Cpa 04762 type1 mc a d corr ans a pm88 r 3 01 69

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Unformatted text preview: Plus: Tan's AMT ($240,000 - 210,000) **Plus: Tan's PHC tax Tan's tax liability $210,000 30,000 65,000 $305,000 *Tan will pay alternative minimum tax (AMT) to the extent that AMT exceeds regular tax. 30 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. Maxixishere Pdf Collection Becker CPA Review, PassMaster Questions Lecture: Regulation 3 **Tan will pay personal holding company tax in addition to its regular and alternative minimum taxes. Choices "a", "b", and "c" are incorrect, per the above explanation. CPA-04758 Type1 M/C A-D Corr Ans: C PM#87 R 3-01 68. CPA-04758 Released 2005 Page 3 Dole, the sole owner of Enson Corp., transferred a building to Enson. The building had an adjusted tax basis of $35,000 and a fair market value of $100,000. In exchange for the building, Dole received $40,000 cash and Enson common stock with a fair market value of $60,000. What amount of gain did Dole recognize? a. b. c. d. $0 $5,000 $40,000 $65,000 CPA-04758 Explanation Choice "c&quo...
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This note was uploaded on 06/14/2013 for the course ACCOUNTING Regulation taught by Professor Becker during the Fall '10 term at Keller Graduate School of Management.

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