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Wiley CPA Exam Review Regulation 2012 9th Edition O. Ray Whittington, Patrick R. Delaney - Solutions

A calendar-year corporation whose status as an S corporation was terminated during 2011 must wait how many years before making a new S election, in the absence of IRS consent to an earlier election?a. Can make a new S election for calendar year 2011.b. Must wait three years.c. Must wait five
Bern Corp., an S corporation, had an ordinary loss of $36,500 for the year ended December 31, 2010. At January 1, 2010, Meyer owned 50% of Bern’s stock. Meyer held the stock for forty days in 2010 before selling the entire 50% interest to an unrelated third party. Meyer’s basis for the stock
A corporation that has been an S corporation from its inception may Have both passive and nonpassive income Be owned by a bankruptcy estatea. No Yesb. Yes Noc. No Nod. Yes Yes
If an S corporation has no accumulated earnings and profits, the amount distributed to a shareholdera. Must be returned to the S corporation.b. Increases the shareholder’s basis for the stock.c. Decreases the shareholder’s basis for the stock.d. Has no effect on the shareholder’s basis for
Which of the following conditions will prevent a corporation from qualifying as an S Corporation?a. The corporation owns 100% of the stock of a C corporation.b. The corporation is a partner in a partnership.c. 30% of the corporation’s stock is held by a voting trust.d. The corporation has common
The Haas Corp., a calendar-year S corporation, has two equal shareholders. For the year ended December 31, 2010, Haas had income of $60,000, which included $50,000 from operations and$10,000 from investment interest income. There were no other transactions that year. Each shareholder’s basis in
An S corporation has 30,000 shares of voting common stock and 20,000 shares of nonvoting common stock issued and outstanding. The S election can be revoked voluntarily with the consent of the shareholders holding, on the day of the revocation, Shares of voting stock Shares of nonvoting stocka. 0
On February 10, 2010, Ace Corp., a calendar-year corporation, elected S corporation status and all shareholders consented to the election. There was no change in shareholders in 2010. Ace met all eligibility requirements for S status during the preelection portion of the year. What is the earliest
As of January 1, 2010, Kane owned all the 100 issued shares of Manning Corp., a calendar-year S corporation. On the 40th day of 2010, Kane sold 25 of the Manning shares to Rodgers. For the year ended December 31, 2010 (a 365-day calendar year), Manning had$73,000 in nonseparately stated income and
Bristol Corp. was formed as a C corporation on January 1, 2000, and elected S corporation status on January 1, 2008. At the time of the election, Bristol had accumulated C corporation earnings and profits that have not been distributed. Bristol has had the same 25 shareholders throughout its
Zinco Corp. was a calendar-year S corporation. Zinco’s S status terminated on April 1, 2010, when Case Corp. became a shareholder.During 2010 (365-day calendar year), Zinco had nonseparately computed income of $310,250. If no election is made by Zinco, what amount of the income, if any, should be
A shareholder’s basis in the stock of an S corporation is increased by the shareholder’s pro rata share of income from Tax-exempt interest Taxable interesta. No Nob. No Yesc. Yes Nod. Yes Yes
Village Corp., a calendar-year corporation, began business in 2004. Village made a valid S Corporation election on September 5, 2010, with the unanimous consent of its shareholders. The eligibility requirements for S status continued to be met throughout 2010. On what date did Village’s S status
Dart Corp., a calendar-year corporation, was formed in 2000 and made an S corporation election in 2002 that is still in effect. Its books and records for 2010 reflect the following information:Accumulated earnings and profits at 1/1/10 $90,000 Accumulated adjustments account at 1/1/10 50,000
Which one of the following statements concerning the eligibility requirements for S corporations is not correct?a. An S corporation is permitted to own 90% of the stock of a C corporation.b. An S corporation is permitted to own 100% of the stock of another S corporation.c. An S corporation is
Dart Corp., a calendar-year S corporation, had 60,000 shares of voting common stock and 40,000 shares of nonvoting common stock issued and outstanding. On February 23, 2011, Dart filed a revocation statement with the consent of shareholders holding 30,000 shares of its voting common stock and
Graphite Corp. has been a calendar-year S corporation since its inception on January 2, 2006. On January 1, 2010, Smith and Tyler each owned 50% of the Graphite stock, in which their respective bases were $12,000 and $9,000. For the year ended December 31, 2010, Graphite had $80,000 in ordinary
Beck Corp. has been a calendar-year S corporation since its inception on January 2, 2006. On January 1, 2010, Lazur and Lyle each owned 50% of the Beck stock, in which their respective tax bases were $12,000 and $9,000. For the year ended December 31, 2010, Beck had $81,000 in ordinary business
