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Wiley CPA Exam Review Problems And Solutions Vol 2 2011-2012 38th Edition O. Ray Whittington, Patrick R. Delaney - Solutions
On April 1, 2010, 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, 2004.The tax basis of Hart, Sr.’s partnership interest was $60,000 at the
What amount of ordinary income should Carr report in his 2011 income tax return on the sale of his partnership interest?a. $0b. $ 20,000c. $ 34,000d. $140,000
What was the total amount realized by Carr on the sale of his partnership interest?a. $174,000b. $154,000c. $140,000d. $134,000
On December 31, 2010, 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 and
David Beck and Walter Crocker were equal partners in the calendar-year partnership of Beck & Crocker. On July 1, 2010, 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 April
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 business
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, 2010, the real estate and insurance business is
Cobb, Danver, and Evans each owned a one-third interest in the capital and profits of their calendar-year partnership.On September 18, 2010, Cobb and Danver sold their partnership interests to Frank, and immediately withdrew from all participation in the partnership. On March 15, 2011, Cobb and
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
On January 3, 2010, 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, 2010, Poe sold her entire interest to an unrelated person. Dean sold his 25% interest in Able to another unrelated person
Irving Aster, Dennis Brill, and Robert Clark were partners who shared profits and losses equally. On February 28, 2011, Aster sold his interest to Phil Dexter. On March 31, 2011, Brill died, and his estate held his interest for the remainder of the year. The partnership continued to operate and for
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 period.c. A
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 year
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
Gladys Peel owns a 50% interest in the capital and profits of the partnership of Peel and Poe. On July 1, 2010, 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
Kay Shea owns a 55% interest in the capital and profits of Dexter Communications, a partnership. In 2010, Kay sold an oriental lamp to Dexter for $5,000. Kay bought this lamp in 2004 for her personal use at a cost of $1,000 and had used the lamp continuously in her home until the lamp was sold to
In March 2010, Lou Cole bought 100 shares of a listed stock for $10,000. In May 2010, 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 2010 tax return, what amount should be reported
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 2003 Year of sale 2010 Basis (cost) $9,000 Sales price (equal to fair market value)
Hall and Haig are equal partners in the firm of Arosa Associates. On January 1, 2010, each partner’s adjusted basis in Arosa was $40,000. During 2010 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 31,
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
Lee inherited a partnership interest from Dale during 2011. 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.
On January 1, 2011, Kane was a 25% equal partner in Maze General Partnership, which had partnership liabilities of $300,000. On January 2, 2011, a new partner was admitted and Kane’s interest was reduced to 20%. On April 1, 2011, Maze repaid a $100,000 general partnership loan.Ignoring any
Gray is a 50% partner in Fabco Partnership. Gray’s tax basis in Fabco on January 1, 2010, was $5,000. Fabco made no distributions to the partners during 2010, 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 on
On January 4, 2011, 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 2011, Macro purchased property from an unrelated seller for $10,000 cash and a
Dean is a 25% partner in Target Partnership. Dean’s tax basis in Target on January 1, 2010, was $20,000. At the end of 2010, Dean received a nonliquidating cash distribution of $8,000 from Target. Target’s 2010 accounts recorded the following items:Municipal bond interest income $12,000
Peters has a one-third interest in the Spano Partnership.During 2010, Peters received a $16,000 guaranteed payment, which was deductible by the partnership, for services rendered to Spano. Spano reported a 2010 operating loss of$70,000 before the guaranteed payment. What is(are) the net effect(s)
What is Miles’s tax basis in Decor on December 31, 2010?a. $211,250b. $215,000c. $218,750d. $222,500
What total amount from Decor is includible in Flagg’s 2010 tax return?a. $15,000b. $18,750c. $22,500d. $37,500
What was Jones’ initial basis in the partnership interest?a. $51,000b. $45,000c. $39,000d. $33,000 Items 28 and 29 are based on the following:Flagg and Miles are each 50% partners in Decor Partnership.Each partner had a $200,000 tax basis in the partnership on January 1, 2010. Decor’s 2010 net
What was Curry’s initial basis in the partnership interest?a. $45,000b. $30,000c. $24,000d. $18,000
On December 31, 2009, 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, 2010, the partnership’s ordinary income was $100,000. Edward and Allan were the only partners in 2010. There
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 deductible by the partnership. The partnership reported ordinary income of $88,000 for the year ended June 30, 2010, and
Gilroy, a calendar-year taxpayer, is a partner in the firm of Adams and Company which has a fiscal year ending June
At December 31, 2009, 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, 2010, Carr contributed securities with a fair market value of$50,000 (purchased in 2008 at a cost of $35,000) to become an equal partner in
Dale’s distributive share of income from the calendaryear partnership of Dale & Eck was $50,000 in 2010. On December 15, 2010, Dale, who is a cash-basis taxpayer, received a $27,000 distribution of the partnership’s 2010 income, with the $23,000 balance paid to Dale in February 950 MODULE 37
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 or
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.
