential rate on his dividend is 0%. thus, bob will not pay tax on some of his dividend income and to that extent not all $100,000 is subject to double taxation. REF: p. 2-4 / p. 2-5 Points Received: 0 of 2 2. Question: (TCO 2) Lilac Corporation, a closely held corporation (not a PSC), had $180,000 of active income, $110,000 of portfolio income, and a $195,000 passive loss during the year. How much of the passive loss is deductible? Your Answer: Instructor Explanation: A closely held corporation may offset passive loss against active income, but not against portfolio income. Lilac may deduct only $180,000 of its $195,000 passive loss. Points Received: 2 of 2 3. Question: (TCO 2) Sage, Inc., a closely held corporation (not a PSC), has a $140,000 passive loss, $85,000 of active business income, and $35,000 of portfolio income. How much of the passive loss can Sage deduct? Your Answer: Instructor Explanation: As a closely held corporation, Sage may offset $85,000 of the $140,000 passive loss against the $85,000 of active business income, but may not offset the remaining $55,000 against portfolio income. REF: Example 15 Points Received: 0 of 2 4. Question: (TCO 2) Star Corporation, a cash basis and calendar year taxpayer, was formed and began operations on July 1, of the current year. Star incurred the following expenses during its first year of operations (July 1-December 31, 20xx): Expenses of temporary directors and of organizational meetings $15,000 Fee paid to the state of incorporation 3,000 Expenses in printing and sale of stock certificates 5,000 Legal services for drafting the corporate charter and bylaws 6,000 Total $29,000 If Star Corporation makes a timely election under 248 to amortize qualifying organizational expenses, how much may the corporation deduct for tax year 20xx? Your Answer: Instructor Explanation: Qualifying organizational expenditures include these items: Expenses of temporary directors and of organizational meetings $15,000 Fee paid to the state of incorporation 3,000 Legal services for drafting the corporate charter and bylaws 6,000 Total $24,000 Since an appropriate and timely election under 248(c) was made, the amount that Star Corporation may write off for the tax year 2008 is determined as follows: (1) Immediate expensing of first $5,000 $5,000 (2) Amortization: [($24,000 $5,000) 180] X 6 (months in tax year) 633 Total $5,633 Points Received: 0 of 2 5. Question: (TCO 1) Sarah and Tony (mother and son) form Dove Corporation with the following investment: cash by Sarah of $55,000; land by Tony (basis of $35,000 and fair market value of $45,000). Dove Corporation issues 200 shares of stock, 100 each to Sarah and Tony. Thus, each receives stock in Dove worth $50,000. Your Answer: Instructor Explanation: The fact that the stock was not in proportion to the value of the property transferred (choice a.) does not prevent 351 from applying. Since 351 applies and no boot was received, Tony does not recognize a gain (choice b.). His basis in the stock is $35,000 plus $5,000, the basis of the stock implicitly gifted by Sarah to Tony (not $50,000 as in choice c.). Points Received: 2 of 2 6. Question: (TCO 1) Gloria owns 100% of the stock of Mango Corporation. In the current year Gloria transfers an installment obligation, tax basis of $30,000 and fair market value of $70,000, for additional stock in Mango worth $70,000. Your Answer: Instructor Explanation: An installment obligation qualifies as property under 351. Thus, Gloria recognizes no gain on the transfer. Mango has a basis of $30,000 in the installment obligation. Points Received: 0 of 2 7. Question: (TCO 1) Jerrod and Katrina form Slate Corporation. Jerrod transfers property (basis of $140,000 and fair market value of $100,000) while Katrina transfers land (basis of $50,000 and fair market value of $80,000) and $20,000 of cash. Each receives 50% of Slates stock. As a result of these transfers: Your Answer: Instructor Explanation: This factual pattern clearly comes within the scope of 351. As such, Jerrod may not recognize the realized loss of $40,000 (option a.). Although cash was involved, it was given and not received by Katrina (option c.). It is, therefore, not boot within the meaning of the law. Slate Corporation will have a basis of $140,000 in the property transferred by Jerrod and $50,000 in the land (not $80,000 as in option d.). Points Received: 2 of 2 8. Question: (TCO 1) Which of the following is a correct statement regarding 1244 stock: Your Answer: Instructor Explanation: The ordinary loss treatment offered under 1244 is available only to the original holder of the stock. Thus, the advantageous tax treatment of 1244 is lost upon the transfer of the stock by gift or inheritance. Ordinary loss treatment is available for both worthless stock as well as stock sold at a loss during the year. Points Received: 0 of 2 9. Question: (TCO 11) A tax preparer is in violation of Circular 230 if he or she: