Posted: June 15th, 2022

Which statement best descrives the concept if the “double taxation&quot

Which statement best descrives the concept if the "double taxation" of company revenue?A. Company revenue is topic to 2 ranges of taxation: the common tax and the different minimal taxB. Company revenue is taxed twice at the company degree: first when earned and than a second time if appreciatC. Company revenue is taxed when earned by a C company after which a second time at the shareholder degree wD. Company revenue is a topic to 2 ranges of taxation; at the federal degree and a second time at a state level2 Which of the following types of earnings distributions wouldn’t be topic to double taxation at the corporateA. DividendB. Inventory redemptionC. Partial liquidationD. Compensation paid to a shareholder/worker of the corporation3 Which of the following statements best describes the precedence of the tax therapy of a distribution from a corpoA. the distribution is a dividend to the extent of the companies earnings and earnings, than a return of capital, aB. The distribution is a return of capital, than a dividend to the extent of the companies earnings and earnings anC. The distribution is a return of capital thn achieve from sale of inventory and at last a dividend to the extent of the corD. the shareholder can elect to deal with the distribution as both a dividend to the extent of the companies earnifollowing by achieve from sale of stock4 A calendar 12 months company has unfavorable present e&p of $500 and gathered optimistic e&p of $1,000. the corpto its sole shareholder. Which of the following statements is trueA. 500 can be a dividend as a result of whole earnings and earnings is 500B. zero can be a dividend as a result of present earnins and earnings are negativeC. 600 can be a diidend as a result of accuulated earnings and earnings is 1,000D. as much as 600 could possibly be dividend relying on the steadiness in gathered earnings and earnings on the date of the5 Which of the following funds could possibly be handled as a constructive dividend by the IRS?A. finish of 12 months bonus fee to a shareholder/employeeB. lease paid to a shareholder/lessorC. Curiosity paid to a shareholder/creditorD. All of the above6 Which of the following elements wouldn’t be thought-about in figuring out if compensation paid to a shareholder/eA. the people duties and responsibilitiesB. what infividuals performing in comparable capacities at different firms are paidC. Whether or not the company has a proper compensation policyD. the people marginal revenue tax rate7 Which of the following statements just isn’t thought-about a possible reply to the dividend puzzle (why do corporatiA. Paying dividends avoids the double taxation of company incomeB. Demanding that managers pay out dividends restricts their funding actions and forces then to undertake moC. Paying dividends is a supply of investor goodwillD. Dividends are a sign to the capital markets about the well being of a companies activities8 Which of the following inventory dividendswould be tax free to the shareholder?A. a 2 for 1 inventory cut up to all holders of frequent stockB. a inventory dividend the place the shareholder may select between money and stockC. a inventory dividendto all holders of most popular stockD. Each a 2 for 1 inventory cut up to all holders of frequent inventory and a inventory dividend to all holders of most popular stock9 Which of the folllowing people just isn’t thought-about household for functions of making use of the inventory attribution guidelines tA. parentsB. grandchildrenC. grandparentsD. partner10 Tammy owns 100 shares in Star Struck Company. The opposite 100 shares are owned by her husband Tommy. WA. A inventory redemption that utterly terminate Tammys direct curiosity in a company can be handled as an exB. A inventory redemption that utterly terminate Tammys direct curiosity in a company can be handled as a divC. A inventory redemption that utterly terminates Tammy’s direct curiosity in a company can be handled as anD. a inventory redemption that utterly terminates Tammy’s direct interst in a corporatin can be handled as a divid11 Which statement best describes the concpt of realization because it applies to achieve or lossA.its the recording of achieve or loss on a tax returnB. is the results of an alternate of property rights in a transactionC. realization is the extra of quantity realized over adjusted basisD. is the extra of adjusted foundation over quantity realized12 which of the following quantities just isn’t included in the computation of quantity realized in an exchangeA. money receivedB. Honest market worth of property receivedC. promoting expensesD. Adjusted foundation of property transferred13 Which of the following amoutns just isn’t included in the computation of a property’s adjusted foundation in an exchangeA. promoting bills incurred by the buyerB. acquisition value of the buyerC. Capital enhancements made to the property by the buyerD. Depreciation of the property by the purchaser14 Which of the following statements best describes the tax regulation