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.
On January 2, 2010, 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 2010, the partnership’s ordinary income was $40,000.A distribution of $5,000 was made to Arch during 2010.What amount of ordinary
Chris, a 25% partner in Vista partnership, received a$20,000 guaranteed payment in 2010 for deductible services rendered to the partnership. Guaranteed payments were not made to any other partner. Vista’s 2010 partnership income consisted of Net business income before guaranteed payments $80,000
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.
The partnership of Felix and Oscar had the following items of income during the taxable year ended December 31, 2010.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
The partnership of Martin & Clark sustained an ordinary loss of $84,000 in 2010. The partnership, as well as the two partners, are on a calendar-year basis. The partners share profits and losses equally. At December 31, 2010, Clark, who materially participates in the partnership’s business, had
Dunn and Shaw are partners who share profits and losses equally. In the computation of the partnership’s 2010 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 ordinary
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
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.
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 loss
Basic Partnership, a cash-basis calendar-year entity, began business on February 1, 2011. Basic incurred and paid the following during 2011: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 to
On September 1, 2011, 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
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 contributing
The following information pertains to Carr’s admission to the Smith & Jones partnership on July 1, 2011:Carr’s contribution of capital: 800 shares of Ed Corp. stock bought in 1998 for $30,000; fair market value $150,000 on July 1, 2011.Carr’s interest in capital and profits of Smith & Jones:
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
The following information pertains to property contributed by Gray on July 1, 2011, for a 40% interest in the capital and profits of Kag & Gray, a partnership:As of June 30, 2011 Adjusted basis Fair market value$24,000 $30,000 After Gray’s contribution, Kag & Gray’s capital totaled$150,000.
Ola Associates is a limited partnership engaged in real estate development. Hoff, a civil engineer, billed Ola$40,000 in 2011 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
On June 1, 2011, 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 2011 income tax return, what amount must Kelly include as income from
At partnership inception, Black acquires a 50% interest in Decorators Partnership by contributing property with an adjusted basis of $250,000. Black recognizes a gain if I. The fair market value of the contributed property exceeds its adjusted basis.II. The property is encumbered by a mortgage with
David Price owned machinery which he had acquired in 2010 at a cost of $100,000. During 2011, the machinery was destroyed by fire. At that time it had an adjusted basis of$86,000. The insurance proceeds awarded to Price amounted to $125,000, and he immediately acquired a similar machine for
For the year ended December 31, 2010, McEwing Corporation, a calendar-year corporation, reported book income before income taxes of $120,000. Included in the determination of this amount were the following gain and losses from property that had been held for more than one year:Loss on sale of
Thayer Corporation purchased an apartment building on January 1, 2007, for $200,000. The building was depreciated using the straight-line method. On December 31, 2010, the building was sold for $220,000, when the asset balance net of accumulated depreciation was $170,000. On its 2010 tax return,
On January 2, 2009, Bates Corp. purchased and placed into service seven-year MACRS tangible property costing$100,000. On July 31, 2011, Bates sold the property for$102,000, after having taken $47,525 in MACRS deprecia936 MODULE 36 TRANSACTIONS IN PROPERTY tion deductions. What amount of the gain
Tally Corporation sold machinery that had been used in its business for a loss of $22,000 during 2011. The machinery had been purchased and placed in service sixteen months earlier. For 2011, the $22,000 loss will be treated as a a Capital loss.b. Sec. 1245 loss.c. Sec. 1231 loss.d. Casualty loss
Vermont Corporation distributed packaging equipment that it no longer needed to Michael Jason who owns 20% of Vermont’s stock. The equipment, which was acquired in 2007, had an adjusted basis of $2,000 and a fair market value of $9,000 at the date of distribution. Vermont had properly deducted
Which one of the following would not be Sec. 1231 property even though held for more than twelve months?a. Business inventory.b. Unimproved land used for business.c. Depreciable equipment used in a business.d. Depreciable real property used in a business.