Your Answer: Instructor Explanation: Points Received: 0 of 2 10. Question: (TCO 11) Which of the following statements, if any, do not reflect the rules governing the negligence accuracyrelated penalty? Your Answer: Instructor Explanation: The penalty rate is 20%. Points Received: 0 of 2 Week 2: 1. Question: (TCO 2) Which, if any, of the following is a characteristic of the PAD? Your Answer: Not applicable in situations involving S corporations. Applicable only to manufactured goods that are exported from the U.S. Can never apply when the rendition of personal services is involved. Can sometimes apply when some of the components of a product are manufactured in foreign countries. None of the above. INCORRECT CORRECT ANSWER Instructor Explanation: As long as the domestic portion of the production is substantial, DPGR results (choice d.). PAD applies to most entities including S corporations (choice a.). Not only can DPGR result from the performance of engineering and architectural services, but certain embedded services can qualify (choice c.). There are no restrictions or requirements on where the manufactured goods have to be sent or sold (choice b.). Points Received: 0 of 2 2. Question: (TCO 2) Which, if any, of the following is a characteristic of the PAD? Your Answer: Instructor Explanation: Unlike a manufacturer, a contractor need not own the property being constructed (choice c.). The PAD is allowed for AMT purposes (choice a.). The PAD would be available to an integrated utility for the DPGR attributable to the generating of electricity (choice b.). Under certain circumstances, embedded services can be DPGR (choice d.). Points Received: 2 of 2 3. Question: (TCO 2) Gem Corporation, a calendar year taxpayer, has AMTI (before adjustment for adjusted current earnings) of $6 million. If Gem Corporations ACE is $15 million, its tentative minimum tax for is: Your Answer: Instructor Explanation: Gems AMT of $6 million is increased by the $6.75 million ACE adjustment [($15 million $6 million) X 75%]. The total of $12,750,000 is multiplied by the AMT tax rate of 20% to yield a tentative minimum tax of $2,550,000. No exemption is allowed as AMTI is $310,000 or more. Points Received: 0 of 2 4. Question: (TCO 4) Five years ago, Eleanor transferred property she had used in her sole proprietorship to Blue Corporation for 100 shares of Blue Corporation in a transaction that qualified under 351. The assets had a tax basis to her of $200,000 and a fair market value of $350,000 on the date of the transfer. In the current year, Blue Corporation (E & P of $1 million) redeems 30 shares from Eleanor for $225,000 in a transaction that qualifies for sale or exchange treatment. With respect to the redemption, Eleanor will have a: Your Answer: Instructor Explanation: The transaction is treated as a return of a portion of her investment. She is treated as having sold 30 of her shares in Blue (basis of $60,000) for $225,000. Therefore, Eleanors capital gain from the sale or exchange is $165,000 ($225,000 $60,000). Points Received: 0 of 2 5. Question: (TCO 4) Brenda owns 600 shares of Eagle Corporation stock at a time when Eagle has 1,000 shares of stock outstanding. The remaining shareholders are unrelated to Brenda. What is the minimum number of shares Eagle must redeem from Brenda so that the transaction will qualify as a disproportionate redemption? Your Answer: Instructor Explanation: Before the redemption, Brenda owns 60% of the outstanding shares of Eagle stock. To qualify as a disproportionate redemption, Brenda must own, after the redemption, less than 48% (80%X60%) of the remaining outstanding shares of Eagle stock. Using a simple algebraic formula [i.e., (600 shares X shares) (1,000 shares X shares) < 48%], the minimum number of shares (rounded up to the next whole number) that must be redeemed is 231 shares. Points Received: 2 of 2 6. Question: (TCO 4) The gross estate of Katheryn, decedent, includes stock in Yellow Corporation and Violet Corporation valued at $300,000 and $460,000, respectively. Katheryns adjusted gross estate is $2 million. She owned 33% of the Yellow stock and 21% of the Violet stock. Immediate members of Katheryns family own the remaining shares of both Yellow and Violet. Those individuals are also the sole beneficiaries of Katheryns estate. Death taxes and funeral and administration expenses for Katheryns estate are $300,000. Katheryn had a basis of $100,000 in the Yellow stock and $110,000 in the Violet stock. Yellow Corporation (E & P of $800,000) distributed land worth $300,000 (basis of $350,000) to Katheryns estate in redemption of all of the Yellow stock. Which of the following is a correct statement regarding the tax consequences of this redemption? Your Answer: Instructor Explanation: Since there is included in Katheryns gross estate a 20% or more interest in two or more stocks, the 35% test is applied by combining the values of the Yellow and Violet stocks. Section 