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TAXATION 232-2 - Taxation Law - Bergen Community College Study Resources
  • 1 Page Chapter 23-10
    Chapter 23-10

    School: Bergen Community College

    Course: Taxation Law

    63. Mighty Manny, Incorporated manufactures ice scrapers and distributes them across the midwestern United States. Mighty Manny is incorporated and headquartered in Michigan. It has product sales to customers in Illinois, Indiana, Iowa, Michigan, Minnesot

  • 1 Page Chapter 20-5
    Chapter 20-5

    School: Bergen Community College

    Course: Taxation Law

    28. Gerald received a 33% capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Gerald contributed a building with a FMV of $30,000. His adjusted basis in the building was $15,000. In addition, the building was

  • 2 Pages Chapter 20-22
    Chapter 20-22

    School: Bergen Community College

    Course: Taxation Law

    86. Lincoln, Inc., Washington, Inc., and Adams, Inc. form Presidential Suites Partnership on February 15, 20X9. Now, Presidential Suites must adopt its required tax year-end. The partners' year-ends, profits interests, and capital interests are reflected

  • 2 Pages Chapter 20-23
    Chapter 20-23

    School: Bergen Community College

    Course: Taxation Law

    89. Illuminating Light Partnership had the following revenues, expenses, gains, losses, and distributions: Given these items, what is Illuminating Light's ordinary business income (loss) for the year? 90. Lloyd and Harry, equal partners, form the Ant Worl

  • 2 Pages Chapter 20-29
    Chapter 20-29

    School: Bergen Community College

    Course: Taxation Law

    99. Peter, Matt, Priscilla, and Mary began the year in the PMPM General Partnership sharing profits, losses, and capital equally. They each had a tax basis at the beginning of the year of $3,000, $10,000, $8,000, and $11,000 respectively. Early in the yea

  • 1 Page Chapter 23-14
    Chapter 23-14

    School: Bergen Community College

    Course: Taxation Law

    74. Which of the following states is not asserting economic nexus? A. New York with the Amazon rule. B. South Carolina in the Geoffrey case. C. West Virginia in the MBNA case. D. Wisconsin in Wrigley. 75. Which of the following isn't a requirement of Publ

  • 1 Page Chapter 20-11
    Chapter 20-11

    School: Bergen Community College

    Course: Taxation Law

    48. On 12/31/X4, Zoom, LLC reported a $60,000 loss on its books. The items included in the loss computation were $30,000 in sales revenue, $15,000 in qualifying dividends, $22,000 in cost of goods sold, $50,000 of Section 179 expense, $20,000 in employee

  • 1 Page Chapter 23-11
    Chapter 23-11

    School: Bergen Community College

    Course: Taxation Law

    66. Roxy operates a dress shop in Arlington, Virginia. Roxy also ships dresses nationwide upon request. Roxy's Virginia sales are $1,000,000 and out of state sales are $200,000. Assuming that Virginia's sales tax rate is 5 percent, what is Roxy's Virginia

  • 1 Page Chapter 23-7
    Chapter 23-7

    School: Bergen Community College

    Course: Taxation Law

    48. Interest and dividends are allocated to the state of commercial domicile. True False 49. Rental income is allocated to the state of commercial domicile. True False 50. A gross receipts tax is subject to Public Law 86-272. True False Multiple Choice Qu

  • 1 Page Chapter 23-6
    Chapter 23-6

    School: Bergen Community College

    Course: Taxation Law

    40. A state's apportionment formula usually relies on some variation of sales, payroll, and property factors. True False 41. The throwback rule includes inventory in transit in the numerator of the state where it was shipped from. True False 42. Most serv

  • 1 Page Chapter 23-6
    Chapter 23-6

    School: Bergen Community College

    Course: Taxation Law

    40. A state's apportionment formula usually relies on some variation of sales, payroll, and property factors. True False 41. The throwback rule includes inventory in transit in the numerator of the state where it was shipped from. True False 42. Most serv

  • 1 Page Chapter 23-5
    Chapter 23-5

    School: Bergen Community College

    Course: Taxation Law

    32. Several states are now asserting economic nexus. True False 33. Separate return states require each member of a consolidated group with nexus to file their own state tax return. True False 34. A unitary return includes only companies included on a fed

  • 1 Page Chapter 23-5
    Chapter 23-5

    School: Bergen Community College

    Course: Taxation Law

    32. Several states are now asserting economic nexus. True False 33. Separate return states require each member of a consolidated group with nexus to file their own state tax return. True False 34. A unitary return includes only companies included on a fed

  • 1 Page Chapter 23-4
    Chapter 23-4

    School: Bergen Community College

    Course: Taxation Law

    24. Public Law 86-272 was a congressional response to Northwestern States Portland Cement. True False 25. Public Law 86-272 protects only companies selling tangible personal property. True False 26. Delivery of tangible personal property through common ca

  • 1 Page Chapter 23-4
    Chapter 23-4

    School: Bergen Community College

    Course: Taxation Law

    24. Public Law 86-272 was a congressional response to Northwestern States Portland Cement. True False 25. Public Law 86-272 protects only companies selling tangible personal property. True False 26. Delivery of tangible personal property through common ca

