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ACC 565 Final Exam Guide For more classes visit www.snaptutorial.com

ACC 565 Final Exam Guide Question 1 Barbara sells a house with an FMV of $170,000 to her daughter for $120,000. From this transaction, Barbara is deemed to have made a gift (before the annual exclusion) of Question 2 If a state has adopted the Revised Uniform Principal and Income Act, which of the following statements is correct? Question 3 Jackson and Tanker Corporations are members of an affiliated group. The two corporations have been affiliated since they were formed last year. Both corporations have always used a calendar year as their tax year. Tanker, the subsidiary, has a separate return year NOL of $14,000 from last year. Jackson Corporation has a separate return year NOL of $16,000 from last year. Commencing this year, the two corporations filed a consolidated tax return. The NOLs can be carried over Question 4 Virginia gave stock with an adjusted basis of $8,000 and an FMV of $10,000 to Carmen. No gift tax was paid on the transfer. Carmen then sold the stock for $9,000. The gain or loss Carmen will recognize on the sale is Question 5 If a partnership chooses to form an LLC, under the check-the-box rules, and assuming no elections are made, the entity will be taxed as Question 6 Revocable trusts means Question 7 Identify which of the following statements is true. Question 8 Identify which of the following statements is true. Question 9


Cactus Corporation, an S Corporation, had accumulated earnings and profits of $100,000 at the beginning of 2009. Tex and Shirley each own 50% of the stock and have a basis in their stock of $50,000 on January 1, 2009. Cactus does not make any distributions during 2009, but had $200,000 of ordinary income. In 2010, ordinary income was $100,000 and distributions were $100,000. What is Tex's basis at January 1, 2011? Question 10 Tax return preparers can be penalized for the following activities except Question 11 An intervivos trust may be created by all of the following except Question 12 Identify which of the following statements is true. Question 13 Michael died in 2013 with a taxable estate and estate tax base of $6,000,000. Michael's estate owed no state death taxes. Michael's estate includes $250,000 of income in respect of a decedent (IRD), none of which is received by his surviving spouse. His estate had no DRD. The estate collects $200,000 of the IRD during its current tax year. The Sec. 691(c) deduction for the estate in current year is ******************************************************** ACC 565 Midterm Exam Guide

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ACC 565 Midterm Exam Guide Question 1 Identify which of the following statements is false. Question 2 Which of the following transactions does nothave the potential of creating a constructive dividend? Question 3 The citation "Reg. Sec. 1.199-2" refers to Question 4


Bruce receives 20 stock rights in a nontaxable distribution. The stock rights have an FMV of $5,000. The common stock with respect to which the rights are issued has a basis of $4,000 and an FMV of $120,000. Bruce allows the stock rights to lapse. He can deduct a loss of Question 5 Identify which of the following statements is true. Question 6 A corporation cannot reasonably accumulate earnings to Question 7 Small case procedures of the U.S. Tax Court requires that the amount in dispute not exceed Question 8 For purposes of determining current E&P, which of the following items cannot be deducted in the year incurred? Question 9 What are the consequences of a stock redemption to the distributing corporation? Question 10 Under a plan of complete liquidation, Coast Corporation distributes land with a $300,000 adjusted basis and a $400,000 FMV to William, a 25% shareholder. William has a $200,000 basis in his Coast stock. The land is inventory in the hands of Coast Corporation. Coast Corporation must recognize ******************************************************** ACC 565 Week 2 Assignment 1 Client Letter (2 Papers)

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This Tutorial contains 2 Different Papers ACC 565 Assignment 1 Client Letter Assignment 1: Client Letter


Imagine that you are a Certified Public Accountant (CPA) with a new client who needs an opinion on the most advantageous capital structure of a new corporation. Your client formed the corporation in question to provide technology to the medical profession to facilitate compliance with the Health Insurance Portability and Accountability Act (HIPAA). Your client is very excited because of the ability to secure several significant contracts with sufficient capital. Use the Internet and Strayer databases to research the advantages and disadvantages of debt for capital formation versus equity for capital formation of a corporation. Prepare a formal letter to the client using the six (6) step tax research process in Chapter 1 and demonstrated in Appendix A of your textbook as a guide. Write a one to two (1-2) page letter in which you: ******************************************************** ACC 565 Week 4 Assignment 2 Constructive Dividends, Redemptions, and Related Party Losses (2 Papers) For more classes visit www.snaptutorial.com

This Tutorial contains 2 Different Papers This paper of ACC 565 Week 4 Assignment 2 Assignment 2 :Constructive Dividends, Redemptions, and Related Party Losses Suppose you are a CPA hired to represent a client that is currently under examination by the IRS. The client is the president and 95% shareholder of a building supply sales and warehousing business. He also owns 50% of the stock of a construction company. The remaining 50% of the stock of the construction company is owned by the client’s son. The client has received a Notice of Proposed Adjustments (NPA) on three (3) significant issues related to the building supply business for the years under examination. The issues identified in the NPA are unreasonable compensation, stock redemptions, and a rental loss. Additional facts regarding the issues are reflected below: ********************************************************


ACC 565 Week 7 Assignment 3 Reorganizations and Consolidated Tax contains (2 Papers)

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This Tutorial contains 2 Different Papers

ACC 565 Week 7 Assignment 3 Reorganizations and Consolidated Tax contains Due Week 7 and worth 250 points Suppose you are a CPA, and you have a corporate client that has been operating for several years. The company is considering expansion through reorganizations. The company currently has two (2) subsidiaries acquired through Type B reorganizations. The client has asked you for tax advice on the benefit of a Type A, C, or D reorganization over a Type B reorganization. Additional facts regarding the issues are reflected below. The company currently files a consolidated income tax return with the two (2) subsidiaries acquired through a Type B reorganization. ABC Corporation, a subsidiary targeted by the client for takeover, has substantial net operating losses. ******************************************************** ACC 565 Week 10 Assignment 4 Tax-Planning Client Letter on Irrevocable Trusts, Gift Tax, and Estate Tax


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ACC 565 Week 10 Assignment 4 Letter to Client TAX-PLANNING CLIENT LETTER ON IRREVOCABLE TRUSTS, GIFT TAX, AND ESTATE TAX Suppose you are a CPA, and your client has requested advice regarding establishing an irrevocable trust for his two (2) grandchildren. He wants the income from the trust paid to the children for 20 years and the principal distributed to the children at the end of 20 years. Use the Internet and Strayer databases to research the rules regarding irrevocable trusts, gift tax, and estate tax. Be sure to use the six (6) step tax research process in Chapter 1 and demonstrated in Appendix A of your textbook as a guide for your written response. ********************************************************

Acc 565 possible is everything snaptutorial com  

For more classes visit www.snaptutorial.com ACC 565 Final Exam Guide Question 1 Barbara sells a house with an FMV of $170,000 to her daught...

Acc 565 possible is everything snaptutorial com  

For more classes visit www.snaptutorial.com ACC 565 Final Exam Guide Question 1 Barbara sells a house with an FMV of $170,000 to her daught...

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