31. In which of the following independent situations is the Sec. 351 control requirement met?
a) Olive transfers property to Quick Corporation for 75% of Quick stock, and Mary provides services to Quick for
the remaining 25% of Quick stock.
Exam 1 review Corp tax
Overview of tax Research
Policy versus client-oriented research
o Policy Oriented
Looking at big picture research
Typically conducted by economists or in an academic setting to help formulate tax research
Corporate Tax Exam 2
Alternative business forms know the characteristics, advantages, and disadvantages of:
Personal tax return
Contribute or withdraw property, money with no gain
Overview of Corporate Liquidations
o Types of Ownership rights of shareholders:
Voting (share in control of corporation)
Share in profits
Share in assets if liquidated
o Two types of distributions that shareholders may receive:
Chapter 3 for the whole chapter, calculation of a corporations taxable income and tax liability
Tax years and accounting methods
o Calendar year December 31
o Fiscal year any other year end
o Can a corporations tax year be different from the annua
34. Delta Corporation incorporates on January 7, begins business on July 10, and elects to have its initial tax year end
on October 31. Delta incurs the following expenses between January and October related to its organization during
Chapter 1 Homework
1. Explain the difference between closed-fact and open-fact situations.
Closed fact situation has already happened. The tax advisor looks at all the facts that have happened
and determines the proper tax treatments.
Open fact the fact