  • 1 Page Chapter 23-3
    Chapter 23-3

    School: Bergen Community College

    Course: Taxation Law

    16. Failure to collect and remit sales taxes often results in a larger tax liability than failure to pay income taxes. True False 17. Physical presence does not always create sales and use tax nexus. True False 18. The National Bellas Hess decision held t

  • 1 Page Chapter 23-3
    Chapter 23-3

    School: Bergen Community College

    Course: Taxation Law

    16. Failure to collect and remit sales taxes often results in a larger tax liability than failure to pay income taxes. True False 17. Physical presence does not always create sales and use tax nexus. True False 18. The National Bellas Hess decision held t

  • 1 Page Chapter 23-2
    Chapter 23-2

    School: Bergen Community College

    Course: Taxation Law

    8. The state tax base is computed by making adjustments to federal taxable income. True False 9. Businesses subject to income tax in more than one jurisdiction have the right to apportionment. True False 10. Business income is allocated to the state of co

  • 1 Page Chapter 23-2
    Chapter 23-2

    School: Bergen Community College

    Course: Taxation Law

    8. The state tax base is computed by making adjustments to federal taxable income. True False 9. Businesses subject to income tax in more than one jurisdiction have the right to apportionment. True False 10. Business income is allocated to the state of co

  • 1 Page Chapter 23-1
    Chapter 23-1

    School: Bergen Community College

    Course: Taxation Law

    Chapter 23 State and Local Taxes True / False Questions 1. The primary purpose of state and local taxes is to raise revenue to finance state and local government. True False 2. All states employ some combination of sales and use tax, income or franchise t

  • 1 Page Chapter 23-1
    Chapter 23-1

    School: Bergen Community College

    Course: Taxation Law

    Chapter 23 State and Local Taxes True / False Questions 1. The primary purpose of state and local taxes is to raise revenue to finance state and local government. True False 2. All states employ some combination of sales and use tax, income or franchise t

  • 2 Pages Chapter 20-29
    Chapter 20-29

    School: Bergen Community College

    Course: Taxation Law

    99. Peter, Matt, Priscilla, and Mary began the year in the PMPM General Partnership sharing profits, losses, and capital equally. They each had a tax basis at the beginning of the year of $3,000, $10,000, $8,000, and $11,000 respectively. Early in the yea

  • 2 Pages Chapter 20-28
    Chapter 20-28

    School: Bergen Community College

    Course: Taxation Law

    97. Explain why partners must increase their tax basis for their share of partnership taxable and nontaxable income or gain and reduce their basis by their share of partnership deductible and nondeductible expenses or losses? 98. On January 1, 20X9, Mr. B

  • 2 Pages Chapter 20-28
    Chapter 20-28

    School: Bergen Community College

    Course: Taxation Law

    97. Explain why partners must increase their tax basis for their share of partnership taxable and nontaxable income or gain and reduce their basis by their share of partnership deductible and nondeductible expenses or losses? 98. On January 1, 20X9, Mr. B

  • 1 Page Chapter 20-27
    Chapter 20-27

    School: Bergen Community College

    Course: Taxation Law

    96. Alfred, a 33% profits and capital partner in Pizzeria Partnership, needs help in adjusting his tax basis to reflect the information contained in his most recent Schedule K-1 from the partnership. Unfortunately, the Schedule K-1 he recently received wa

  • 1 Page Chapter 20-27
    Chapter 20-27

    School: Bergen Community College

    Course: Taxation Law

    96. Alfred, a 33% profits and capital partner in Pizzeria Partnership, needs help in adjusting his tax basis to reflect the information contained in his most recent Schedule K-1 from the partnership. Unfortunately, the Schedule K-1 he recently received wa

  • 1 Page Chapter 20-26
    Chapter 20-26

    School: Bergen Community College

    Course: Taxation Law

    95. At the end of year 1, Tony had a tax basis of $40,000 in Tall Ladders, Limited Partnership. Tony has a 20 percent profits interest in Tall Ladders. For year 2, Tall Ladders will pay Tony a $10,000 guaranteed payment for extra services he provides to t

  • 1 Page Chapter 20-26
    Chapter 20-26

    School: Bergen Community College

    Course: Taxation Law

    95. At the end of year 1, Tony had a tax basis of $40,000 in Tall Ladders, Limited Partnership. Tony has a 20 percent profits interest in Tall Ladders. For year 2, Tall Ladders will pay Tony a $10,000 guaranteed payment for extra services he provides to t

  • 1 Page Chapter 20-25
    Chapter 20-25

    School: Bergen Community College

    Course: Taxation Law

    93. Greg, a 40% partner in GSS Partnership, contributed land to the partnership in exchange for his partnership interest when the partnership was formed. At the time, his basis in the land was $30,000 and its FMV was $133,000. Three years after the partne

  • 1 Page Chapter 20-25
    Chapter 20-25

    School: Bergen Community College

    Course: Taxation Law

    93. Greg, a 40% partner in GSS Partnership, contributed land to the partnership in exchange for his partnership interest when the partnership was formed. At the time, his basis in the land was $30,000 and its FMV was $133,000. Three years after the partne

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