strategy to recognizing achieve or loss realized in anA. Achieve and loss realized just isn’t acknowledged except particularly said in any other case in the Inner income Code?B. Achieve and loss realized is acknowledged except particularly said in any other case in the Inner Income CodeC. Achieve realized is acknowledged except particularly said in any other case in the Inner Income Code however loss realizedis not acknowledged except particularly said in any other case in the Inner Income CodeD. Loss realized is acknowledged except particularly said in any other case in the Inner Income Code, however achieve realizedunless particularly said in any other case in the Inner Income Code15 Which of the following necessities shouldn’t have to be met in a bit 351 transaction?A. every transferor of property should obtain inventory equal to at the very least 80% of the truthful market worth of the property tB. In the mixture the transferors of property to the company should collectively management the company immeC. solely property transferred to a company is eligible for deferralD. All transfers of property to a company have to be made concurrently to qualify for deferral16 Which of the following statements best describes the concept of management because it applies to a bit 351 transactioA. Management is outlined as the ownershipof80% or extra of a companies voting stockB.Management is outlined as the possession of 80% or extra of the truthful market worth of a companies stockC. Cotrol is outlined as the possession of 80% or extra ofa companies voting inventory and 80% or extra of the fairvD. Management is outlined as the possession of 80% ore extra of a companies voting inventory and 80%or extra of the toof shares of every class of nonvoting inventory17 Which of the following statements best describes the influence of receiving boot in a bit 351 transaction?A. Boot acquired has no influence on the recognition of achieve or loss realized in a bit 351 transactionB. Boot acquired causes achieve realized to be acknowledged byt not loss realizedC. Boot acquired causes loss realized to be acknowledged however not achieve realizedD. Boot acquired causes achieve and loss realized to be acknowledged18 Which of the following statements best describes the tax outcomes to a shreaholder in a bit 351 transaction wto the company are assumed by the corporationA. Liabilities assumed by a company on part 351 switch are at all times handled as bootB. liabilities assumed by a company on secion 351 switch are by no means handled as bootC. Liabilities assumed by a company on part 351 switch are handled as boot if the whole liabilities assumedbasis of the property transferredD. Liabilities assumed by a company on part 351 switch are handled as boot if there isn’t any enterprise purposof the liabilities by the company19 Which of the following statements best descibes the in-built loss guidelines that apply to property transferred to a coA.If the foundation of a property transferred to a company underneath part 351 exceeds its truthful market worth, the corpB. if the foundation of a property transferred to a company underneath part 351 exceeds its truthful market worth, the corpequal to the property’s tax foundation in the arms of the shareholderC. if the mixture foundation of all property transferred to a company underneath part 351 exceeds its mixture fairD. If the mixture foundation of all property transferred to a company underneath part 351 exceeds its mixture truthful20 Which of the following statements best describes the recognition of loss on property transferred to shareholderA. the liquidated company at all times acknowledges loss on the distribution of property in coplete liquidation of theB. The liquidated company by no means acknowledges loss on the distribution of property in full liquidation of theC. The liquidated companies acknowledges loss on the distribution of property in full liquidation of the corpis distributed to people who will not be associated events to the corporationD. The liquidated company acknowledges loss on the distribution of property in full liquidation of the corpoproperty is distributed to people who’re associated events to the corporationative minimal taxa second time if appreciated propert is distributed to a shareholderat the shareholder degree when distributed as a dividendcond time at a state leveltaxation at the company and shareholder leveldistribution from a company to a shareholder?than a return of capital, and at last achieve from sale of stockons earnings and earnings and at last achieve from sale of stocknd to the extent of the companies earnings and profitsof the companies earnings and earnings or a return of capitalve e&p of $1,000. the company makes a $600 distributiond earnings on the date of the distributionn paid to a shareholder/worker is reasonabled puzzle (why do companies pay dividends)?d forces then to undertake extra environment friendly funding policiesholders of most popular inventory are tax free to the shareholdere inventory attribution guidelines to a inventory redemptiony her husband Tommy. Which of the