303, therefore, applies to the redemption [($300,000 + $460,000) i $2,000,000 = 38%], and sale or exchange treatment results. The amount received in redemption of the Yellow stock equals the estates basis in the stock (date of death value); thus, no gain or loss is recognized by the estate on the redemption. With respect to Yellow Corporation, the realized loss of $50,000 [$300,000 (fair market value) V $350,000 (land basis)] is not recognized on the of distribution the land. Points Received: 0 of 2 7. Question: (TCO 4) Magenta Corporation acquired land in a 351 exchange in 2007. The land had a basis of $550,000 and a fair market value of $420,000 on the date of the transfer. Magenta Corporation has two equal shareholders, Mark and Megan, who are father and daughter. Magenta Corporation adopts a plan of liquidation in the current year. On this date the land has decreased in value to $400,000. Magenta Corporation sells the land for $400,000 and distributes the proceeds pro rata to Mark and Megan. What amount of loss may Magenta Corporation recognize on the sale of the land? Your Answer: Instructor Explanation: The property had a built-in loss of $130,000 [$420,000 (fair market value) $550,000 (land basis)] on the date it was acquired in the 351 transfer. Since the transfer occurred within two years of the plan of liquidation, a tax avoidance purpose is assumed. Unless there is a business purpose for transferring the property to Magenta, the built-in loss limitation disallows $130,000 of the loss. The related-party loss limitation does not apply to a sale of property; therefore, the remaining $20,000 loss realized during the period Magenta held the property is recognized. See, however, 362(e)(2) for the potential effect arising from basis adjustments when loss property is contributed to a corporation pursuant to 351 or as a contribution to capital. Section 361(e)(2) is discussed in Chapter 4. Points Received: 0 of 2 8. Question: (TCO 3) Walnut Corporation, a calendar year taxpayer, has taxable income of $110,000 for the year. In reviewing Walnuts financial records you discover the following occurred this year. Federal income taxes paid $25,000 Net operating loss carryforward deducted currently 25,000 Gain recognized this year on an installment sale from a prior year 12,000 Depreciation deducted on tax return (ADS depreciation would have been $8,000) 15,000 Interest income from Wisconsin state bonds 37,000 Walnut Corporations current E & P is: Your Answer: Instructor Explanation: To determine E & P, the Federal income tax is subtracted from taxable income and the net operating loss carryforward is added. The gain recognized currently from the prior years installment sale is subtracted. The excess of depreciation deducted on the tax return over ADS depreciation and the interest from Wisconsin state bonds are added. Points Received: 0 of 2 9. Question: (TCO 3) Berry Corporation has accumulated E & P of $30,000 on January 1. During the year, the corporation distributes $120,000 to its sole shareholder, Jackson (an individual). Berry Corporations E & P as of January 1, of the following year is: Your Answer: Instructor Explanation: The $120,000 distribution will reduce the $85,000 balance in E & P to zero. A distribution may not generate a deficit in E & P. Points Received: 0 of 2 10. Question: (TCO 3) The tax treatment of corporate distributions at the shareholder level does not depend on: Your Answer: Instructor Explanation: While the character of distributed property can impact the tax treatment of gain recognized by the corporation, it will have no impact on the shareholder. Points Received: 0 of 2 Week 3: 1. Question: (TCO 6) ParentCo and SubCo had the following items of income and deduction for the current year: ParentCo's Item Income (loss) from Operations 1231 Loss Capital Gain Charitable Contribution 60,000 SubCo's Taxable Taxable Income $275,000 (50,000) 90,000 40,000 Income $135,000 Compute ParentCo and SubCo's consolidated taxable income or loss Your Answer: $450,000 $410,000. $405,000. $350,000. None of the above. CORRE CT ANSWER INCOR RECT Instructor Explanation: Income from Operations ($275,000 + $135,000) Losses [($50,000) + $90,000] Charitable Contribution (10% TI limit) Consolidated Taxable Income $410,000 40,000 $450,000 (45,000) $405,000 Points Received: 0 of 2 2. Question: (TCO 6) A parent-subsidiary controlled group exists when one corporation: Your Answer: 1231 Gains and Losses and Capital Gains and Owns 100 percent of the voting power and stock value of another corporation Owns at least 80 percent of the voting power or stock value of another corporation. Owns at least 80 percent of the stock value of another corporation Owns at least 80 percent of voting power of another corporation. None of the above. CORRECT Instructor Explanation: A parent-subsidiary controlled group exists when one corporation owns at least 80 percent of the voting power or stock value of