Lane Inc., an S corporation, pays single coverage health insurance premiums of $4,800 per year and family coverage premiums of $7,200 per year. Mill is a 10% shareholder-employee in Lane. On Mill’s behalf, Lane pays Mill’s family coverage under the health insurance plan. What amount of
Baker, an individual, owned 100% of Alpha, an S corporation. At the beginning of the year, Baker’s basis in Alpha Corp. was $25,000.Alpha realized ordinary income during the year in the amount of$1,000 and a long-term capital loss in the amount of $3,000 for this year. Alpha distributed $30,000
Stahl, an individual, owns 100% of Talon, an S corporation. At the beginning of the year, Stahl’s basis in Talon was $65,000. Talon reported the following items from operations during the current year:Ordinary loss $10,000 Municipal interest income 6,000 Long-term capital gain 4,000 Short-term
Daystar Corp. which is not a mere holding or investment company, derives its income from consulting services. Daystar had accumulated earnings and profits of $45,000 at December 31, 2009.For the year ended December 31, 2010, it had earnings and profits of$115,000 and a dividends-paid deduction of
The minimum accumulated earnings credit isa. $150,000 for all corporations.b. $150,000 for nonservice corporations only.c. $250,000 for all corporations.d. $250,000 for nonservice corporations only.
In determining accumulated taxable income for the purpose of the accumulated earnings tax, which one of the following is allowed as a deduction?a. Capital loss carryover from prior year.b. Dividends received deduction.c. Net operating loss deduction.d. Net capital loss for current year.
Where passive investment income is involved, the personal holding company tax may be imposeda. On both partnerships and corporations.b. On companies whose gross income arises solely from rentals, if the lessors render no services to the lessees.c. If more than 50% of the company is owned by five or
The accumulated earnings taxa. Depends on a stock ownership test based on the number of stockholders.b. Can be avoided by sufficient dividend distributions.c. Is computed by the filing of a separate schedule along with the corporation’s regular tax return.d. Is imposed when the entity is
Kee Holding Corp. has eighty unrelated equal stockholders. For the year ended December 31, 2010, Kee’s income comprised the following:Net rental income $ 1,000 Commissions earned on sales of franchises 3,000 Dividends from taxable domestic corporations 90,000 Deductible expenses for 2010 totaled
The accumulated earnings taxa. Should be self-assessed by filing a separate schedule along with the regular tax return.b. Applies only to closely held corporations.c. Can be imposed on S corporations that do not regularly distribute their earnings.d. Cannot be imposed on a corporation that has
The personal holding company tax may be imposeda. As an alternative tax in place of the corporation’s regularly computed tax.b. If more than 50% of the corporation’s stock is owned, directly or indirectly, by more than ten stockholders.c. If at least 60% of the corporation’s adjusted ordinary
The accumulated earnings tax does not apply toa. Corporations that have more than 100 stockholders.b. Personal holding companies.c. Corporations filing consolidated returns.d. Corporations that have more than one class of stock.
The personal holding company taxa. Qualifies as a tax credit that may be used by partners or stockholders to reduce their individual income taxes.b. May be imposed on both corporations and partnerships.c. Should be self-assessed by filing a separate schedule with the regular tax return.d. May be
Benson, a singer, owns 100% of the outstanding capital stock of Lund Corp. Lund contracted with Benson, specifying that Benson was to perform personal services for Magda Productions, Inc., in consideration of which Benson was to receive $50,000 a year from Lund. Lund contracted with Magda,
The following information pertains to Hull, Inc., a personal holding company, for the year ended December 31, 2010:Undistributed personal holding company income $100,000 Dividends paid during 2010 20,000 Consent dividends reported in the 2010 individual income tax returns of the holders of Hull’s
Kari Corp., a manufacturing company, was organized on January 2, 2010. Its 2010 federal taxable income was $400,000 and its federal income tax was $100,000. What is the maximum amount of accumulated taxable income that may be subject to the accumulated earnings tax for 2010 if Kari takes only the
Arbor Corp. has nine common stockholders. Arbor derives all of its income from investments in stocks and securities, and regularly distributes 51% of its taxable income as dividends to its stockholders. Arbor is aa. Regulated investment company.b. Personal holding company.c. Corporation subject to
Zero Corp. is an investment company authorized to issue only common stock. During the last half of 2010, Edwards owned 240 of the 1,000 outstanding shares of stock in Zero. Another 560 shares of stock outstanding were owned, 20 shares each, by 28 shareholders who are neither related to each other
The accumulated earnings tax can be imposeda. On both partnerships and corporations.b. On companies that make distributions in excess of accumulated earnings.c. On personal holding companies.d. Regardless of the number of stockholders in a corporation.
