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Wiley CPA Examination Review Outlines And Study Guides Volume 1 - 2012-2013 39th Edition Patrick R. Delaney, O. Ray Whittington - Solutions
32. During 2012, Ral Corp. exchanged 5,000 shares of its own $10 par common stock for land with a fair market value of $75,000. As a result of this exchange, Ral should report in its 2012 tax returna. $25,000 Section 1245 gain.b. $25,000 Section 1231 gain.c. $25,000 ordinary income.d. No gain.
31. The following information pertains to treasury stock sold by Lee Corp. to an unrelated broker in 2012:Proceeds received $50,000 Cost 30,000 Par value 9,000 What amount of capital gain should Lee recognize in 2012 on the sale of this treasury stock?a. $0b. $ 8,000c. $20,000d. $30,500
30. Andi Corp. issued $1,000,000 face amount of bonds in 2003 and established a sinking fund to pay the debt at maturity. The bondholders appointed an independent trustee to invest the sinking fund contributions and to administer the trust. In 2011, the sinking fund earned $60,000 in interest on
29. Which of the following entities must include in gross income 100% of dividends received from unrelated taxable domestic corporations in computing regular taxable income?Personal service corporations Personal holding companiesa. Yes Yesb. No Noc. Yes Nod. No Yes
28. Bradbury Corp., a calendar-year corporation, was formed on January 2, 2008, and had gross receipts for its first four taxable years as follows:Year Gross receipts 2008 $4,500,000 2009 9,000,000 2010 9,500,000 2011 6,500,000 What is the first taxable year that Bradbury Corp. is not exempt from
27. A corporation will not be subject to the alternative minimum tax for calendar year 2012 ifa. The corporation’s net assets do not exceed $7.5 million.b. The corporation’s average annual gross receipts do not exceed $10 million.c. The corporation has less than ten shareholders.d. 2012 is the
26. In computing its 2012 alternative minimum tax, a corporation must include as an adjustmenta. The dividends received deduction.b. The difference between regular tax depreciation and straight-line depreciation over forty years for real property placed in service in 1998.c. Charitable
25. A corporation’s tax preference items that must be taken into account for 2012 alternative minimum tax purposes includea. Use of the percentage-of-completion method of accounting for long-term contracts.b. Casualty losses.c. Tax-exempt interest on private activity bonds issued in 2008.d.
24. Rona Corp.’s 2011 alternative minimum taxable income was $200,000. The exempt portion of Rona’s 2011 alternative minimum taxable income wasa. $0b. $12,500c. $27,500d. $52,500
23. If a corporation’s tentative minimum tax exceeds the regular tax, the excess amount isa. Carried back to the first preceding taxable year.b. Carried back to the third preceding taxable year.c. Payable in addition to the regular tax.d. Subtracted from the regular tax.
22. Eastern Corp., a calendar-year corporation, was formed during 2010. On January 3, 2011, Eastern placed five-year property in service. The property was depreciated under the general MACRS system. Eastern did not elect to use the straight-line method, and elected not to use bonus depreciation.The
21. Green Corp. was incorporated and began business in 2009. In computing its alternative minimum tax for 2010, it determined that it had adjusted current earnings (ACE) of$400,000 and alternative minimum taxable income (prior to the ACE adjustment) of $300,000. For 2011, it had adjusted current
20. Kisco Corp.’s taxable income for 2011 before taking the dividends received deduction was $70,000. This includes$10,000 in dividends from a 15%-owned taxable domestic corporation. Given the following tax rates, what would Kisco’s income tax be before any credits?Taxable income partial rate
19. Finbury Corporation’s taxable income for the year ended December 31, 2011, was $2,000,000 on which its tax liability was $680,000. In order for Finbury to escape the estimated tax underpayment penalty for the year ending December 31, 2012, Finbury’s 2012 estimated tax payments must equal at
18. When computing a corporation’s income tax expense for estimated income tax purposes, which of the following should be taken into account?Corporate tax credits Alternative minimum taxa. No Nob. No Yesc. Yes Nod. Yes Yes
17. Blink Corp., an accrual-basis calendar-year corporation, carried back a net operating loss for the tax year ended December 31, 2011. Blink’s gross revenues have been under$500,000 since inception. Blink expects to have profits for the tax year ending December 31, 2012. Which method(s)of
16. A corporation’s penalty for underpaying federal estimated taxes isa. Not deductible.b. Fully deductible in the year paid.c. Fully deductible if reasonable cause can be established for the underpayment.d. Partially deductible.