another corporation. Points Received: 2 of 2 3. Question: (TCO 6) Which of the following is eligible to file Federal tax returns on a consolidated basis? Your Answer: U.S. corporation engaged in multinational operations. Japanese corporation engaged in multinational operations, including twothirds of its activities in the U.S. A tax-exempt hospital. A partnership operating exclusively in North America None of the above can file consolidated CORRECT returns. Instructor Explanation: Points Received: 2 of 2 4. Question: (TCO 6) ParentCo purchased all of the stock of SubCo on January 2, 2007, and the two companies filed consolidated returns for 2007 and thereafter. Both entities were incorporated in 2006. Taxable income computations for the members include the following. Neither group member incurred any capital gain or loss transactions during these years, nor did they make any charitable contributions. No 382 limit applies. ParentCos SubCos Taxable Consolidated Year Taxable Income Income Taxable Income 2006 $100,000 ($175,000) N/A 2007 $100,000 ($50,000) $60,000 2008 $100,000 $20,000 ? 2009 $100,000 $100,000 ? To what extent can SubCos 2006 losses be used by the group in 2009? Your Answer: $175,000. $110,000. $70,000. $0. Some other amount. CORREC T ANSWER INCORR ECT Instructor Explanation: The $50,000 2007 loss is absorbed in the current year against ParentCos income. Because the 2006 loss arose in a separate return year, its use as a deduction against group income is limited to the lesser of SubCos current-year or cumulative positive contribution to consolidated taxable income. SubCos cumulative contribution to consolidated taxable income was a $50,000 loss for 2007, a $30,000 loss as of 2008 (20067s $50,000 loss plus 2008s $20,000 income) and $70,000 net income as of 2009 (the 2008 cumulative contribution of $30,000 loss plus 2009s income of $100,000). The $50,000 loss in 2007 was absorbed by the groups 2007 income. Thus, $70,000 of the 2006 separate return year $175,000 loss may be applied against 2009 income. Points Received: 0 of 2 5. Question: (TCO 6) ParentCo owned 100% of SubCo for the entire year. ParentCo uses the accrual method of tax accounting, whereas SubCo uses the cash method. During the year, SubCo sold raw materials to ParentCo for $35,000 under a contract that requires no payment to SubCo until the following year. Exclusive of this transaction, ParentCo had income for the year of $80,000, and SubCo had income of $50,000. The groups consolidated taxable income for the year was: Your Answer: $165,000. $130,000. $95,000. Some other amount Cannot be determine d. CORRE CT Points Received: 2 of 2 6. Question: (TCO 5) Silver Corporation transfers assets with a fair market value of $3,000,000 (basis of $750,000) to Gold Corporation. Silver receives Gold voting stock worth $2,600,000 and cash of $400,000. Gold assumes none of Silvers $600,000 liabilities. Silver distributes the Gold stock and its liabilities to its shareholders. Silver recognizes gain on the transfer of: Your Answer: $0. $400,000. $600,000. $1,000,000 . None of the above. CORRE CT ANSWER INCOR RECT Instructor Explanation: Silver recognizes gain to the extent of the boot received ($400,000 cash). Assumption of liabilities by Gold is not necessary in a Type C reorganization. Points Received: 0 of 2 7. Question: (TCO 5) Acquiring Corporation transfers 5,000 shares of its stock worth $300,000 and land worth $50,000 (basis to Acquiring $30,000) for all of the assets of Target Corporation. The stock and land is distributed to Kim, Targets sole shareholder in exchange for all of his stock in Target. Kims basis in his stock is $380,000. The recognized gains or losses on this reorganization is/are: Your Answer: No gain or loss is recognized in a reorganization. Acquirings gain recognized is $20,000. Kims loss recognized is $30,000. Both b. and c. None of the above. CORRECT ANSWER INCORRECT Instructor Explanation: Acquiring Corporation recognizes gain on the land transferred to Target. The gain is $20,000 ($50,000 $30,000). Losses are not recognized in a reorganization. Points Received: 0 of 2 8. Question: (TCO 5) Kariene exchanges her 20% interest in Amber Corporation for 10,000 shares of Gold Corporation (value $150,000) and $30,000 cash. Karienes basis in her Amber stock is $95,000. The accumulated earnings of Amber is $225,000 and of Gold is $125,000 at the time of the reorganization. How does Kariene treat this transaction for tax purposes? Your Answer: No gain is recognized by Kariene in this reogranization. Kariene reports a $30,000 recognized dividend. Kariene reports a $30,000 recognized capital gain. Kariene reports a $25,000 recognized dividend and a $5,000 capital gain. None of the above. CORRECT ANSWER INCORRECT Instructor Explanation: Kariene has a realized gain of $85,000 ($180,000 $95,000) and a recognized dividend of $30,000. Her proportionate share of Amber Corporations accumulated earnings and