Dart Corp., a calendar-year domestic C corporation, is not a personal holding company. For purposes of the accumulated earnings tax, Dart has accumulated taxable income for 2010. Which step(s)can Dart take to eliminate or reduce any 2010 accumulated earnings tax?I. Demonstrate that the
Kane Corp. is a calendar-year domestic personal holding company. Which deduction(s) must Kane make from 2010 taxable income to determine undistributed personal holding company income prior to the dividend-paid deduction?Federal income taxes Net long-term capital gain less related federal income
Edge Corp. met the stock ownership requirements of a personal holding company. What sources of income must Edge consider to determine if the income requirements for a personal holding company have been met?I. Interest earned on tax-exempt obligations.II. Dividends received from an unrelated
Mintee Corp., an accrual-basis calendar-year C corporation, had no corporate shareholders when it liquidated in 2011. In cancellation of all their Mintee stock, each Mintee shareholder received in 2011 a liquidation distribution of $2,000 cash and land with a tax basis of$5,000 and a fair market
Carmela Corporation had the following assets on January 2, 2010, the date on which it adopted a plan of complete liquidation:Adjusted basis Fair market value Land $ 75,000 $150,000 Inventory 43,500 66,000 Totals $118,500 $216,000 The land was sold on June 30, 2010, to an unrelated party at a gain
On June 1, 2011, Green Corp. adopted a plan of complete liquidation. On August 1, 2011, Green distributed to its stockholders installment notes receivable that Green had acquired in connection with the sale of land in 2010. The following information pertains to these notes:Green’s basis $ 90,000
Lark Corp. and its wholly owned subsidiary, Day Corp., both operated on a calendar year. In January 2011, Day adopted a plan of complete liquidation. Two months later, Day paid all of its liabilities and distributed its remaining assets to Lark. These assets consisted of the following:Cash $50,000
When a parent corporation completely liquidates its 80%-owned subsidiary, the parent (as stockholder) will ordinarilya. Be subject to capital gains tax on 80% of the long-term gain.b. Be subject to capital gains tax on 100% of the long-term gain.c. Have to report any gain on liquidation as ordinary
Kappes Corp. distributed marketable securities in a pro rata redemption of its stock in a complete liquidation. These securities, which had been purchased in 2004 for $150,000, had a fair market value of $100,000 when distributed. What loss does Kappes recognize as a result of the distribution?a.
Par Corp. acquired the assets of its wholly owned subsidiary, Sub Corp., under a plan that qualified as a tax-free complete liquidation of Sub. Which of the following of Sub’s unused carryovers may be transferred to Par?Excess charitable contributions Net operating lossa. No Yesb. Yes Noc. No
What is the usual result to the shareholders of a distribution in complete liquidation of a corporation?a. No taxable effect.b. Ordinary gain to the extent of cash received.c. Ordinary gain or loss.d. Capital gain or loss.
A corporation was completely liquidated and dissolved during 2011. The filing fees, professional fees, and other expenditures incurred in connection with the liquidation and dissolution area. Deductible in full by the dissolved corporation.b. Deductible by the shareholders and not by the
In 2011, Kara Corp. incurred the following expenditures in connection with the repurchase of its stock from shareholders to avert a hostile takeover:Interest on borrowings used to repurchase stock $100,000 Legal and accounting fees in connection with the repurchase 400,000 The total of the above
How does a noncorporate shareholder treat the gain on a redemption of stock that qualifies as a partial liquidation of the distributing corporation?a. Entirely as capital gain.b. Entirely as a dividend.c. Partly as capital gain and partly as a dividend.d. As a tax-free transaction.
