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corporate tax assignment

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1. Dedria Corporation changed its name to Lenise Corporation. This is example of what type of tax-free reorganization?

X reorganization

F reorganization

Y reorganization

Z reorganization

 

2. Earnings accumulated for self-insurance purposes are considered to be for the reasonable needs of the business for purposes of the accumulated earnings tax (section 531).

True

False

 

3. Once a Corporation is determined to be a personal holding company, it will always be a personal holding company for the remainder of its existence for purposes of the personal holding company tax (section 541).

true

false

 

4. The IRS may impose both the accumulated earnings tax (section 531) and the personal holding company tax (section 541) on a Corporation in the same tax year.

true

false

 

5. Earnings accumulated for purposes of making loans to suppliers are considered to be for the reasonable needs of the business.

true

false

 

6. Corporations are not required to make estimated tax payments for any alternative minimum tax liability.

true

false

 

7. Voting stock only may be used by the acquiring corporation in a type B reorganization without causing the reorganization to be taxable.

true

false

 

8. In a type C reorganization, the acquiring corporation must assume all of the liabilities of the acquired (target) Corporation

true

false

 

9. Nonvoting stock may be used in a type a reorganization without causing the reorganization to be taxable

true

fasle

 

10. In regards to the personal holding company tax (section 541), under which of the following circumstances will the Corporation not pass the 50% tax?

The Corporation has 10 unequal unrelated shareholders

the Corporation has 10 equal unrelated shareholders

the Corporation has nine equal unrelated shareholders

the Corporation has nine unrelated shareholders

 

11. Which of the following types of income is not considered to be personal holding company income for purposes of the personal holding company tax (section 541)?

Dividends

interests

sales

royalties

 

12. Maggiore corporations total reasonable business needs for 2013 was $220,000. Majority corporations accumulated earnings and profit at the beginning of 2013 was 20 $40,000 (including consideration for the dividends listed below). Majority Corporation also the following information for 2013: taxable income-$350,000; federal income tax-hundred $19,000; dividends received (less than 20% owned domestic corporation)-hundred thousand dollars; cash dividends paid in 2013-$4000; dividends paid January 31, 2014-$20,000; consent dividends-$10,000; access travel contributions-$16,000; net capital loss adjustment-$8000. The accumulated earnings credit for purposes of the accumulated earnings tax for Maggiore Corporation for the year of 2013 is:

$10,000

$110000

$80,000

$100,000

 

13. Which of the following will not reduce the amount of acutely taxable income?

A non-taxable dividend paid during the tax year.

A property dividend paid during the tax year.

A cash dividend paid within two and one-half months after the close of the tax year.

It can set dividend paid within two and one-half months after the close of the tax year.

 

14. Four 2013, Prada Corporation had the following transactions: regular taxable income- $1,440,000; a salary depreciation on real estate in excess of straight-line (placed in service in 2010)-$560,000; and workstation of certified pollution control facilities- $160,000; tax-exempt interest on lamentable bonds not use for a central government purposes-$280,000; untaxed appreciation on property donated to a qualified charity-hundred and $20,000; percentage depletion in excess of operatives adjusted basis-$180,000. The regular federal income tax liability for Prada Corporation for 2013 was $489,600. The alternative minimum tax (line 16) four Prada Corporation for tax year 2013 is:

$0

$58,400

$548,000

$489,600

 

15. Majority corporations total reasonable business needs for 2013 was $320,000. Majority corporations accumulated earnings and profit at the beginning of 2013 was $210,000 (including consideration for dividends listed below ). Majority Corporation also have the following information for 2013: taxable income-$350,000; federal income tax-$119,000; dividends received (less than 20%) domestic corporation)-$100,000; cash dividends paid in 2013-$40,000; dividends paid January 31, 2014-$20,000; consent dividends-$10,000; access charitable contributions-$16,000; net capital loss adjustment-$8000. The dividends paid deduction for purposes of the accumulated earnings tax for majority Corporation for the year 2013 is:

$100,000

$70,000

$60,000

$40,000

 

16. Majority corporations total reasonable business needs for 2013 was $320,000. Majority corporations acutely earning a profit at the beginning of 2013 was $210,000 (including consideration for dividends listed below) majority Corporation also the following information for 2013: taxable income-$250,000; federal income tax $119,000; dividends received (less than 20% own domestic corporation)-$100,000; cash dividends paid in 2013-$40,000; dividends paid January 31, 2014-$20,000; consent dividends-$10,000; excess charitable contributions-$16,000; net capital loss adjustment-$8000. The cumulative earning credit for purposes of the accumulated earnings tax for majority Corporation for the year 2013 is:

$60,000

$100,000

$110,000

$40,000

 

17. In a complete liquidation of the Corporation, under no circumstances may the liquidating Corporation have a recognize loss as a result of liquidation.

True

false

 

18. It is possible (i.e. could happen) for a liquidating Corporation to recognize a gain or loss on the distribution of disqualified property.

True

false

 

19. Michelle and her daughter, Gloria, or the sole shareholders of Zoe Corporation. Gloria terminates her entire stock ownership and Zoe Corporation by selling all for stock back to the Corporation. One year later, Gloria buys the stock of Michelle in Zoe Corporation. Despite this, Gloria is complete termination of her interest can still be treated as a qualified stock redemption

true

false

 

20. As a result of a redemption, a shareholder’s direct and indirect (i.e. stock attribution rules effect) ownership in a corporation decreased from 60% to 40%. Under these circumstances, the redemption qualifies for sale (redemption) treatment

true

false

 

21. A split-off his exchange of the Parent Corporation stock by shareholders of the Parent Corporation in exchange for stock in a Subsidiary of the Parent Corporation.

True

false

 

22. A split-off is where a parent corporation give stock of its subsidiaries to its shareholders and the shareholders give up nothing in return.

True

false

 

23. A spin-off is where a shareholder of a parent Corporation receives stock in the subsidiary corporation of the parent corporation and the shareholders returned stock of the parent Corporation back to the parent Corporation.

True

False

 

24. In 2006, Roma carried out successful section 302 (B) (3) (complete termination of shareholders interests) redemption as to stock in Trieste Corporation. In 2013, Roma inherits stock in Trieste they Corporation from her father. Roma has not violated the 10 year rule concerning stock redemption under section 302 (B) (3).

True

False

 

25. It is not possible (i.e. could not happen) for illiquid incorporation to recognize a gain or loss on the dissipation of disqualified property.

true

false

 

26. Losses to the disturbing Corporation in a corporate liquidation are disallowed in a related-arty situations only if the property distributed to the shareholder is a non-pro-rata distribution.

true

false

 

27. At the time of her death in 2013-Gloria owned 19% of the stock in gene Corporation and 18% of the stock in June Corporation for purposes of satisfying the more than 35% test requirement of section 303 of the IRS code, the value of the stocks may be combined.

True

False

 

28. A spin-off is where a parent Corporation gives stock of its subsidiaries to its shareholders and the shareholders give up nothing in return.

true

false

 

29. Avian died in 2013 with an adjusted gross estate of $1,200,000. Avian’s gross estate included 80% of the stock of Poordone Corporation valued at $4000. Avian have purchased the stock in 1993 for $80,000. The death taxes and funeral and administrative expenses for Avian’s estate totaled $125,000. The executor of Avian’s estate redeemed $20,000 of the stock Avian owned in Poordone Corporation. As a result of this transaction, Avian’s estate has a taxable divert income of: (assume that Avian’s as they does not qualify for any redemption under section 302 (B) and Poordone Corporation has substantial  E&P.

$125,000

$75,000

$0

$200,000

 

 


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