profits is in excess of $30,000 ($225,000 X 20% = $45,000). Points Received: 0 of 2 9. Question: (TCO 5) Perry owns 80% of Weed Corporation and Aimee owns the other 20%. In exchange for all of the Weed stock, Perry receives 1,000 shares of Grass Corporation common stock (value $10,000), and Aimee receives 50 shares of Grass preferred (value $20,000). Perry also receives $170,000 in bonds. The exchange qualifies as what type of transaction? Your Answer: Type A reorganization. Type B reorganization. Type C reorganization. Acquisitive Type D reorganization. A taxable exchange INCORREC T CORRECT ANSWER Instructor Explanation: The exchange does not qualify as a Type A reorganization. While preferred stock can be used in a Type A reorganization, the continuity of interest test is not met: Perry received less than 50% of the consideration in the form of stock. Points Received: 0 of 2 10. Question: (TCO 5) Wall Corporation has assets with a basis of $150,000, FMV of $350,000, and $50,000 of liabilities. Wall transfers $310,000 of its assets and $10,000 of its liabilities to Floor Corporation in exchange for $300,000 of Floor common stock. Wall pays off the remaining liabilities with its remaining assets. It then distributes the Floor stock to the Wall shareholders in exchange for all of their Wall stock. Finally, Wall liquidates. Which, if any, of the following statements is correct? Your Answer: This will qualify as a tax-free reorganization for Wall, but not for Floor. This will qualify as a tax-free Type A reorganization. This will qualify as a tax-free reorganization for Floor, but not for Wall. This will qualify as a Type C reorganization. None of the above. CORRECT Instructor Explanation: A Type C reorganization does not require that all the liabilities be transferred. Substantially all the assets must be acquired, which is at least 90% of the net FMV of the assets. Points Received: 2 of 2

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DeVry Chicago O'Hare - ACCT - ACCT424
Grade Details1.Question:(TCO6)Whichofthefollowingisnotgenerallyadisadvantageoffilingtaxreturnsonaconsolidated basis?Your Answer:Compliancecosts usuallyarehigher. Realizedlossesfrom transactions betweenaffiliates cannotbe recognized immediately. Opera
DeVry Chicago O'Hare - ACCT - ACCT424
Grade for Christine Martin: Week 3 Quiz Numeric grade: 4/20 Letter grade: Comments: Chris, Thank you for a very nice quiz this week. The average for the class this week improved from an eight last week to a ten this week for the quiz. Please review the qu
DeVry Chicago O'Hare - ACCT - ACCT424
Grade for Jennifer Lewis: Week 1 Quiz Numeric grade: 8/20 Letter grade: Comments: Jennifer, Thank you for a wonderful attempt on your first quiz of the semester. I would like you to review the quiz for reference on the mid-term exam. For next weeks quiz,
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question:(TCO7)Inthecurrentyear,DaisyformedanequalpartnershipwithPeter.Daisycontributedlandwithan adjustedbasisof$15,000andafairmarketvalueof$75,000.Daisyalsocontributed$25,000cashtothe partnership.Petercontributedlandwithanadjustedbasisof$50,000andaf
DeVry Chicago O'Hare - ACCT - ACCT424
Week 1 Quiz Grade Details1. (TCO2)NormisthesoleshareholderofElk,Inc.,aCcorporation.Maxineisthesole shareholderofMoose,Inc.,anScorporation.Bothbusinesseswerestartedin2008,andeach businesssustaineda$10,000capitallossfortheyear.Whichofthefollowingstatements
DeVry Chicago O'Hare - ACCT - ACCT424
QUIZ 1 Grade Details1.Question:(TCO2)NormisthesoleshareholderofElk,Inc.,aCcorporation.Maxineisthesoleshareholderof Moose,Inc.,anScorporation.Bothbusinesseswerestartedin2008,andeachbusinesssustaineda $10,000capitallossfortheyear.Whichofthefollowingstate
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question:(TCO9)ArnoldandIrmaaremarriedandliveinMaine.In1990,theypurchaserealtyfor$100,000(Irma provides$80,000andArnold$20,000)andlistownershipasjointtenantswithrightofsurvivorship.Inthe currentyear,Arnolddiesfirstwhentherealtyisworth$500,000.Oneresul
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question:(TCO7)Harrisoncontributed$100,000ofcashinexchangefora50%interestintheMillerpartnership capitalandprofits.Duringthefirstyearofpartnershipoperations,Millerhadnettaxableincomeof $50,000.InadditionHarrisonreceiveda$10,000distributionofcashfromthe
DeVry Chicago O'Hare - ACCT - ACCT424
5 .Question: (TCO6)ParentCoandSubCohavefiledconsolidatedreturnssincebothentitieswereincorporatedin20X1.Taxableincomecomputationsforthe membersincludethefollowing.Neithergroupmemberincurredanycapital gainorlosstransactionsduringtheseyears,nordidtheymakea
DeVry Chicago O'Hare - ACCT - ACCT424
QUIZ 1Grade Details 1. Question:(TCO2)Barryownsa30%interestinapartnershipthatearned$300,000thisyear.Healsoowns30%of thestockinaCcorporationthatearned$300,000duringtheyear.Thepartnershipdidnotmakeany distributionsandthecorporationdidnotpayanydividends.Ho
DeVry Chicago O'Hare - ACCT - ACCT424