Two unrelated individuals, Mark and David, each own 50% of the stock of Pike Corporation, which has accumulated earnings and profits of $250,000. Because of his inactivity in the business in recent years, Mark has decided to retire from the business and wishes to sell his stock. Accordingly, Pike
On December 1, 2010, Gelt Corporation declared a dividend and distributed to its sole shareholder a parcel of land that was not an inventory asset. On the date of the distribution, the following data were available:Adjusted basis of land $ 6,500 Fair market value of land 14,000 Mortgage on land
On June 30, 2010, Ral Corporation had retained earnings of$100,000. On that date, it sold a plot of land to a noncorporate stockholder for $50,000. Ral had paid $40,000 for the land in 2002, and it had a fair market value of $80,000 when the stockholder bought it. The amount of dividend income
Dahl Corp. was organized and commenced operations in 2000.At December 31, 2010, Dahl had accumulated earnings and profits of $9,000 before dividend declaration and distribution. On December 31, 2010, Dahl distributed cash of $9,000 and a vacant parcel of land to Green, Dahl’s only stockholder. At
On January 1, 2010, Kee Corp., a C corporation, had a $50,000 deficit in earnings and profits. For 2010 Kee had current earnings and profits of $10,000 and made a $30,000 cash distribution to its stockholders. What amount of the distribution is taxable as dividend income to Kee’s stockholders?a.
Tour Corp., which had earnings and profits of $400,000, made a nonliquidating distribution of property to its shareholders in 2011.This property, which had an adjusted basis of $30,000 and a fair market value of $20,000 at date of distribution, did not constitute assets used in the active conduct
Ridge Corp., a calendar-year C corporation, made a nonliquidating cash distribution to its shareholders of $1,000,000 with respect to its stock. At that time, Ridge’s current and accumulated earnings and profits totaled $750,000 and its total paidin capital for tax purposes was $10,000,000. Ridge
Kent Corp. is a calendar-year, accrual-basis C corporation. In 2010, Kent made a nonliquidating distribution of property with an adjusted basis of $150,000 and a fair market value of $200,000 to Reed, its sole shareholder. The following information pertains to Kent:Reed’s basis in Kent stock at
Salon, Inc. distributed cash and personal property to its sole shareholder. Using the following facts, determine the amount of gain that would be recognized by Salon, Inc. as the result of making the distribution to its shareholder?Item Amount Cash $20,000 Personal property:Fair market value 6,000
Chicago Corp., a calendar-year C corporation, had accumulated earnings and profits of $100,000 as of January 1, 2010 and had a deficit in its current earnings and profits for the entire 2010 tax year in the amount of $140,000. Chicago Corp. distributed $30,000 cash to its shareholders on December
On January 1, 2010, Locke Corp., an accrual-basis, calendar-year C corporation, had $30,000 in accumulated earnings and profits. For 2010, Locke had current earnings and profits of $20,000 and made two $40,000 cash distributions to its shareholders, one in April and one in September of 2010. What
At the beginning of the year, Cable, a C corporation, had accumulated earnings and profits of $100,000. Cable reported the following items on its current year tax return:Taxable income $50,000 Federal income taxes paid 5,000 Current year charitable contributions in excess of 10% limitation 1,000
At the beginning of the year, Westwind, a C corporation, had a deficit of $45,000 in accumulated earnings and profits. For the current year, Westwind reported earnings and profits of $15,000.Westwind distributed $12,000 during the year. What was the amount of Westwind’s accumulated earnings and
Parent Corporation and Subsidiary Corporation file consolidated returns on a calendar-year basis. In January 2010, Subsidiary sold land, which it had used in its business, to Parent for $50,000.Immediately before this sale, Subsidiary’s basis for the land was$30,000. Parent held the land
Consolidated returns may be fileda. Either by parent-subsidiary corporations or by brother-sister corporations.b. Only by corporations that formally request advance permission from the IRS.c. Only by parent-subsidiary affiliated groups.d. Only by corporations that issue their financial statements
Dana Corp. owns stock in Seco Corp. For Dana and Seco to qualify for the filing of consolidated returns, at least what percentage of Seco’s total voting power and total value of stock must be directly owned by Dana?Total voting power Total value of stocka. 51% 51%b. 51% 80%c. 80% 51%d. 80% 80%
When a consolidated return is filed by an affiliated group of includible corporations connected from inception through the requisite stock ownership with a common parenta. Intercompany dividends are excludable to the extent of 80%.b. Operating losses of one member of the group offset operating
Potter Corp. and Sly Corp. file consolidated tax returns. In January 2010, Potter sold land, with a basis of $60,000 and a fair value of $100,000, to Sly for $100,000. Sly sold the land in June 2011 for $125,000. In its 2011 and 2010 tax returns, what amount of gain should be reported for these