15. A corporation’s tax year can be reopened after all statutes of limitations have expired if I. The tax return has a 50% nonfraudulent omission from gross income.II. The corporation prevails in a determination allowing a deduction in an open tax year that was taken erroneously in a closed tax
14. Edge Corp., a calendar-year C corporation, had a net operating loss and zero tax liability for its 2011 tax year. To avoid the penalty for underpayment of estimated taxes, Edge could compute its first quarter 2012 estimated income tax payment using the Annualized income method Preceding year
13. Bass Corp., a calendar-year C corporation, made qualifying 2011 estimated tax deposits based on its actual 2010 tax liability. On March 15, 2012, Bass filed a timely automatic extension request for its 2011 corporate income tax return. Estimated tax deposits and the extension payment totaled
12. A civil fraud penalty can be imposed on a corporation that underpays tax bya. Omitting income as a result of inadequate recordkeeping.b. Failing to report income it erroneously considered not to be part of corporate profits.c. Filing an incomplete return with an appended statement, making clear
11. Nancy, who is single, formed a corporation during 2006 using a tax-free asset transfer that qualified under Sec. 351.She transferred property having an adjusted basis of $80,000 and a fair market value of $60,000, and in exchange received Sec. 1244 small business corporation stock. During
10. During the current year, Dinah sold Sec. 1244 small business corporation stock that she owned for a loss of$125,000. Assuming Dinah is married and files a joint income tax return for 2012, what is the character of Dinah’s recognized loss from the sale of the stock?a. $125,000 capital loss.b.
9. Which of the following is not a requirement for stock to qualify as Sec. 1244 small business corporation stock?a. The stock must be issued to an individual or to a partnership.b. The stock was issued for money or property (other than stock and securities).c. The stock must be common stock.d. The
8. Jackson, a single individual, inherited Bean Corp. common stock from Jackson’s parents. Bean is a qualified small business corporation under Code Sec. 1244. The stock cost Jackson’s parents $20,000 and had a fair market value of$25,000 at the parents’ date of death. During the year, Bean
7. Roberta Warner and Sally Rogers formed the Acme Corporation on October 1, 2012. On the same date Warner paid $75,000 cash to Acme for 750 shares of its common stock. Simultaneously, Rogers received 100 shares of Acme’s common stock for services rendered. How much should Rogers include as
6. Rela Associates, a partnership, transferred all of its assets, with a basis of $300,000, along with liabilities of$50,000, to a newly formed corporation in return for all of the corporation’s stock. The corporation assumed the liabilities.Rela then distributed the corporation’s stock to its
5. Feld, the sole stockholder of Maki Corp., paid $50,000 for Maki’s stock in 2006. In 2012, Feld contributed a parcel of land to Maki but was not given any additional stock for this contribution. Feld’s basis for the land was $10,000, and its fair market value was $18,000 on the date of the
4. Jones incorporated a sole proprietorship by exchanging all the proprietorship’s assets for the stock of Nu Co., a new corporation. To qualify for tax-free incorporation, Jones must be in control of Nu immediately after the exchange.What percentage of Nu’s stock must Jones own to qualify
3. Adams, Beck, and Carr organized Flexo Corp. with authorized voting common stock of $100,000. Adams received 10% of the capital stock in payment for the organizational services that he rendered for the benefit of the newly formed corporation. Adams did not contribute property to Flexo and was
2. Clark and Hunt organized Jet Corp. with authorized voting common stock of $400,000. Clark contributed$60,000 cash. Both Clark and Hunt transferred other property in exchange for Jet stock as follows:Other property Adjusted basis Fair market value Percentage of Jet stock acquired Clark $ 50,000
1. Alan, Baker, and Carr formed Dexter Corporation during 2012. Pursuant to the incorporation agreement, Alan transferred property with an adjusted basis of $30,000 and a fair market value of $45,000 for 450 shares of stock, Baker transferred cash of $35,000 in exchange for 350 shares of stock, and
69. John Albin is a retired partner of Brill & Crum, a personal service partnership. Albin has not rendered any services to Brill & Crum since his retirement in 2010. Under the provisions of Albin’s retirement agreement, Brill &Crum is obligated to pay Albin 10% of the partnership’s net income
68. For tax purposes, a retiring partner who receives retirement payments ceases to be regarded as a partnera. On the last day of the taxable year in which the partner retires.b. On the last day of the particular month in which the partner retires.c. The day on which the partner retires.d. Only
67. In 2007, Lisa Bara acquired a one-third interest in Dee Associates, a partnership. In 2012, when Lisa’s entire interest in the partnership was liquidated, Dee’s assets consisted of the following: cash, $20,000 and tangible property with a basis of $46,000 and a fair market value of $40,000.
