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Test 1

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Question
Answer
show Statutory Tax Law  
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Tax laws - Treasury Department / Executive branch   show
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Tax Laws - resolution of disputes between IRS & taxpayers / Judicial branch   show
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PRIMARY SOURCE OF TAX LAW   show
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show Circular 230  
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Registered Tax Return Preparers (Circular 230)   show
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show Circular 230 - Limited Practice before IRS  
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private admonishment from the Director to the practitioner   show
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public reprimand   show
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revocation of a practitioner’s privilege to practice before the IRS for a certain period   show
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show Disbarment  
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AICPA   show
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General rules that apply to all areas of the Practice of Public Accountancy including taxation No genuine effort to enforce rules. Only the most gross violations are ever made public   show
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Rules (guidelines) specifically applicable to CPAs engaged in tax practice lack formal administrative authority Very recently revised (2010) to reflect higher standards for tax return positions required by IRS under Circular 230.   show
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show SSTS #1 Tax Return Positions  
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CPA may sign a return that does not meet standard if a “reasonable basis” for the position and it is adequately disclosed   show
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show SSTS #2: Answers to Questions on a Return  
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A CPA may rely on information that a client or third party provides unless such information appears to be incorrect, incomplete or inconsistent. Prior year tax returns should be referred to if feasible.   show
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show SSTS #4: Use of Estimates  
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show SSTS #5: Departure from a Position Previously Concluded in an Administrative Proceeding or Court Decision  
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show SSTS #6: Knowledge of Error: Tax Return Preparation  
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show SSTS #7: Form and Content of Advice to Clients  
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Corporations that are “related” because of common ownership are restricted to the tax benefits associated with   show
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show – common individual ownership  
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Affiliated Group   show
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show ordinary income  
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Capital losses can only be used to offset ________, Carry-back ____, Carry-forward ____   show
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Charitable contribution deduction is limited to ___ of corp's taxable inc before ___ ___, __ ___, ___ ___ __   show
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Dividends Received Deduction amount is a function of threshold of ownership recipient has in payer corporation 80% or more ownership = __% deduction 20% or more ownership = __% deduction less than 20% ownership = 70% deduction   show
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Corporation and related taxpayer must recognize expense/income   show
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show 2, 20  
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deductions must be considered in the correct order in determination of corporate taxable income   show
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Short form Income Tax Return can be filed if ALL of the following requirements are met: Gross receipts & total income under __, Total assets under __, Not a member of a __ ___,Only receives dividends from ___ ___, Has no __ __,No ___ ___ apply   show
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show book accounting  
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Eventually reverse, long-term sum to zero   show
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show Permanent differences  
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a corporation never recognizes in transactions that involve its own stock   show
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No gain (loss) is recognized when ___ is transferred to a corporation in exchange for stock and the transferors collectively control the corporation after the transfer control is 80% or greater ownership   show
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show realized losses are not recognized when other property is received  
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show realized gains  
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treat excess debt relief as ___ ___ ___ of the underlying assets   show
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Basis of ____ ____ PLUS ______ ______ LESS _____ __ ___ ___ ______ LESS ____ __ ____ _____ Basis of stock in transferor hands   show
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show transferor hands,transferor  
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Loss on sale or worthlessness is considered ordinary not capital   show
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Transfer of property from corporation to shareholder in respect of their rights as a shareholder   show
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show Dividend  
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show return of capital  
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show Dividend  
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Determination of distribution character is made by looking to the corporation only - not ______   show
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Shareholder Treatment of Dividend Income - Individual   show
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show Dividends received deduction  
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show Earnings and Profits (E&P)  
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show distributions, operating losses  
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Distribution Amount and Basis of Property Received - Amount is equal to ___ _ __ __ ___ received, reduced by any corporate indebtedness assumed by the distributee. Basis of property received is equal to ___ ___ ____ of the property   show
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(True or False) Distributions are not deductible by the corporation   show
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show True  
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show False  
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Shareholder transfers stock back to the corporation in return for consideration   show
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show dividend  
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show Dividend Treatment  
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show Sale treatment (Tax free recovery of basis Long-term capital gain or loss Historically taxed at much lower rate than dividends)  
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show half, 80%  
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Taxpayer is considered to own stock owned by   show
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show gains, Loss  
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Effect of Redemption on Corporation - Effect of Redemption on Earnings & Profits reduce E&P by lesser of ____ ____ __ __ ____ ______, OR ___ ________ _____ ________   show
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ABC corporation redeemed 20% of its stock to retire a shareholder from the business. The stock was redeemed for $400,000. ABC Corporation had E&P in the amount of $1,500,000 at the time of the redemption. E&P is reduced by???   show
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Liquidation of a subsidiary corporation generally a _____ ____ where all realized gains and losses are deferred §332 / §337   show
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Liquidation in any other context (general rule) generally ____ _____ ________ (realized gains & losses are recognized & double taxation is enforced) §331 / §336   show
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show Fair Market Value  
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Liabilities assumed in liquidation reduce the amount realized (but not below ___ )   show
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Basis of property received in liquidation is   show
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Liquidation - Corporation recognizes all _____ ___ ___ ___ in its assets when such assets are distributed to shareholders.   show
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show Ivan is related (§267) to the liquidating corp.  
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show offset gains  
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show carried back  
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show non-taxable transaction  
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show 100  
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For S corporation status, who counts as a single shareholder?   show
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show 6  
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show No  
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Can non-profit entities be shareholders in an s corp?   show
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show one  
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Can S corporations have subsidiaries?   show
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show Yes  
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show no  
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show S Corp Election  
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show Prospective election (effective as of future date)  
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show Revoking S Status  
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show 5 Years  
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In choosing a fiscal year, 25% of gross receipts in last 2 months of the year is referred to as what?   show
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S Corps have full ability to use which accounting method, without the ceiling?   show
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show K  
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show Seller  
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show K-1  
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Does S corp receive a dividends received deduction?   show
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