1. Question: (TCO 9) What is the name given to a tax levied on the right to pass property at death? Your Answer: CORRECT ANSWEREstate Tax.Instructor Explanation: An inheritance tax is a tax imposed on the right to receive property from a decedent at dea
DeVry Chicago O'Hare - ACCT - ACCT424
Mid-term4. Question: (TCO 4) Emily makes a gift of 306 stock in Tan Corporation to her son, Matt. At the time of the gift, Emilys basis in the stock was $75,000, and it had a fair market value of $100,000. When the stock was issued to Emily, her share of
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question:(TCO9)Whatisthenamegiventoataxleviedontherighttopasspropertyatdeath?Your Answer:InheritanceTax. SuccessionTax. EstateTax. GiftTax. Noneoftheabove.CORRECTInstructor Explanation:Aninheritancetaxisataximposedontherighttoreceivepropertyfroma
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question:(TCO6)DeerCorporationwasacquiredlastyearbyLoboCorporationinatransactioncausingan ownershipchange.Atthetimeoftheacquisition,thefairmarketvalueofDeerwas$1.5millionandthe Federallongtermtaxexemptratewas5%.Inthecurrentyear,Lobohas$600,000oftaxabl
DeVry Chicago O'Hare - ACCT - ACCT424
Grade DetailsThere are 4 pages in this exam: Page:12341.Question: (TCO8)AnScorporationmustpossessthefollowingcharacteristics. Your Nomorethan100shareholders. Answer: CorporationorganizedintheU.S.Onlyoneclassofstock. AlloftheabovearerequiredofanSco
DeVry Chicago O'Hare - ACCT - ACCT424
Grade for Christine Martin: Week 4 Midterm Numeric grade: 80/100 Letter grade: Comments: Chris, Thank you for a great mid-term exam this week. If you have any questions, please let me know. &lt;Close Window Autograde Summary Date Taken: 3/25/2010 3:01:09 PM
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question: (TCO9)ArnoldandIrmaaremarriedandliveinMaine.In1990,theypurchaserealtyfor$100,000(Irmaprovides$80,000andArnold$20,000)and listownershipasjointtenantswithrightofsurvivorship.Inthecurrentyear, Arnolddiesfirstwhentherealtyisworth$500,000.Oneresu
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question: (TCO7)Whichofthefollowingdecreasesapartnersbasisinhisorherpartnershipinterest:Your Answer:Exemptincomeitems. Taxableincomeitems. Nondeductibleexpenses Anincreaseinapartnersshareofdebt Noneoftheabove.CORREC TInstructor Thepartnersbasisinh
DeVry Chicago O'Hare - ACCT - ACCT424
Grade for Christine Martin: Week 3 Quiz Numeric grade: 4/20 Letter grade: Comments: Chris, Thank you for a very nice quiz this week. The average for the class this week improved from an eight last week to a ten this week for the quiz. Please review the qu
DeVry Chicago O'Hare - ACCT - ACCT424
Grade Details1.Question:(TCO6)Whichofthefollowingisnotgenerallyadisadvantageoffilingtaxreturnsonaconsolidated basis?Your Answer:Compliancecosts usuallyarehigher. Realizedlossesfrom transactions betweenaffiliates cannotbe recognized immediately. Opera
DeVry Chicago O'Hare - ACCT - ACCT424
Grade Details1.Question:(TCO6)Whichofthefollowingisnotgenerallyadisadvantageoffilingtaxreturnsonaconsolidated basis?Your Answer:Compliancecosts usuallyarehigher. Realizedlossesfrom transactions betweenaffiliates cannotbe recognized immediately. Opera
DeVry Chicago O'Hare - ACCT - ACCT424
Week OneGrade Details1. Question: (TCO 2) Luann is the owner of Pet Grooming Service (a C corporation). During the year, thecompany had gross income of $150,000 and operating expenses of $97,500, including Luanns salary of $46,500. In July, Pet sold a
DeVry Chicago O'Hare - ACCT - ACCT424
Quiz 1Q uestion: (TCO 2) Luann is the owner of Pet Grooming Service (a C corporation). D uring the year, t he company had gross income of $150,000 and operating expenses of $97,500, including L uanns salary of $46,500. I n July, Pet sold a capital asset
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question:(TCO6)ParentCoandSubCohadthefollowingitemsofincomeanddeductionforthecurrent year: ParentCo'sSubCo'sTaxable TaxableIncome Item Income Income(loss)fromOperations$275,000$135,000 1231Loss(50,000) CapitalGain90,000 CharitableContribution60,00040,
DeVry Chicago O'Hare - ACCT - ACCT424
1.(TCO6)ParentCo'sseparatetaxableincomewas$350,000,andSubCo'swas $225,000.Consolidatedtaxableincomebeforecontributionswas$400,000. Charitablecontributionsmadebytheaffiliatedgroupincluded$15,000byParentCo and$20,000bySubCo.Computethegroup'scharitablecontr
DeVry Chicago O'Hare - ACCT - ACCT424
Quiz 11.Question: (TCO2)TulipCorporationhad$750,000operatingincomeand$510,000operatingexpensesduringtheyear.Tulip,whichowns25%ofDaisy,Inc.s stock,receiveda$75,000dividendfromDaisy.Tulipalsohada$45,000 longtermcapitalgainanda$15,000shorttermcapitalloss.
DeVry Chicago O'Hare - ACCT - ACCT424
Quiz 11.Question: (TCO2)TulipCorporationhad$750,000operatingincomeand$510,000operatingexpensesduringtheyear.Tulip,whichowns25%ofDaisy,Inc.s stock,receiveda$75,000dividendfromDaisy.Tulipalsohada$45,000long termcapitalgainanda$15,000shorttermcapitalloss.
