Friday, April 3, 2015

33 Free Test Bank for Corporate Partnership Estate and Gift Taxation 2013 7th Edition by Pratt 

With clear introduction of taxation concepts and taxes on financial statements, it can be denied that 33 free test bank for Corporate Partnership Estate and Gift Taxation 2013 7th Edition by Pratt multiple choice questions are a useful tool for students to prepare for the important exams. We offer free questions very closely to the textbook content and instant answers which are memorable to all who are studying as well as interested in 2015 free taxation accounting test banks.
Please visit the link below to get full questions and answers:
Which of the following is different for corporations than it is for individuals?
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Large Corporation, with over $1 million in taxable income for each of the last several years, paid estimated tax payments of $30,000 each quarter for the current year. The actual tax liability for the current year is $160,000; last year's tax liability was $145,000. Income is earned evenly throughout the year. What is the quarterly amount that may be subject to the underestimation penalty?
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A calendar year corporation is required to file its Federal tax return by
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A brother-sister controlled group consists of two or more corporations connected through the stock ownership of certain types of shareholders, including
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Which of the following is not true for purposes of the corporate estimated tax payments?
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X Corporation, which files its tax return on a cash basis, incurred organizational costs (not to a related party) of $5,000 during its first year. $1,875 of these expenses were paid in the fourth month after the close of its taxable year. What is the maximum deduction the corporation is entitled to claim on its first tax return if that tax return is for a period of 1½ months and a proper election is made?
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Which one of the following statements is true for a regular corporation?
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A regular corporation and a personal service corporation each have taxable income of $20,000 for the 2012 calendar year. Ignoring the alternative minimum tax provisions, which one of the following statements is true regarding the Federal income tax liabilities of these two corporations?
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The principal activity of several corporations is shown below. Which of the following could not be classified as a personal service corporation?
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During its first year of operation, K Corporation had a gross profit from operations of $180,000 and deductions of $250,000 before considering its dividend income or dividends-received deduction. K received dividends of $50,000 from a taxable domestic corporation in which K owned 4.5 percent of the stock. Assuming its ownership of the dividend-paying corporation's stock is not debt financed, what is K Corporation's net operating loss for the year?
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T Corporation sold a commercial building for $200,000 on January 2, 2012 (purchased for $150,000 on December 16, 2007). The building was depreciated using the straight-line method, and depreciation in the amount of $20,000 has been taken. The amount and nature of the gain upon sale is
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Z Corporation's 2012 calendar year taxable income is $2,000,000. The corporation's 2012 Federal income tax liability before credits and prepayments is
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The charitable deduction for a corporation is limited both by type of property contributed and an annual maximum amount. Which of the following is a false statement?
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Which of the following is not true of Schedule M-2 of the corporate tax return (Form 1120)?
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J is a 60 percent shareholder in the JS Corporation. In 2009, he sold property to the corporation for $60,000 (basis in his hands of $70,000). In 2012, the corporation sold the property for $65,000 to an unrelated party. The amount of gain or loss the JS Corporation must recognize in 2012 is
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Two personal service corporations (PSCs) are properly determined to be a brother-sister controlled group. Corporation A has taxable income of $75,000, and Corporation B has a loss of $50,000. Which of the following is a true statement?
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Z Corporation had 2012 taxable income of $600,000 before considering the following: Gain on the sale of equipment:$15,000; Loss on the sale of equipment:(29,000); Gain on the sale of land used in the business:70,000; Loss on the sale of investment held five months:(5,000); Loss on the sale of investment held two years:(18,000). The equipment sold at a gain originally cost $150,000, and $90,000 of depreciation had been claimed. What is Z Corporation's taxable income for 2012?
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Which of the following statements about the corporate alternative minimum tax is false?
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Corporations A, B, and C are taxable domestic corporations. All are members of an affiliated group. Corporation A pays a $50,000 dividend to B and a $50,000 dividend to C. Corporations B and C are each entitled to a dividends-received deduction of
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Which of the corporations below are required to use the accrual method of accounting for tax purposes?
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X Corporation determines it cannot meet the filing deadline for Form 1120 (U.S. Corporation Income Tax Return) and files an extension on Form 7004. Which of the following is not true?
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Which of the following is not a corporate characteristic?
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Which of the following is a positive adjustment to income per books on Schedule M-1 of Form 1120?
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Two or more corporations owned by five or fewer noncorporate shareholders, who collectively own more than 50 percent of the stock of each corporation, would best describe
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Which of the following statements is not true?
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Which of the following is a false statement regarding transactions between corporations and their shareholders?
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Which of the following is treated the same for individuals and corporations?
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A newly formed corporation elected to use a fiscal year ending June 30. On July 17, 2012, the corporation began business and incurred $8,000 of qualified organizational expenses. Assuming that the corporation properly elected to deduct/amortize these costs, what is the amount of organization expenses that it should deduct on its tax return for the fiscal year ending June 30, 2012.
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Which of the following is not true concerning the obligation of a corporation to make estimated tax payments?
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For its taxable year ending December 31, 2012, T Corporation has the following taxable income and deductible expenses: Gross income from operations: $205,000; Deductible expenses of operations: 218,000; Dividends received: 35,000. The dividends were received from a taxable domestic corporation in which T owns 15 percent of the stock (not debt-financed). What is T Corporation's dividends-received deduction for 2012?
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