Question 1 a corporation has a june 30 year end what is the

Reference no: EM13348765

Question :

1. A corporation has a June 30 year end. What is the last date it will file its return due for its June 30, 2012 year-end if it files an extension?

a. December 31, 2012

b. September 15, 2012

c. January 15, 2013

d. March 15, 2013

2. Borneo Corporation has $21,000 in present earnings and profits and $5,000 of accumulated earnings and profits. Borneo distributes $20,000 of income to its shareholders on June 15 and another $10,000 on December 15. How much of the December 15 distribution is taxable as a dividend?

a. $21,000

b. $10,000

c. $7,000

d. $5,000

3. Stewart is a 30 percent common partner in STP Partnership. His basis in his partnership interest at the starting of the year was $40,000. In the year, the partnership reported a $30,000 loss and paid off a $120,000 recourse debt. What is Stewart's year-end basis in his partnership interest?

a. 0

b. $4,000

c. $31,000

d. $67,000

4. When does a partner recognize profit on a distribution?

a. In a liquidating distribution when the fair market value of the property received exceeds partnership interest basis.

b. In a nonliquidating distribution and the property received exceeds the fair market value of the partnership interest.

c. In a nonliquidating distribution and the cash received exceeds the basis of the partnership interest.

d. Profit is not recognized until the property received for the partnership interest is sold.

5. Vera and Jake, a married couple with AGI of $321,000 for 2012, have $20,000 of mortgage interest, $8,000 of unreimbursed medical expenses, $4,000 of property taxes, and $9,000 of charitable contributions. How much can they claim for itemized deductions in 2012?

a. $41,000

b. $37 ,000

c. $33,000

d. $32,000

6. Charles gave his three grandsons $20,000 each, his friend, Joe, $15,000, and his daughter $30,000. His second wife, Marla, gave her three children $50,000 each and $50,000 to her church. What are their combined taxable gifts if they do not elect gift splitting?

a. $305,000

b. $230,000

c. $151,000

d. $ 76,000

Reference no: EM13348765

Questions Cloud

Question1 fraud using a data source such as the wsjcom : question1 fraud using a data source such as the wsj.com factiva or your local newspaper write an article about a

Questionethical and legal considerations in marketing : questionethical and legal considerations in marketing intellectual property and product safetyprepare a paper in which

Questioncandywarehouse is an online candy store the store : questioncandywarehouse is an online candy store. the store purchases candies from various vendors and one of them is

Question 1 securities donated to an npo could be recorded : question 1. securities donated to an npo could be recorded at thea. donors recorded amount.b. fair market value at the

Question 1 a corporation has a june 30 year end what is the : question 1. a corporation has a june 30 year end. what is the last date it will file its return due for its june 30

Questionpeak performance inc reported total income of : questionpeak performance inc. reported total income of 250000 for the year ended december 31 2009. peak performance

Question you have just been hired as a management trainee : question you have just been hired as a management trainee by cravat sales company a countrywide distributor of a

Question 1 what are susies deductible moving expenses for : question 1. what are susies deductible moving expenses for 2012 if she spends 4000 for moving and packing household

Question select a local government in the state of maryland : question select a local government in the state of maryland and evaluation the financial statements and audit report

User Account

All Pages