DeVry Chicago O'Hare - ACCT - ACCT424
Quiz 11.Question:(TCO2)LuannistheownerofPetGroomingService(aCcorporation).Duringtheyear,thecompany hadgrossincomeof$150,000andoperatingexpensesof$97,500,includingLuannssalaryof$46,500. InJuly,Petsoldacapitalassetthathadbeenheldbythebusinessfortwoyearsf
DeVry Chicago O'Hare - ACCT - ACCT424
Grade for Christine Martin: Week 1 Quiz Numeric grade: 6/20 Letter grade: Comments: Chris, Thank you for a wonderful attempt on your first quiz of the semester. I would like you to review the quiz for reference on the mid-term exam. For next weeks quiz, y
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question:(TCO8)Which,ifany,ofthefollowingcanbeeligibleshareholdersofanScorporation?Aresidentalien. Partnership. Aforeign corporation. Anonqualifyingtrust. Noneoftheabove canownstock.Your Answer: CORRECT ANSWERINCORRECTInstructor Explanation: Point
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question: (TCO8)WhichitemdoesnotflowthroughseparatelytoScorporationshareholders?Your Answer:Section1245gain. Taxexemptinterestincome. AMTpreferenceincome. Investmentinterest. Alloftheaboveareseparatelystateditems.CORREC TInstructor Explanation: Po
DeVry Chicago O'Hare - ACCT - ACCT424
.Question:(TCO8)Which,ifany,ofthefollowingcanbeeligibleshareholdersofanScorporation? YourAnswer: INCORRECT Achild,age10. Aresidentalien. Avotingtrust. Anestateofa deceased shareholder. Alloftheabove canownstockCORRECTANSWER 0of4 InstructorExplanati
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question:(TCO8)AnScorporationmustpossessthefollowingcharacteristics.Your Answer:Nomorethan100 shareholders. Corporation organizedintheU.S. Onlyoneclassof stock. Alloftheaboveare requiredofanS corporation. Noneoftheaboveis requiredofanS corporation.
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question:(TCO8)WhatisthemaximumnumberofshareholdersallowedforScorporationeligibility?Your Answer:25. 35. 50. 100. 150.CORRECTInstructor Explanation: Points Received: 4 of 4 Comments:2.Question:(TCO8)AnScorporationissubjecttowhichofthefollowingt
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question: (TCO8)Which,ifany,ofthefollowingcanbeeligibleshareholdersofanScorporation?Your Answer:Achild,age10. Aresidentalien. Avotingtrust. Anestateofadeceasedshareholder. AlloftheabovecanownstockCORREC T2.Instructor Explanation: Points Received:
DeVry Chicago O'Hare - ACCT - ACCT424
1.Question: (TCO8)Which,ifany,ofthefollowingcanbeeligibleshareholdersofanScorporation?Your Answer:Achild,age10. Aresidentalien. Avotingtrust. Anestateofadeceasedshareholder. AlloftheabovecanownstockCORREC T2.Instructor Explanation: Points Received:
DeVry Chicago O'Hare - ACCT - ACCT424
Form1065U.S. Return of Partnership IncomeFor calendar year 2008, or tax year beginning Name of partnership , 2008, ending , 20 .OMB No. 1545-0099Department of the Treasury Internal Revenue ServiceSee separate instructions. Use the IRS label. Otherwi
DeVry Chicago O'Hare - ACCT - ACCT424
Form1120S1-01-1982U.S. Income Tax Return for an S CorporationDo not file this form unless the corporation has filed or is attaching Form 2553 to elect to be an S corporation. See separate instructions.OMB No. 1545-0130Department of the Treasury Inte
DeVry Chicago O'Hare - ACCT - ACCT424
Chapter 12 question on midterms1.Question:(TCO8)Which,ifany,ofthefollowingcanbeeligibleshareholdersofanScorporation?Aresidentalien. Partnership. Aforeign corporation. Anonqualifyingtrust. Noneoftheabove canownstock.Your Answer: CORRECTInstructor Exp
N.C. Central - CSC - 574
CSC/ECE 574 Homework 1(Basic concepts, introduction to cryptography and secret key cryptography)Instructions for preparation and submission Due on Wednesday, September 10 at 11:45pm Submit electronically. Your homework submission should be a PDF file. I
Penn State - EE - 310
EE 310 Electronic Circuit Design I Spring 2010 Assignment 2Due: Friday, January 29, in class Rectifier Circuits Zener Diode Regulator Diode Waveform Shaping CircuitsMultiple-diode CircuitsThis problem assignment covers rectifier circuits, the zener dio
Penn State - EE - 310
EE 310 Electronic Circuit Design I Spring 2010 Assignment 3Due: Friday, February 5, in class MOSFET Operation and Characteristics MOSFETs at DC Basic MOSFET Applications The MOSFETmetal-oxide-semiconductor field-effect transistorfinds use as both an anal
Penn State - EE - 310
EE 310 Electronic Circuit Design I Spring 2010 Assignment 4Due: Friday, February 12, in class Basic Applications Constant-current Biasing MOSFET Small-signal Model and AC Analysis MOSFET circuit applications include operation as a switch and as an amplif
Penn State - E E - 310
EE 310 Problem Set No. 1 Solutions1.41 (a) I D1 (ii)V D1 0.026 ln VD 2 10 3 5 10 14 0.026 ln 0.617 10 3 5 10 13I D21 mAV0.557V(b) V D1 V D 2 (ii)I D1 I D2 I S1 IS2 5 10 5 1014 130.10So I D1 0.10 I D 2I D1 I D2 1.1I D 2 1mASo I D 2 NowV D1