66. If this distribution were in complete liquidation of Reed’s interest in Post, Reed’s recognized gain or loss resulting from the distribution would bea. $7,500 gain.b. $9,000 lossc. $1,500 loss.d. $0.
65. If this distribution were nonliquidating, Reed’s basis for the inventory would bea. $14,000b. $12,500c. $ 5,000d. $ 1,500
64. The basis to a partner of property distributed “in kind”in complete liquidation of the partner’s interest is thea. Adjusted basis of the partner’s interest increased by any cash distributed to the partner in the same transaction.b. Adjusted basis of the partner’s interest reduced by
63. On June 30, 2011, Berk, a calendar-year taxpayer, retired from his partnership. At that time, his capital account was $50,000 and his share of the partnership’s liabilities was$30,000. Berk’s retirement payments consisted of being relieved of his share of the partnership liabilities and
62. What is Jody’s basis in the distributed property?a. $0b. $30,000c. $35,000d. $40,000
61. What amount of taxable gain must Jody report as a result of this distribution?a. $0b. $ 5,000c. $10,000d. $20,000
60. Day’s adjusted basis in LMN Partnership interest is$50,000. During the year Day received a nonliquidating distribution of $25,000 cash plus land with an adjusted basis of $15,000 to LMN, and a fair market value of $20,000.How much is Day’s basis in the land?a. $10,000b. $15,000c. $20,000d.
59. Hart’s adjusted basis in Best Partnership was $9,000 at the time he received the following nonliquidating distribution of partnership property:Cash $ 5,000 Land Adjusted basis 7,000 Fair market value 10,000 What was the amount of Hart’s basis in the land?a. $0b. $ 4,000c. $ 7,000d. $10,000
58. Curry’s adjusted basis in Vantage Partnership was$5,000 at the time he received a nonliquidating distribution of land. The land had an adjusted basis of $6,000 and a fair market value of $9,000 to Vantage. What was the amount of Curry’s basis in the land?a. $9,000b. $6,000c. $5,000d. $1,000
57. Stone and Frazier decided to terminate the Woodwest Partnership as of December 31. On that date, Woodwest’s balance sheet was as follows:Cash $2,000 Land (adjusted basis) 2,000 Capital—Stone 3,000 Capital—Frazier 1,000 The fair market value of the land was $3,000. Frazier’s outside
56. On June 30, 2012, James Roe sold his interest in the calendar-year partnership of Roe & Doe for $30,000. Roe’s adjusted basis in Roe & Doe at June 30, 2012, was $7,500 before apportionment of any 2012 partnership income.Roe’s distributive share of partnership income up to June 30, 2012, was
55. On April 1, 2011, George Hart, Jr. acquired a 25% interest in the Wilson, Hart, and Company partnership by gift from his father. The partnership interest had been acquired by a $50,000 cash investment by Hart, Sr. on July 1, 2005.The tax basis of Hart, Sr.’s partnership interest was $60,000
54. What amount of ordinary income should Carr report in his 2012 income tax return on the sale of his partnership interest?a. $0b. $ 20,000c. $ 34,000d. $140,000
53. What was the total amount realized by Carr on the sale of his partnership interest?a. $174,000b. $154,000c. $140,000d. $134,000
52. On December 31, 2011, after receipt of his share of partnership income, Clark sold his interest in a limited partnership for $30,000 cash and relief of all liabilities. On that date, the adjusted basis of Clark’s partnership interest was$40,000, consisting of his capital account of $15,000
51. David Beck and Walter Crocker were equal partners in the calendar-year partnership of Beck & Crocker. On July 1, 2011, Beck died. Beck’s estate became the successor in interest and continued to share in Beck & Crocker’s profits until Beck’s entire partnership interest was liquidated on
50. Under which of the following circumstances is a partnership that is not an electing large partnership considered terminated for income tax purposes?I. Fifty-five percent of the total interest in partnership capital and profits is sold within a twelve-month period.II. The partnership’s
49. Partnership Abel, Benz, Clark & Day is in the real estate and insurance business. Abel owns a 40% interest in the capital and profits of the partnership, while Benz, Clark, and Day each owns a 20% interest. All use a calendar year. At November 1, 2011, the real estate and insurance business is
