CHAPTER 3

CHAPTER 3 - CHAPTER3CORPORATIONS:SPECIALSITUATIONS...

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CHAPTER 3—CORPORATIONS: SPECIAL SITUATIONS Vilma Avila  Started: February 19, 2011 6:58 PM Questions: 20     1.  (Points: 1.25)      Which entity is subject to the ACE provisions? 1. S corporation. 2. Regulated investment companies. 3. Real estate investment trust (REITs). 4. None of the above. 5. Real estate mortgage investment conduits.   Save Answer     2.  (Points: 1.25)      Which of the following would not be a positive tax preference item in 2009? 1. None of the above. 2. Percentage depletion in excess of adjusted basis. 3. Accelerated depreciation on real property in excess of straight-line. 4. Intangible drilling costs. 5. Private activity bond interest income.
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Save Answer     3.  (Points: 1.25)      Julie’s sole proprietorship consists of a bakery and retail food sales. The bakery’s DPGR is  $700,000, but after CGS, direct expenses, and a ratable portion of indirect expenses are deducted,  QPAI is $100,000. W-2 wages related to DPGR are significant. The retail food sales have a loss of  $1 million. If Julie files a joint return and her modified AGI is $119,500, what is her allowable DPAD,  if any, for 2010? 1. None. 2. $10,755. 3. Some other amount. 4. $9,000. 5. $6,000.   Save Answer     4.  (Points: 1.25)      Azure Corporation incurred the following taxes for the year 2010: Regular tax liability $187,000 Tentative minimum tax 156,000 Personal holding company tax 67,000 Accumulated earnings tax 61,300 Azure Corporation’s total tax liability is: 1. $421,000. 2. $187,000.
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This note was uploaded on 02/20/2011 for the course ACCT 1347 taught by Professor Desbrow during the Spring '11 term at HCCS.

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CHAPTER 3 - CHAPTER3CORPORATIONS:SPECIALSITUATIONS...

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