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Reg Sim Exam 1 Questions & Answers 2024/2025 $8.49   Add to cart

Exam (elaborations)

Reg Sim Exam 1 Questions & Answers 2024/2025

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Reg Sim Exam 1 Questions & Answers 2024/2025 are payroll deductions that are withheld to be paid to a charity considered charitable contributions? - ANSWERSYES for charitable contributions, how is artwork valued? - ANSWERSat the FMV NOT what they purchased it for what is considered to be...

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  • August 13, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Reg Sim
  • Reg Sim
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Bensuda
Reg Sim Exam 1 Questions & Answers
2024/2025

are payroll deductions that are withheld to be paid to a charity considered charitable contributions? -
ANSWERSYES



for charitable contributions, how is artwork valued? - ANSWERSat the FMV NOT what they purchased it
for



what is considered to be personal holding company income? - ANSWERSdividends, interest, and royalties



what legal expenses are deductible in arriving at an invidudal's AGI? - ANSWERSordinary and necessary
expenses incurred in connection with a trade or business



what is subpart F income? - ANSWERSit is taxable income includable by a U.S. taxpayer from a controlled
foreign corporation.



-income w no economic connection to the country of origin -> ex. parent U.S., services by Irish company
in England.




CANT HAVE ECON CONNECTION TO COMPANY aka ireland



how to calculate dividend income when there is an accumulated E and P deficiency and positive current
E and P: - ANSWERSonly the current E and P



when the distribution of E and P is greater than the dividend income, what is its impact? - ANSWERSit
reduces the stock basis due to it being "return of capital"

, what is not eligible for a like-kind exchange? - ANSWERSpersonal property, inventory, investments in
bonds, partnerships, and corporation stock



what qualifies for like-kind exchanges? - ANSWERSbusiness assets/investments in them



how is basis in S corporation stock calculated? - ANSWERSbeginning basis +

share of ordinary income +

share of tax-exempt income

LESS distribution

= Ending basis



what is considered to be section 1231 property? - ANSWERSdepreciable personal and real property used
in the taxpayer's trade or business and held over 12 months



in a consolidated tax return for a corporation and its wholly owned subs, how are intercompany
dividends treated? - ANSWERSthey are not taxable, and they are ELIMINATED



how can the IRS prevail in a case with a criminal penalty? - ANSWERSthe IRS must prove beyond a
reasonable doubt that the taxpayer willfully and deliberately attempted to evade tax.



what are factors of a simple trust? - ANSWERS-no making distributions of a trust's principal

-annual exemption of 300

-not allowed charitable beneficiaries, only non-charitable beneficiaries

-required to distribute all current income



when is privity a viable defense? - ANSWERSan action against the accountant by the client's creditor



what is true about a limited liability partnership? - ANSWERSthey MUST file registration documents with
the state in which it was formed aka Articles of LLP, professionals and licensed professionals, some
require personal liabilities insurance, liable for selves NOT other partners

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