48. Cobb, Danver, and Evans each owned a one-third interest in the capital and profits of their calendar-year partnership.On September 18, 2011, Cobb and Danver sold their partnership interests to Frank, and immediately withdrew from all participation in the partnership. On March 15, 2012, Cobb and
47. Curry’s sale of her partnership interest causes a partnership termination. The partnership’s business and financial operations are continued by the other members. What is(are) the effect(s) of the termination?I. There is a deemed distribution of assets to the remaining partners and the
46. On January 3, 2011, the partners’ interests in the capital, profits, and losses of Able Partnership were% of capital profits and losses Dean 25%Poe 30%Ritt 45%On February 4, 2011, Poe sold her entire interest to an unrelated person. Dean sold his 25% interest in Able to another unrelated
45. Irving Aster, Dennis Brill, and Robert Clark were partners who shared profits and losses equally. On February 28, 2012, Aster sold his interest to Phil Dexter. On March 31, 2012, Brill died, and his estate held his interest for the remainder of the year. The partnership continued to operate and
44. Without obtaining prior approval from the IRS, a newly formed partnership may adopta. A taxable year which is the same as that used by one or more of its partners owning an aggregate interest of more than 50% in profits and capital.b. A calendar year, only if it comprises a twelvemonth
43. Which one of the following statements regarding a partnership’s tax year is correct?a. A partnership formed on July 1 is required to adopt a tax year ending on June 30.b. A partnership may elect to have a tax year other than the generally required tax year if the deferral period for the tax
42. Under Section 444 of the Internal Revenue Code, certain partnerships can elect to use a tax year different from their required tax year. One of the conditions for eligibility to make a Section 444 election is that the partnership musta. Be a limited partnership.b. Be a member of a tiered
41. Gladys Peel owns a 50% interest in the capital and profits of the partnership of Peel and Poe. On July 1, 2011, Peel bought land the partnership had used in its business for its fair market value of $10,000. The partnership had acquired the land five years ago for $16,000. For the year ended
40. Kay Shea owns a 55% interest in the capital and profits of Dexter Communications, a partnership. In 2012, Kay sold an oriental lamp to Dexter for $5,000. Kay bought this lamp in 2006 for her personal use at a cost of $1,000 and had used the lamp continuously in her home until the lamp was sold
39. In March 2012, Lou Cole bought 100 shares of a listed stock for $10,000. In May 2012, Cole sold this stock for its fair market value of $16,000 to the partnership of Rook, Cole & Clive. Cole owned a one-third interest in this partnership.In Cole’s 2012 tax return, what amount should be
38. Doris and Lydia are sisters and also are equal partners in the capital and profits of Agee & Nolan. The following information pertains to 300 shares of Mast Corp. stock sold by Lydia to Agee & Nolan.Year of purchase 2005 Year of sale 2012 Basis (cost) $9,000 Sales price (equal to fair market
37. Hall and Haig are equal partners in the firm of Arosa Associates. On January 1, 2011, each partner’s adjusted basis in Arosa was $40,000. During 2011 Arosa borrowed$60,000, for which Hall and Haig are personally liable.Arosa sustained an operating loss of $10,000 for the year ended December
36. Which of the following should be used in computing the basis of a partner’s interest acquired from another partner?Cash paid by transferee to transferor Transferee’s share of partnership liabilitiesa. No Yesb. Yes Noc. No Nod. Yes Yes
35. Lee inherited a partnership interest from Dale during 2012. The adjusted basis of Dale’s partnership interest was$50,000, and its fair market value on the date of Dale’s death (the estate valuation date) was $70,000. What was Lee’s original basis for the partnership interest?a. $70,000b.