Evon Corporation, which was formed in 2007, had$50,000 of net Sec. 1231 gain for its 2010 calendar year. Its net Sec. 1231 gains and losses for its three preceding tax years were as follows:Year Sec. 1231 results 2007 Gain of $10,000 2008 Loss of $15,000 2009 Loss of $20,000 As a result, Evon
An individual’s losses on transactions entered into for personal purposes are deductible only ifa. The losses qualify as casualty or theft losses.b. The losses can be characterized as hobby losses.c. The losses do not exceed $3,000 ($6,000 on a joint return).d. No part of the transactions was
In June 2010, Olive Bell bought a house for use partially as a residence and partially for operation of a retail gift shop. In addition, Olive bought the following furniture:Kitchen set and living room pieces for the residential portion $ 8,000 Showcases and tables for the business portion 12,000
Don Mott was the sole proprietor of a high-volume drug store which he owned for fifteen years before he sold it to Dale Drug Stores, Inc. in 2011. Besides the $900,000 selling price for the store’s tangible assets and goodwill, Mott received a lump sum of $30,000 in 2011 for his agreement not to
Which of the following is a capital asset?a. Delivery truck.b. Personal-use recreation equipment.c. Land used as a parking lot for customers.d. Treasury stock, at cost.
In 2007, Iris King bought a diamond necklace for her own use, at a cost of $10,000. In 2011, when the fair market value was $12,000, Iris gave this necklace to her daughter, Ruth. No gift tax was due. This diamond necklace is aa. Capital asset.b. Section 1231 asset.c. Section 1245 asset.d. Section
Platt owns land that is operated as a parking lot. A shed was erected on the lot for the related transactions with customers.With regard to capital assets and Section 1231 assets, how should these assets be classified?Land Sheda. Capital Capitalb. Section 1231 Capitalc. Capital Section 1231d.
In 2011, a capital loss incurred by a married couple filing a joint returna. Will be allowed only to the extent of capital gains.b. Will be allowed to the extent of capital gains, plus up to $3,000 of ordinary income.c. Will be allowed to the extent of capital gains, plus up to $6,000 of ordinary
In 2011, Ruth Lee sold a painting for $25,000 that she had bought for her personal use in 2005 at a cost of $10,000.In her 2011 return, Lee should treat the sale of the painting as a transaction resulting ina. Ordinary income.b. Long-term capital gain.c. Section 1231 gain.d. No taxable gain.
Joe Hall owns a limousine for use in his personal service business of transporting passengers to airports. The limousine’s adjusted basis is $40,000. In addition, Hall owns his personal residence and furnishings, that together cost him $280,000. Hall’s capital assets amount toa. $320,000b.
Capital assets includea. A corporation’s accounts receivable from the sale of its inventory.b. Seven-year MACRS property used in a corporation’s trade or business.c. A manufacturing company’s investment in US Treasury bonds.d. A corporate real estate developer’s unimproved land that is to
Paul Beyer, who is unmarried, has taxable income of$30,000 exclusive of capital gains and losses and his personal exemption. In 2010, Paul incurred a $1,000 net shortterm capital loss and a $5,000 net long-term capital loss.His capital loss carryover to 2011 isa. $0b. $1,000c. $3,000d. $5,000
On July 1, 2011, Kim Wald sold an antique for $12,000 that she had bought for her personal use in 2009 at a cost of$15,000. In her 2011 return, Kim should treat the sale of the antique as a transaction resulting ina. A nondeductible loss.b. Ordinary loss.c. Short-term capital loss.d. Long-term
For assets acquired in 2011, the holding period for determining long-term capital gains and losses is more thana. 18 months.b. 12 months.c. 9 months.d. 6 months.
In 2010, Nam Corp., which is not a dealer in securities, realized taxable income of $160,000 from its business operations.Also, in 2010, Nam sustained a long-term capital loss of $24,000 from the sale of marketable securities. Nam did not realize any other capital gains or losses since it began
For the year ended December 31, 2010, Sol Corp. had an operating income of $20,000. In addition, Sol had capital gains and losses resulting in a net short-term capital gain of$2,000 and a net long-term capital loss of $7,000. How much of the excess of net long-term capital loss over net short-term
Lee qualified as head of a household for 2010 tax purposes.Lee’s 2010 taxable income was $100,000, exclusive of capital gains and losses. Lee had a net long-term capital loss of $8,000 in 2010. What amount of this capital loss can Lee offset against 2010 ordinary income?a. $0b. $3,000c. $4,000d.
For a cash basis taxpayer, gain or loss on a year-end sale of listed stock arises on thea. Trade date.b. Settlement date.c. Date of receipt of cash proceeds.d. Date of delivery of stock certificate.