In 2011, Portal Corp. received $100,000 in dividends from Sal Corp., its 80%-owned subsidiary. What net amount of dividend income should Portal include in its 2011 consolidated tax return?a. $100,000b. $ 80,000c. $ 70,000d. $0
Bank Corp. owns 80% of Shore Corp.’s outstanding capital stock. Shore’s capital stock consists of 50,000 shares of common stock issued and outstanding. Shore’s 2010 net income was$140,000. During 2010, Shore declared and paid dividends of$60,000. In conformity with generally accepted
Olex Corporation’s books disclosed the following data for the calendar year 2010:Retained earnings at beginning of year $50,000 Net income for year 70,000 Contingency reserve established at end of year 10,000 Cash dividends paid during year 8,000 What amount should appear on the last line of
Barbaro Corporation’s retained earnings at January 1, 2010, was$600,000. During 2010 Barbaro paid cash dividends of $150,000 and received a federal income tax refund of $26,000 as a result of an IRS audit of Barbaro’s 2007 tax return. Barbaro’s net income per books for the year ended December
Media Corp. is an accrual-basis, calendar-year C corporation. Its 2010 reported book income included $6,000 in municipal bond interest income. Its expenses included $1,500 of interest incurred on indebtedness used to carry municipal bonds and $8,000 in advertising expense. What is Media’s net M-1
In the reconciliation of income per books with income per return in Schedule M-1 of Form 1120a. Only temporary differences are considered.b. Only permanent differences are considered.c. Both temporary and permanent differences are considered.d. Neither temporary nor permanent differences are
Would the following expense items be reported on Schedule M-1 of the corporation income tax return (Form 1120) showing the reconciliation of income per books with income per return?Lodging expenses for executive out-of-town travel Deduction for a net capital lossa. Yes Yesb. No Noc. Yes Nod. No Yes
In 2010, Starke Corp., an accrual-basis calendar-year corporation, reported book income of $380,000. Included in that amount was $50,000 municipal bond interest income, $170,000 for federal income tax expense, and $2,000 interest expense on the debt incurred to carry the municipal bonds. What
For its taxable year 2010, Farve Corp. had net income per books of $80,000, which included municipal bond interest of $5,000, dividend income of $10,000, a deduction for a net capital loss of$6,000, a deduction for business meals of $4,000, and a deduction for federal income taxes of $18,000. What
For the year ended December 31, 2010, Ajax Corporation had net income per books of $1,200,000. Included in the determination of net income were the following items:Interest income on municipal bonds $ 40,000 Damages received from settlement of patent infringement lawsuit 200,000 Interest paid on
Bishop Corporation reported taxable income of $700,000 on its federal income tax return for calendar year 2010. Selected information for 2010 is available from Bishop’s records as follows:Provision for federal income tax per books $280,000 Depreciation claimed on the tax return 130,000
Dewey Corporation’s book income before federal income taxes was $520,000 for the year ended December 31, 2010. Dewey was incorporated during 2010 and began business in June. Organization costs of $257,400 were expensed for financial statement purposes during 2010. For tax purposes these costs are
For the year ended December 31, 2010, Bard Corp.’s income per accounting records, before federal income taxes, was $450,000 and included the following:State corporate income tax refunds $ 4,000 Life insurance proceeds on officer’s death 15,000 Net loss on sale of securities bought for
For the year ended December 31, 2010, Dodd Corp. had net income per books of $100,000. Included in the computation of net income were the following items:Provision for federal income tax $27,000 Net long-term capital loss 5,000 Keyman life insurance premiums (corporation is beneficiary) 3,000
For the year ended December 31, 2010, Maple Corp.’s book income, before federal income tax, was $100,000. Included in this$100,000 were the following:Provision for state income tax $1,000 Interest earned on US Treasury Bonds 6,000 Interest expense on bank loan to purchase US Treasury Bonds 2,000
For the year ended December 31, 2010, Kelly Corp. had net income per books of $300,000 before the provision for federal income taxes. Included in the net income were the following items:Dividend income from a 5%-owned domestic taxable corporation (taxable income limitation does not apply and there
For the first taxable year in which a corporation has qualifying research and experimental expenditures, the corporationa. Has a choice of either deducting such expenditures as current business expenses, or capitalizing these expenditures.b. Has to treat such expenditures in the same manner as they
Ram Corp.’s operating income for the year ended December 31, 2010, amounted to $100,000. Also in 2010, a machine owned by Ram was completely destroyed in an accident. This machine’s adjusted basis immediately before the casualty was $15,000. The machine was not insured and had no salvage
Dorsett Corporation’s income tax return for 2010 shows deductions exceeding gross income by $56,800. Included in the tax return are the following items:Net operating loss deduction (carryover from 2009) $15,000 Dividends received deduction 6,800 What is Dorsett’s net operating loss for 2010?a.