34. On January 1, 2012, Kane was a 25% equal partner in Maze General Partnership, which had partnership liabilities of $300,000. On January 2, 2012, a new partner was admitted and Kane’s interest was reduced to 20%. On April 1, 2012, Maze repaid a $100,000 general partnership loan.Ignoring any
33. Gray is a 50% partner in Fabco Partnership. Gray’s tax basis in Fabco on January 1, 2011, was $5,000. Fabco made no distributions to the partners during 2011, and recorded the following:Ordinary income $20,000 Tax exempt income 8,000 Portfolio income 4,000 What is Gray’s tax basis in Fabco
32. On January 4, 2012, Smith and White contributed$4,000 and $6,000 in cash, respectively, and formed the Macro General Partnership. The partnership agreement allocated profits and losses 40% to Smith and 60% to White.In 2012, Macro purchased property from an unrelated seller for $10,000 cash and
31. Dean is a 25% partner in Target Partnership. Dean’s tax basis in Target on January 1, 2011, was $20,000. At the end of 2011, Dean received a nonliquidating cash distribution of $8,000 from Target. Target’s 2011 accounts recorded the following items:Municipal bond interest income $12,000
30. Peters has a one-third interest in the Spano Partnership.During 2011, Peters received a $16,000 guaranteed payment, which was deductible by the partnership, for services rendered to Spano. Spano reported a 2011 operating loss of$70,000 before the guaranteed payment. What is (are) the net
29. What is Miles’s tax basis in Decor on December 31, 2011?a. $211,250b. $215,000c. $218,750d. $222,500
28. What total amount from Decor is includible in Flagg’s 2011 tax return?a. $15,000b. $18,750c. $22,500d. $37,500
27. What was Jones’ initial basis in the partnership interest?a. $51,000b. $45,000c. $39,000d. $33,000
26. What was Curry’s initial basis in the partnership interest?a. $45,000b. $30,000c. $24,000d. $18,000
25. On December 31, 2010, Edward Baker gave his son, Allan, a gift of a 50% interest in a partnership in which capital is a material income-producing factor. For the year ended December 31, 2011, the partnership’s ordinary income was $100,000. Edward and Allan were the only partners in 2011.
24. Gilroy, a calendar-year taxpayer, is a partner in the firm of Adams and Company which has a fiscal year ending June 30. The partnership agreement provides for Gilroy to receive 25% of the ordinary income of the partnership. Gilroy also receives a guaranteed payment of $1,000 monthly which is
23. At December 31, 2010, Alan and Baker were equal partners in a partnership with net assets having a tax basis and fair market value of $100,000. On January 1, 2011, Carr contributed securities with a fair market value of$50,000 (purchased in 2009 at a cost of $35,000) to become an equal partner
22. Dale’s distributive share of income from the calendaryear partnership of Dale & Eck was $50,000 in 2011. On December 15, 2011, Dale, who is a cash-basis taxpayer, received a $27,000 distribution of the partnership’s 2011 income, with the $23,000 balance paid to Dale in February 2012. In
21. Under the Internal Revenue Code sections pertaining to partnerships, guaranteed payments are payments to partners fora. Payments of principal on secured notes honored at maturity.b. Timely payments of periodic interest on bona fide loans that are not treated as partners’ capital.c. Services
20. The method used to depreciate partnership property is an election made bya. The partnership and must be the same method used by the “principal partner.”b. The partnership and may be any method approved by the IRS.c. The “principal partner.”d. Each individual partner.
19. Guaranteed payments made by a partnership to partners for services rendered to the partnership, that are deductible business expenses under the Internal Revenue Code, are I. Deductible expenses on the US Partnership Return of Income, Form 1065, in order to arrive at partnership income(loss).II.