Al Eng owns 50% of the outstanding stock of Rego Corp. During 2010, Rego sold a trailer to Eng for $10,000, the trailer’s fair value. The trailer had an adjusted tax basis of $12,000, and had been owned by Rego and used in its business for three years. In its 2010 income tax return, what is the
On May 1, 2010, Daniel Wright owned stock (held for investment) purchased two years earlier at a cost of $10,000 and having a fair market value of $7,000. On this date he sold the stock to his son, William, for $7,000. William sold the stock for $6,000 to an unrelated person on July 1, 2010.How
Among which of the following related parties are losses from sales and exchanges not recognized for tax purposes?a. Mother-in-law and daughter-in-law.b. Uncle and nephew.c. Brother and sister.d. Ancestors, lineal descendants, and all in-laws.
In 2011, Fay sold 100 shares of Gym Co. stock to her son, Martin, for $11,000. Fay had paid $15,000 for the stock in 2007. Subsequently in 2011, Martin sold the stock to an unrelated third party for $16,000. What amount of gain from the sale of the stock to the third party should Martin report on
What was Alice’s recognized gain or loss on her sale?a. $0.b. $5,000 long-term gain.c. $5,000 short-term loss.d. $5,000 long-term loss.934 MODULE 36 TRANSACTIONS IN PROPERTY
What amount of the loss from the sale of Zinco stock can Conner deduct in 2010?a. $0b. $ 3,000c. $ 5,000d. $10,000
If an individual incurs a loss on a nonbusiness deposit as the result of the insolvency of a bank, credit union, or other financial institution, the individual’s loss on the nonbusiness deposit may be deducted in any one of the following ways except:a. Miscellaneous itemized deduction.b. Casualty
Murd Corporation, a domestic corporation, acquired a 90% interest in the Drum Company in 2007 for $30,000.During 2011, the stock of Drum was declared worthless.What type and amount of deduction should Murd take for 2011?a. Long-term capital loss of $1,000.b. Long-term capital loss of $15,000.c.
On March 10, 2011, James Rogers sold 300 shares of Red Company common stock for $4,200. Rogers acquired the stock in 2008 at a cost of $5,000.On April 4, 2011, he repurchased 300 shares of Red Company common stock for $3,600 and held them until July 18, 2011, when he sold them for $6,000.How should
Smith, an individual calendar-year taxpayer, purchased 100 shares of Core Co. common stock for $15,000 on December 15, 2010, and an additional 100 shares for $13,000 on December 30, 2010. On January 3, 2011, Smith sold the shares purchased on December 15, 2010, for $13,000. What amount of loss from
Miller, an individual calendar-year taxpayer, purchased 100 shares of Maples Inc. common stock for $10,000 on July 10, 2010, and an additional fifty shares of Maples Inc.common stock for $4,000 on December 24, 2010. On January 8, 2011, Miller sold the 100 shares purchased on July 10, 2010, for
Ryan, age fifty-seven, is single with no dependents. In January 2011, Ryan’s principal residence was sold for the net amount of $400,000 after all selling expenses. Ryan bought the house in 1998 and occupied it until sold. On the date of sale, the house had a basis of $180,000. Ryan does not
The following information pertains to the sale of Al and Beth Oran’s principal residence:Date of sale February 2011 Date of purchase October 1994 Net sales price $760,000 Adjusted basis $170,000 Al and Beth owned their home jointly and had occupied it as their principal residence since acquiring
In March 2011, Davis, who is single, purchased a new residence for $200,000. During that same month he sold his former residence for $380,000 and paid the realtor a $20,000 commission. The former residence, his first home, had cost$65,000 in 1992. Davis added a bathroom for $5,000 in 2007. What
An office building owned by Elmer Bass was condemned by the state on January 2, 2010. Bass received the condemnation award on March 1, 2011. In order to qualify for nonrecognition of gain on this involuntary conversion, MODULE 36 TRANSACTIONS IN PROPERTY 933 what is the last date for Bass to
The following information pertains to the acquisition of a six-wheel truck by Sol Barr, a self-employed contractor:Cost of original truck traded in $20,000 Book value of original truck at trade-in date 4,000 List price of new truck 25,000 Trade-in allowance for old truck 6,000 Business use of both
On October 1, 2010, Donald Anderson exchanged an apartment building having an adjusted basis of $375,000 and subject to a mortgage of $100,000 for $25,000 cash and another apartment building with a fair market value of$550,000 and subject to a mortgage of $125,000. The property transfers were made
On July 1, 2011, Riley exchanged investment real property, with an adjusted basis of $160,000 and subject to a mortgage of $70,000, and received from Wilson $30,000 cash and other investment real property having a fair market value of $250,000. Wilson assumed the mortgage. What is Riley’s
Pat Leif owned an apartment house that he bought in 1998. Depreciation was taken on a straight-line basis. In 2011, when Pat’s adjusted basis for this property was$200,000, he traded it for an office building having a fair market value of $600,000. The apartment house has 100 dwelling units,
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