following statements is true?on can be handled as an alternate for tax purposeson can be handled as a dividend for tax purposestion can be handled as an alternate if Tammy waives the familyattribution guidelines and information a triple I settlement with the IRSn can be handled as a dividend to the extent that the redemption exceeds Tammy’s tax foundation in the redeemed sharesin an exchangeusted foundation in an exchangegain or loss realized in an alternate?ternal income Code?al Income Codeue Code however loss realized just isn’t recognizedue Code, however achieve realized just isn’t recognizedet worth of the property transferredtrol the company instantly after the transferso a bit 351 transactions?porations stockd 80% or extra of the fairvalue of a companies stockand 80%or extra of the whole numbertion 351 transaction?351 transactionsection 351 transaction when liabilitieson property transferrede whole liabilities assumed exceed the totalere is not any enterprise function for the assumptionoperty transferred to a company underneath part 351?air market worth, the company will at all times take a tax foundation in the property equal to the propertys truthful market valuefair market worth, the company will at all times take a tax foundation in the propertyexceeds its mixture truthful market worth, the mixture tax foundation of the property in the arms of the company can’t exceed the aggrexceeds its mixture truthful maket alue, the mixture tax foundation of the property in the arms of the company can’t exceed the aggregransferred to shareholders in full liquidation?coplete liquidation of the corporationomplete liquidation of the corporationete liquidation of the company if the propertyte liquidation of the company solely if thewith the IRSn can’t exceed the mixture truthful market worth of the propertycannot exceed the mixture tax foundation of the property1 Grand river company reported taxable revenue of $500,000 in 2013 and paid federal revenue taxes of $170,000tax exempt revenue of $1,000 and deferred achieve on an installment sale of $25,000. the companies present earnA. $524,000B. $500,000C. $354,000D. $331,0002 Tar Heel Company had present and gathered e&p of $500,000 at December 31, 2014. On december 31, thdistributionof land to its sole shareholder, William Roy. The lands truthful market worth was $100,000 and its tax andAssumed a mortgageattached to the land of $10,000. The tax penalties of the distribution to William in 201A. $100,000 dividendand tax foundation of the landB. $100,000 dividend and a tax foundation in the land $90,000C. $90,000 dividend and tax foundation of the land of $100,000D. $90,000zero dividend and tax foundation in the land3 Viking crporation is owned equally by Sven and his spouse Olga, every of whomhold100 shares in the firm. Vikishares of Sven’sstock in the firm on Dec. 31, 2014. Viking paid Sven $2,000 per share His revenue tax foundation iViking has toal e&p of $500,000. What are the taxconsequences to Sven due to the inventory redemptionA. $75,000 capital achieve and tax foundation of remaining shares of $1,000B. $75,000 capital achieve and tax foundation of remaining shares $2,000C. $150,000 capital achieve and tax foundation of remaining shares $1,000B. $150,000 capital achieve and tax foundation of remaining shares $four,0004 Sybill transfers property with a tax foundation of $5,000 and a good market worth of $6,000 to a company in xchangemarket worth of $three,000 and $2,000 in a transaction that qualifies fordeferral underneath part 351. The corporationon the property transferred. What’s Sybil’s tax foundation in the inventory acquired in the alternate?A. $6,000B. $5,000C. $four,000D. $three,0005 Rahelle transfers property with a tax foundation of $800 and a good market worth of $900 to a company in exchangemarket valueof $750 and $50 in a transaction that qualifies for deferral underneath part 351. The firms taxreceived in the exchangeA. $900B. $850C. $800D. $7506 Amy transfers property with a tax foundation of $900 and a good market worth of $600 to a company in alternate forvalue of $450 in a transaction that qualifies for deferral underneath part 351. The company assumed a legal responsibility oproperty transferred. What’s Amy’stax foundation in the inventory acquired in the alternate?A. $900B. $750C. $650D. $450revenue taxes of $170,000. Not included in the computation was a disallowed meals and leisure expense of $2000companies present earnings and earnings for 2013 could be2014. On december 31, the firm made as $100,000 and its tax and e&p foundation to Tar Heel was $25,000. Williamtribution to William in 2013 would behares in the firm. Viking redeemed 75are His revenue tax foundation in every share is $1,000.e inventory redemptiona company in xchange for inventory with a fairtion 351. The company assumed a legal responsibility of $1,000company in alternate for inventory with a good351. The firms tax foundation in the propertyrporation in alternate for inventory with a good marketation assumed a legal responsibility of$150 on thense of $2000

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