Tuesday, February 4, 2014

Taxation

1. Question : Which of the following items are eligible for immediate expensing and 180-month amortization? (1.) Fee to CPA to handle Subchapter S election (2.) Refreshments served at organisational meetings (3.) Underwriting commission (4.) Legal fees in connection with incorporation (5.) preserve fees upon transfer of assets to corporation student Answer: (2), (4), and (5) (1), (2), and (5) (1), (2), (3), (4), and (5) (1), (2), and (4) Points reliable: 4 of 4 Comments: 2. Question : Evan Erman transferred archive to a corporation in a Code Sec. 351 transaction. His base in the inventory was $10,000 and its regard as was $8,000. If he received $2,000 in cash and 100 shares of bargain in, the resulting bases are: schoolchild Answer: Evans banal: $8,000; Corporations inventory: $10,000 Evans run: $10,000; Corporations inventory: $10,000 Evans stock: $10,000; Corpo rations inventory: $8,000 Evans stock: $8,000; Corporations inventory: $12,000 Points Received: 4 of 4 Comments: 3. Question : champion year Potter, Inc. had make income from sales of $210,000, business expenses of $230,000, and dividend income from U.S. corporations of $150,000. Potters 80 percentage dividends-received deduction was: Student Answer: $104,000 $120,000...If you want to get a full essay, assign it on our website: BestEssayCheap.com

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