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ACCT 424 DeVry Week 1 Quiz Latest

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ACCT 424 DeVry Week 1 Quiz Latest

ACCT 424 DeVry Week 1 Quiz Latest

ACCT424

 

ACCT 424 DeVry Week 1 Quiz Latest

Question 1. Question : (TCO 2) Barry owns a 30% interest in a partnership that earned $300,000 this year. He also owns 30% of the stock in a C corporation that earned $300,000 during the year. The partnership did not make any distributions, and the corporation did not pay any dividends. How much income must Barry report from these businesses?

  • $0 income from the partnership and $0 income from the corporation
  • $0 income from the partnership and $90,000 income from the corporation
  • $90,000 income from the partnership and $0 income from the corporation
  • $90,000 income from the partnership and $90,000 income from the corporation
  • None of the above

Question 2. Question : (TCO 2) Pelican Inc., a closely held corporation (not a PSC), has a $350,000 loss from a passive activity, $135,000 of active income, and $160,000 of portfolio income. How much is Pelican’s taxable income?

  • ($55,000)
  • $0
  • $135,000
  • $295,000
  • $160,000

Question 3. Question : (TCO 2) Copper Corporation owns stock in Bronze Corporation and has net operating income of $900,000 for the year. Bronze Corporation pays Copper a dividend of $150,000. Which amount of dividends received deduction may Copper claim if it owns 65% of Bronze stock (assuming Copper’s dividends received deduction is not limited by its taxable income)?

  • $0
  • $105,000
  • $120,000
  • $150,000
  • None of the above

Question 4. Question : (TCO 1) Jane and Walt form Yellow Corporation. Jane transfers equipment worth $950,000 (basis of $200,000) and cash of $50,000 to Yellow Corporation for 50% of its stock. Walt transfers a building and land worth $1,050,000 (basis of $400,000) for 50% of Yellow’s stock and $50,000 in cash.

  • Jane recognizes no gain; Walt recognizes gain of $50,000.
  • Jane recognizes a gain of $50,000; Walt has no gain.
  • Neither Jane nor Walt recognizes gain.
  • Jane recognizes a gain of $750,000; Walt recognizes gain of $650,000.
  • None of the above

Question 5. Question : (TCO 1) Mary transfers a building (adjusted basis of $15,000 and fair market value of $90,000) to White Corporation. In return, Mary receives 80% of White Corporation’s stock (worth $65,000) and an automobile (fair market value of $5,000). In addition, there is an outstanding mortgage of $20,000 (taken out 15 years ago) on the building, which White Corporation assumes. With respect to this transaction,

  • Mary’s recognized gain is $10,000.
  • Mary’s recognized gain is $5,000.
  • Mary has no recognized gain.
  • White Corporation’s basis in the building is $15,000.
  • None of the above

Question 6. Question : (TCO 1) Kim owns 100% of the stock of Cardinal Corporation. In the current year, Kim transfers an installment obligation, tax basis of $30,000 and fair market value of $200,000, for additional stock in Cardinal worth $200,000.

  • Kim recognizes no taxable gain on the transfer.
  • Kim has a taxable gain of $170,000.
  • Kim has a taxable gain of $180,000.
  • Kim has a basis of $200,000 in the additional stock she received in Cardinal Corporation.
  • None of the above

Question 7. Question : (TCO 1) Earl and Mary form Crow Corporation. Earl transfers property, basis of $200,000 and value of $1,600,000, for 50 shares in Crow Corporation. Mary transfers property, basis of $80,000 and value of $1,480,000, and agrees to serve as manager of Crow for 1 year; in return, Mary receives 50 shares of Crow. The value of Mary’s services is $120,000. With respect to the transfers,

  • Mary will not recognize gain or income.
  • Earl will recognize a gain of $1,400,000.
  • Crow Corporation has a basis of $1,480,000 in the property it received from Mary.
  • Crow will have a business deduction of $120,000 for the value of the services Mary will render.
  • None of the above

Question 8. Question : (TCO 11) Which statement, if any, does not reflect the rules governing the negligence accuracy-related penalty?

  • The penalty rate is 20%.
  • The penalty is imposed only on the part of the deficiency attributable to negligence.
  • The penalty applies to all federal taxes, except when fraud is involved.
  • The penalty is waived if the taxpayer uses Form 8275 to disclose a return position that is reasonable though contrary to the IRS position.
  • None of the above

Question 9. Question : (TCO 11) The rules of Circular 230 need not be followed by

  • an attorney.
  • a CPA.
  • a Walmart cashier who e-files 15 tax returns for her paying clients per filing season.
  • an enrolled agent.
  • All of the above

Question 10. Question : (TCO 11) Which statement correctly reflects the rules governing interest on an individual’s federal tax deficiency and a claim for refund?

  • The IRS has full discretion in determining the rate that will apply.
  • The simple interest method for calculating interest is used.
  • For noncorporate taxpayers, the rate of interest for assessments is the same as the rate of interest for refunds.
  • The IRS must adjust the rate of interest semiannually.
  • None of the above
ACCT 424 DeVry Week 1 Quiz Latest

ACCT 424 DeVry Week 1 Quiz Latest

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