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business
taxation of business entities

Questions and Answers of Taxation of Business Entities

Which of the following items is not a permanent book/tax difference?a. Tax-exempt interest income.b. Tax-exempt insurance proceeds.c. Domestic production activities deduction.d. Non-deductible meals
Adams Corporation has total deferred tax assets of $3,000,000 at year-end. Management is assessing whether a valuation allowance must be recorded against some or all of the deferred tax assets. What
Which of the following evidence would not be considered positive in determining whether Adams Corporation needs to record a valuation allowance for some or all of its deferred tax assets?a. The
Montcalm Corporation has total deferred tax assets of $3,000,000 at year-end. Of that amount, $1,000,000 results from the current expensing of an expenditure that the IRS might assert must be
Which of the following statements about uncertain tax positions (UTP) is correct?a. UTP applies only to tax positions accounted for under ASC 740 taken on a filed tax return.b. UTP applies to all tax
What was IBM’s accounting effective tax rate for 2015? What items caused the company’s accounting effective tax rate to differ from the “hypothetical” tax rate of 35 percent? What was the
ASC 740 requires a company to disclose those components of its deferred tax assets and liabilities that are considereda. Relevantb.
Petoskey Stone, Inc., a U.S. corporation, received the following sources of income during the current year. Identify the source of each item as either U.S. or foreign.Interest income from a loan to
Which formula represents the calculation of a company’s effective tax rate?a. Income taxes paid / Taxable income.b. Income taxes paid / Pretax income from continuing operations.c. Income tax
Which of the following pronouncements should a company consult in computing its quarterly income tax provision?a. ASC 740b. ASC 230c. ASC 718d. ASC 810e. SarbOX 404
Access the 2015 Annual Report for Alphabet (Google) and answer the following questions.a. Using information from the company’s Income Statement and Income Taxes footnote, what was the company’s
Assume a calendar-year corporation has positive current E&P of $100 and an accumulated deficit (negative) E&P of $200. In this circumstance, a cash distribution of $100 to the
A shareholder receives appreciated noncash property in a corporate distribution and assumes a liability attached to the property. How does the liability assumption affect the amount of dividend
A corporation distributes appreciated non cash property to a shareholder as a dividend. What impact does the distribution have on the corporation’s earnings and profits?
What tax issue arises when a shareholder receives a nontaxable stock dividend?
Jones Mills, Inc. (JMI) decided to liquidate its whollyowned subsidiary, Most Help, Inc. (MH). MH had the following tax accounting balance sheet. a. What amount of gain or loss does MH
Cartman Corporation owns 90 shares of SP Corporation. The remaining 10 shares are owned by Kenny (an individual). After several years of operations, Cartmandecided to liquidate SP Corporation by
Under what circumstances will a partner recognize a loss from an operating distribution?In general, what effect does an operating distribution have on the partnership?
What role does debt basis play in determining the taxability of operating distributions to shareholders?
Julio and Milania are owners of Falcons Corporation, an S corporation. They each own 50 percent of Falcons Corporation. In year 1, Julio and Milani each received distributions of $15,000 from Falcons
Why do states and local jurisdictions assess taxes?
Compare and contrast the reasons why book/tax and federal/state adjustments are necessary for interest income.
Use California Publication 1061 (2016) to determine the various tests California uses to determine whether two or more entities are part of a unitary group.
Briefly describe the two different methods for apportioning research and experimental expenditures(R&E) to foreign source taxable income in the computation of the foreign tax credit limitation.
IBM incurs $250 million of research and experimental expenditures (R&E) in the United States. How does the “exclusive apportionment” of this deduction differ depending on the R&E
Why is a treaty important to a nonresident investor in U.S. stocks and bonds?
True or False: All foreign taxes are creditable for U.S. tax purposes. Explain
Camille, a citizen and resident of Country A, received a $1,000 dividend from a corporation organized in Country B. Which statement best describes the taxation of this income under the two different
Chapeau Company, a U.S. corporation, operates through a branch in Champagnia. The source rules used by Champagnia are identical to those used by the United States. For 2017, Chapeau has $2,000 of
Identify the “per se” companies for which a check-the-box election cannot be made for U.S. tax purposes in the countries listed below. Consult the Instructions to Form 8832, which can be
Eagle Inc., a U.S. corporation intends to create a limitada(limited liability company) in Brazil in 2017to manufacture pitching machines. The company expects the operation to generate losses of
People sometimes confuse the applicable credit with the exemption equivalent. Describe how these terms differ and how they are related.
Identify the sections in the Internal Revenue Code that authorize the use of qualified terminable interest property (QTIPs) for gift and estate tax purposes, respectively
Jones is seriously ill and has $6 million of property that he wants to leave to his four children. He is considering making a current gift of the property (rather than leaving the property to pass
This year Gerry’s friend, Dewey, was disabled. Gerry paid $15,000 to Dewey’s doctor for medical expenses and paid $12,500 to State University for college tuition for Dewey’s son. Has Gerry made
This year Dan and Mike purchased realty for $180,000 and took title as equal tenants in common. However, Mike was able to provide only $40,000 of the purchase price and Dan paid the remaining
Last year Nate opened a savings account with a deposit of $15,000. The account was in the name of Nate and Derrick, joint tenancy with the right of survivorship. Derrick did not contribute to the
Barry transfers $1,000,000 to an irrevocable trust with income to Robin for her life and the remainder to Maurice (or his estate). Calculate the value of the life estate and remainder if Robin’s
Carmen SanDiego, a U.S. citizen, is employed by General Motors Corporation, a U.S. corporation. On April 1, 2017, GM relocated Carmen to its Brazilian operations for the remainder of 2017. Carmen was
Explain why Congress felt it necessary to enact a gift tax to complement the estate tax.
Describe the applicable credit and the purpose it serves in the gift and estate tax.
Harold owns a condo in Hawaii that he plans on using for the rest of his life. However, to ensure his sister Maude will own the property after his death, Harold deeded the remainder of the property
How does a company disclose deferred tax assets and liabilities on its balance sheet beginning in 2017?
True or False: ASC 740 applies to all taxes paid by a corporation. Explain.
Visit your state’s officialwebsite and review the information there related to forming and operating business entities in your state. Write a short report explaining the steps for organizing a
During the current year, CRS Inc. reported the following tax-related information:$10,000 tax-exempt interest from public activity bonds issued in 2015.$16,000 tax-exempt interest from private
What is the due date for a calendar yearcorporation tax return Form 1120 for 2017? Is it possible to extend the due date? Explain.
What are the carryback and carryover periods for a net operating loss? Does it depend on the size of the corporation? Explain.
Describe how goodwill amortized for tax purposes but not for book purposes (i.e., no impairment) leads to temporary book-tax differences.
Jack would like to organize PPS as either an LLC or as a C corporation generating an 11 percent annual before-tax return on a $100,000 investment. Assume Jack’s marginal tax rate on earned income
Compare the entity-level tax consequences for C corporations, S corporations, and partnerships for both nonliquidating and liquidating distributions of noncash property.Do the tax rules tend to favor

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