Penn State - E E - 310
EE 310 Problem Set No. 2 Solutions2.8 (a)vs (max) 12 2(0.7) 13.4 V 13.4 vs rms vs (rms) 9.48 V 2(b)Vr C VM 2 f RC C VM 2 f Vr R C 2222 F12 2 60 0.3 150VM 1 R 12 1 150(c)id , peak 2VM Vr 2 12 0.3id , peak2.33 A2.15 (a)S12.8 VN1 N2120 2 12.8
Penn State - E E - 310
EE 310 Problem Set No. 3 Solutions2.50 (a) (i)I5 V, D1 and D 2 on 5 0.6 5 O 0.6 O O O 5 5 0.5 0.5 0.88 1.0 1.2 0.20 0.20 2.0 2.0 OIO0.7V(ii)O5V0.5 0.5 5I0.455 V(b) (i) (ii)I I5 V, 5 V,O O4.4 V 0.6 V2.59 (a) For (b) ForI D1OI I0.5 V,
Aarhus Universitet - BUS - 255
Lab AssignmentsLab 1 Pro Forma Proforma.a.xls (18.5 Kb)Prepare a five-year pro-forma income statement for a new microcomputer store that you plan to open in January of next year. The title of the report should show your name and the name of your compute
Aarhus Universitet - BUS - 255
Multi-Table Databases / Linking TablesThe solution to most database problems involves more than one table. Typically, the data in the different tables is related. This relationship is implemented by a set of linking keys. To return to our example, suppos
Aarhus Universitet - BUS - 255
The MS-Windows operating systems provide for the ability to link the content of various documents together. The general idea is that a user can link together two or more documents such that and update to one document is automatically reflected in the othe
Aarhus Universitet - BUS - 255
Case AnalysesCase Analysis How-to Case.Analysis.doc (19 Kb) Case.Analysis.Example.doc (29 Kb) From time to time, you will be asked to analyze a case from your text. Treat these assignments as a mini-research paper. The best papers will not only apply the
Aarhus Universitet - BUS - 255
Frequently Asked QuestionsFAQ 1: Do we work at our own pace? Answer: No. There is a set schedule of course activities. The deadlines for each task are set out in the Course Calendar (See link below) While internet-based courses do not typically have set
Aarhus Universitet - BUS - 255
The operation analyzeFrequently the work book will instruct you to analyze a table in Excel. My sense of this operation is that it is the equivalent of a copy and paste. For a table or query, you would simply execute the query and then, while the table i
Aarhus Universitet - BUS - 255
Orders and SuppliersVendor Name Spacetime Technologies Steelpin Inc. Steelpin Inc. Steelpin Inc. Steelpin Inc. Steelpin Inc. Alum Sheeting Alum Sheeting Alum Sheeting Alum Sheeting Spacetime Technologies Spacetime Technologies Spacetime Technologies Spac
Aarhus Universitet - BUS - 255
Building Access TablesThe heart of any Access application is the table (or tables) that hold the data. A lot of thought has gone into theories surrounding good table design. Some of that is explained in Chapter 5. This tech note, however is just intended
Aarhus Universitet - BUS - 255
1. Thedifferencebetweenacompany'sassetsanditsliabilities,ornetassetsis:StudentResponseValueCorrect Answer FeedbackA. Netincome. 0% B. Expense. C. Equity. D. Revenue. E. Netloss. Score: 2. 1/1 0% 100% 0% 0% Ifequityis$300,000andliabilitiesare$192,0
Aarhus Universitet - BUS - 255
Gen. BiologyMovie # 7 Human Skeleton 09.14.07Johnny PageOn 09.14.2007, our class viewed a video over the human skeleton, and learned some interesting facts that our skeleton does for our bodies. The video in brief explained that our skeleton supports o
Aarhus Universitet - BUS - 255
Gen BiologyChpt 5 review 09.17.2007Johnny Page1. A. prophase pg 86 2. B. 14 pg 85 3. A. interphase pg 82 4. B. somatic cells pg 82 5. DNA replication B. pg 82 6. Organelles double. A. pg 82 7. Cell prepares to divide C. pg 82 8. Cytokinesis occurs D. p
Aarhus Universitet - BUS - 255
Gen. BiologyAmphibians 09.24.07Johnny PageAmphibian, what are they and where do them live. This is one of the main questions answered through the video of Amphibians. Amphibians are the species which can live either in the water or on land. How do we t
Aarhus Universitet - BUS - 255
Date September 1, 2007 :When Bivalves Ruled The WorldScience Daily Before the worst mass extinction of life in Earth's history - 252 million years ago - ocean life was diverse and clam-like organisms called brachiopods dominated. After the calamity, whe
Aarhus Universitet - BUS - 255
Chpt13 ACTIVEIMMUNITY250longlastingimmunitythatisacquiredthroughproductionof antibodieswithintheorganisminresponsetothepresenceofantigens AGGLUTINATION254areactioninwhichparticles(asredbloodcellsorbacteria)suspended inaliquidcollectintoclumpsandwhichoccur
Aarhus Universitet - BUS - 255
Gen Biology#13 Birds 10.02.07Johnny PageBirds are a fascinating species. They first start as an egg, then evolve into the feather friends we all love to watch and eat. Some suggest birds evolved from the pterodactyl, which instead of feathers had membr