Acct 560 midterm exam (spring 2017)

ACCT 560 – Advanced Studies In Federal Taxes And Management Decisions

Keller Graduate

Multiple Choice

  1. Question: (TCO A) Tax evasion is when a taxpayer
  2. Question: (TCO B) Due to his negligence, James underpaid his taxes for the current year by $40,000. His penalty was
  3. Question: (TCO C) In the current year, Casper Inc. had gross income from sales of $210,000, business expenses of $140,000, and dividend income from a 15%-owned U.S. corporation of $90,000. Casper’s dividends-received deduction was
  4. Question : (TCO D) Which of the following statements about property distributions in complete liquidations with liabilities in excess of fair market value is true?
  5. Question : (TCO E) Which of the following is not a tax preference item for purposes of the alternative minimum tax?
  6. Question : (TCO F) A transaction whereby one corporation issues its voting stock to acquire all the stock of another corporation is
  7. Question : (TCO D) A distribution to the shareholders of stock in the distributor constitutes a taxable dividend, except for which of the following?
  8. Question : (TCO F) Two manufacturing corporations transfer all their assets and liabilities to a new corporation. All old shareholders receive new stock equal in value to their old stock. This is a

 

Explanatory

  1. Question: (TCO A) Describe three of the six accuracy-related penalties.
  2. Question: (TCO B) Judy Jones gives a painting to a church and takes a charitable contribution in the amount of $150,000. If the actual value was only $50,000 and if the tax underpayment is $40,000, how much valuation overstatement penalty should she pay?
  3. Question 3: (TCO C) What is a sole proprietorship, and what are the advantages of forming one?
  4. Question : (TCO D) Tandem Inc. adopts a plan of complete liquidation. Ned Turner, who has a basis in his stock of $16,000, receives a pickup truck originally purchased for $22,000, worth $14,000 with a basis of $11,000. As a result, what will the tax consequences be to Tandem and Ned?
  5. Question: (TCO E) What is a tax credit? Describe the two types of tax credits.
  6. Question: (TCO F) Describe a type C reorganization.
  7. Question: (TCO D) How is a shareholder’s basis in a corporation determined? What if boot is received? How is the assumption of liabilities considered?
  8. Question: (TCO E) Why would the shareholders of a corporation liquidate the corporation?
  9. Question: (TCO E) What is the alternative minimum tax? What adjustments are made to taxable income to determine AMTI? Do you think there should be an adjustment for the personal exemptions or standard deduction?
  10. Question: (TCO B) Explain the exceptions to the statute of limitations. Explain why each is deemed an exception, in your mind.
Custom Papers Pro
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.