For the year ended December 31, 2010, Haya Corp. had gross business income of $600,000 and expenses of $800,000.Contributions of $5,000 to qualified charities were included in expenses. In addition to the expenses, Haya had a net operating loss carryover of $9,000. What was Haya’s net operating
When a corporation has an unused net capital loss that is carried back or carried forward to another tax year,a. It retains its original identity as short-term or long-term.b. It is treated as a short-term capital loss whether or not it was short-term when sustained.c. It is treated as a long-term
For the year ended December 31, 2010, Taylor Corp. had a net operating loss of $200,000. Taxable income for the earlier years of corporate existence, computed without reference to the net operating loss, was as follows:Taxable income 2005 $ 5,000 2006 $10,000 2007 $20,000 2008 $30,000 2009 $40,000
A C corporation’s net capital losses area. Carried forward indefinitely until fully utilized.b. Carried back three years and forward five years.c. Deductible in full from the corporation’s ordinary income.d. Deductible from the corporation’s ordinary income only to the extent of $3,000.
During 2010, Stark Corp. reported gross income from operations of $350,000 and operating expenses of $400,000. Stark also received dividend income of $100,000 (not included in gross income from operations) from an investment in a taxable domestic corporation in which it owns 10% of the stock.
Cava Corp., which has no portfolio indebtedness, received the following dividends in 2011:From a mutual savings bank $1,500 From a 20%-owned unaffiliated domestic taxable corporation 7,500 How much of these dividends qualifies for the 80% dividends received deduction?a. $9,000b. $7,500c. $1,500d. $0
In 2010, Daly Corp. had the following income:Profit from operations $100,000 Dividends from 20%-owned taxable domestic corporation 1,000 In Daly’s 2010 taxable income, how much should be included for the dividends received?a. $0b. $ 200c. $ 800d. $1,000
In 2010, Ryan Corp. had the following income:Income from operations $300,000 Dividends from unrelated taxable domestic corporations less than 20% owned 2,000 Ryan had no portfolio indebtedness. In Ryan’s 2010 taxable income, what amount should be included for the dividends received?a. $ 400b. $
The corporate dividends received deductiona. Must exceed the applicable percentage of the recipient shareholder’s taxable income.b. Is affected by a requirement that the investor corporation must own the investee’s stock for a specified minimum holding period.c. Is unaffected by the percentage
In 2010, Acorn, Inc. had the following items of income and expense:Sales $500,000 Cost of sales 250,000 Dividends received 25,000 The dividends were received from a corporation of which Acorn owns 30%. In Acorn’s 2010 corporate income tax return, what amount should be reported as income before
In 2010, Best Corp., an accrual-basis calendar-year C corporation, received $100,000 in dividend income from the common stock that it held in a 15%-owned domestic corporation.The stock was not debt-financed, and was held for over a year. Best recorded the following information for 2010:Loss from
Norwood Corporation is an accrual-basis taxpayer. For the year ended December 31, 2010, it had book income before tax of$500,000 after deducting a charitable contribution of $100,000. The contribution was authorized by the Board of Directors in December 2010, but was not actually paid until March

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