18. On January 2, 2011, Arch and Bean contribute cash equally to form the JK Partnership. Arch and Bean share profits and losses in a ratio of 75% to 25%, respectively.For 2011, the partnership’s ordinary income was $40,000. A distribution of $5,000 was made to Arch during 2011. What amount of
17. Chris, a 25% partner in Vista partnership, received a$20,000 guaranteed payment in 2011 for deductible services rendered to the partnership. Guaranteed payments were not made to any other partner. Vista’s 2011 partnership income consisted of Net business income before guaranteed
16. A guaranteed payment by a partnership to a partner for services rendered, may include an agreement to pay I. A salary of $5,000 monthly without regard to partnership income.II. A 25% interest in partnership profits.a. I only.b. II only.c. Both I and II.d. Neither I nor II.
15. The partnership of Felix and Oscar had the following items of income during the taxable year ended December 31, 2011.Income from operations $156,000 Tax-exempt interest income 8,000 Dividends from foreign corporations 6,000 Net rental income 12,000 What is the total ordinary income of the
14. The partnership of Martin & Clark sustained an ordinary loss of $84,000 in 2011. The partnership, as well as the two partners, are on a calendar-year basis. The partners share profits and losses equally. At December 31, 2011, Clark, who materially participates in the partnership’s business,
13. Dunn and Shaw are partners who share profits and losses equally. In the computation of the partnership’s 2011 book income of $100,000, guaranteed payments to partners totaling $60,000 and charitable contributions totaling $1,000 were treated as expenses. What amount should be reported as
12. Which of the following limitations will apply in determining a partner’s deduction for that partner’s share of partnership losses?At-risk Passive lossa. Yes Nob. No Yesc. Yes Yesd. No No
11. In computing the ordinary income of a partnership, a deduction is allowed fora. Contributions to recognized charities.b. The first $100 of dividends received from qualifying domestic corporations.c. Short-term capital losses.d. Guaranteed payments to partners.
10. Thompson’s basis in Starlight Partnership was $60,000 at the beginning of the year. Thompson materially participates in the partnership’s business. Thompson received$20,000 in cash distributions during the year. Thompson’s share of Starlight’s current operations was a $65,000 ordinary
9. Basic Partnership, a cash-basis calendar-year entity, began business on February 1, 2012. Basic incurred and paid the following during 2012:Filing fees incident to the creation of the partnership$ 3,600 Accounting fees to prepare the representations in offering materials 12,000 If Basic wishes
8. On September 1, 2012, James Elton received a 25%capital interest in Bredbo Associates, a partnership, in return for services rendered plus a contribution of assets with a basis to Elton of $25,000 and a fair market value of $40,000.The fair market value of Elton’s 25% interest was $50,000.How
7. The holding period of property acquired by a partnership as a contribution to the contributing partner’s capital accounta. Begins with the date of contribution to the partnership.b. Includes the period during which the property was held by the contributing partner.c. Is equal to the
6. The following information pertains to Carr’s admission to the Smith & Jones partnership on July 1, 2012:Carr’s contribution of capital: 800 shares of Ed Corp.stock bought in 1999 for $30,000; fair market value $150,000 on July 1, 2012.Carr’s interest in capital and profits of Smith &
5. The holding period of a partnership interest acquired in exchange for a contributed capital asset begins on the datea. The partner is admitted to the partnership.b. The partner transfers the asset to the partnership.c. The partner’s holding period of the capital asset began.d. The partner is
4. The following information pertains to property contributed by Gray on July 1, 2012, for a 40% interest in the capital and profits of Kag & Gray, a partnership:As of June 30, 2012 Adjusted basis Fair market value$24,000 $30,000 After Gray’s contribution, Kag & Gray’s capital totaled$150,000.
3. Ola Associates is a limited partnership engaged in real estate development. Hoff, a civil engineer, billed Ola$40,000 in 2012 for consulting services rendered. In full settlement of this invoice, Hoff accepted a $15,000 cash payment plus the following:Fair market value Carrying amount on Ola’s
2. On June 1, 2012, Kelly received a 10% interest in Rock Co., a partnership, for services contributed to the partnership.Rock’s net assets at that date had a basis of $70,000 and a fair market value of $100,000. In Kelly’s 2012 income tax return, what amount must Kelly include as income from
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