C10-Chp-00-Tst-4-Exm-Prb-2010-May

C10-Chp-00-Tst-4-Exm-Prb-2010-May - Page 1 of 7 Accounting...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
6f5fce6200a5d8734b42c675c6b7376ef6e589c7.doc. Page 1 of 7 Accounting 6120. Corporate Taxation – Examination no. 4-Day Class Spring, 2010. The University of North Carolina at Charlotte Name________________________________________________ Row In Class__________ Instructions : You may use your code and regs book during the test. You may also use up to 10 pages of notes- front and back, as well as any outlines of code provided by the instructor in class or on the web page. You may not use your regular tax textbook when answering questions on this test. Avoid all appearances of impropriety. If you see any sign of impropriety, please prepare an anonymous note and slide it under the instructor's office door. Please turn in both the test and the computer answer sheet. Be sure to complete the name and row lines above. On your Opscan Sheet , your Student ID Number is entered as your "Identification Number." Your test number is entered in the "special codes" area, right justified. Your test number is written in red at the top of this test. The grade will be determined as follows: number of correct answers multiplied by 4 points (Possible 100 points: 25 X 4). BS-Acct MACC MBA Other May-2010 Sum-2010 Fall-2010 Other Yes No If Yes. What company? 4. While in our program, have you accepted full-time employment? Yes No If Yes, what company? Type of job? Start date? Yes No 6. UNCC Email Address? 7. Other Email Address? 8. If you will continue in grad. school after getting current degree, What degree? Where? 5. Are you currently seeking a full-time job? Specialty? Type of company? 3. After grad., will you continue in a job you had before starting this program? 1. What degree are you earning? - Check one 2. When will you graduate? - Check one
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
6f5fce6200a5d8734b42c675c6b7376ef6e589c7.doc. Page 2 of 7 Corporate tax return questions 1 Basic information for the first two questions about the corporate income tax return. There is no state income tax.In its first two years of operations a corporation had the following results. GAAP Net Income Year 1 Year 2 Revenue $100,000 $100,000 Compensation 40,000 40,000 Rent, utilities, etc. 20,000 20,000 Charitable contributions 7,000 1,000 Expenses 67,000 61,000 Net income before tax $33,000 $39,000 The company does not elect any accounting method on its tax return that differs from GAAP accounting. On the tax return for year 1, how much adjustment is made for charitable contributions on schedule M-1? a. $3,000 b. $4,000 c. $6,000 d. $7,000 2 Refer to preceding question. On the year 2 income tax return, what adjustment will be made for charitable contributions on Schedule M-1? a. $2,000 on Line 8(b) b. $2,000 on Line 5(b) c. $3,000 on Line 5(b) d. $3,000 on Line 8(b) 3 Refer to your income tax return problem assignment (see exhibits at end of this test). Assume that your audit reveals that an additional invoice for entertainment expenses (not lavish, etc.) for $10,000 was received on December 31, 2009. The original account balances provided with the problem are used in preparing the income
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/09/2012 for the course ACCT 6120 taught by Professor Godfrey,h during the Spring '08 term at UNC Charlotte.

Page1 / 7

C10-Chp-00-Tst-4-Exm-Prb-2010-May - Page 1 of 7 Accounting...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online