Posted: October 20th, 2022

Identify which of the following statements is true. a. A transferor’s gain or loss that goes unrecognized when Sec. 351

11.Identify
which of the following statements is true. a. A transferor’s gain or loss that
goes unrecognized when Sec. 351 applies is permanently exempt for taxation b. If a taxpayer transfers property and
services as part of a transaction meeting the?Sec. 351 requirements, all of the
stock received is counted in determining whether the property transferors have
acquired control. c. If a taxpayer transfers property and services as part
of a transaction meeting the Sec. 351 requirements, the nonrecognition?of gain
or loss will apply to the services d. All are false

12.
Matt and Sheila form Krupp Corporation. Matt contributes property with a FMV of
$55,000 and a basis of $35,000. Sheila contributes property with a FMV of
$75,000 and a basis of $40,000. Matt sells?his stock to Paul shortly after the
exchange. The transaction will a. Qualify under Sec. 351 only if an advantage
ruling has been obtained b. Qualify with respect to Sheila under Sec. 351
whether Matt qualifies or not c. Not qualify under Sec. 351 d. Qualify?under Sec. 351 if Matt can show
the sale to Paul was not part of a prearranged plan

13.
A new corporation may generally select one of the following accounting methods
with the exception of a. Hybrid method b.
Retail method c. Cash method d. Accrual method?

14.Once
a corporation has a taxable year it can change the taxable year without IRS
permission if a. The resulting short period does not have a net operating loss
b. The corporation has not changed its accounting period within the last 10
years c. The annualized?income for the short period is at least 80% of the
corporation’s income for the preceding taxable year d. All of these

15.
Identify which of the following statements is false a. A corporation’s first
tax year may not cover a full 12-month period b. A new corporation?can elect a fiscal year that runs from February 16
to February 15 of the following year c. A corporation’s fiscal year
generally must end on the last day of the month d. A fiscal year may not end on
December 31

16.Richards
Corporation has taxable income of?$280,000 calculated before the charitable
contribution deduction and before its dividends-received deduction of $34,000.
Richards makes cash contributions of $35,000 to charitable organizations. What
is Richards Corporation’s charitable contribution deduction?for the current
year? a. $35,000 b. $31,400 c. $24,600 d.
$28,000

17.Green
Corporation is incorporated on March 1 and beings business on June 1. Green’s
first tax year ends on October 31, i.e., a short year. Green incurs the
following expenses during the year:?Date Type Amount February Draft charter $
2,000 March Stock commission 30,000 March Accounting fees to set up books 2,000
April Temporary director fees 2,000 December Charter modification fee 1,000 What
is the deduction for organizational expenses if Green?chooses to deduct its
costs as soon as possible? a. $667 b.
$5,028 c. $500 d. $36,000

18.
Island Corporation has the following income and expense items for the year.
Gross receipts from sales $60,000 Dividends received from 15%-owned domestic
corporation 40,000?Expenses connected with sales 30,000 The taxable income of
Island Corporation is a.$47,000 b.$70,000 c.$42,000
d.$100,000

19Which
of the following is not an adjustment in calculating AMTI? a. Production
activities deduction b. The regular tax NOL deduction?c. The difference between
the gains for AMTI and regular tax purposes d. Gain on installment sales of noninventory property

20.Which
of the following items are adjustments made to arrive at alternative minimum
taxable income? a. Tax-exempt interest income?earned on private activity bonds b. Excess of depreciation claimed on
personally acquired in the current year for taxable income purposes over that
claimed for alternative minimum tax purposes c. Statutory exemption d.
Excess percentage depletion

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