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ACC 426 Exam 1 (C Corporations) | Questions And Answers Latest {} A+ Graded | 100% Verified
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ACC 426 Exam 1 (C Corporations) | Questions And Answers Latest {2024- 2025} A+Graded | 100% Verified
What form must be filed by C Corporations annually? - 1120
What is the due date for tax returns by C Corporations with calendar year ends? - March 15th
Bailey Corporation has taxable income of $100,000 before including charitable deductions. If Bailey
Corporation made charitable donations of $12,000 during 2015, how will this be handled if it is a C
Corporation? - Bailey will deduct part of the $12,000 and carry the unused deduction to 2016
Pissos Corporation has net capital losses of $34,000 in 2015. How will it be handled on their corporate
return? - They will do a carry back of 3 years and then a carry forward of 5 years
Which of the following would be included on the Schedule L for most corporations? - Balance sheet
Crumbacher Corporation began business on July 1, 2015. They incurred organizational costs of
$100,000. How much can they deduct in 2015? - $3,333
Rossell Corporation began business on July 1, 2015. They incurred $38,000 in start-up costs. How much
can they deduct for 2015? - $6,100
Which of the following is true regarding the selection of fiscal year end dates by newly formed C
Corporations? - C Corporations can select any fiscal year end
Which of the following is a deductible tax expense for corporations? - Travel expenses
Godown Corporation's Board of Directors met on January 3, 2016 to discuss the 2015 results. The board
was advised that the net income was $100,000. The board members voted to make a donation of
$17,000 to the Church of St. Turrentine and consider it part of their 2015 year. When the corporation
files its 2015 return, what amount should be used for charitable donations? - $0
, Maskey Corporation earned over $20 million in operating income during 2015 and is in a marginal 35%
tax bracket. In addition to the $20 million, Maskey received $100,000 in long term capital gains. How
much additional taxes will Maskey Corporation incur on capital gains? - $35,000
Crow Corporation is a very small C Corporation that operates a gas station. During 2015, Crow
Corporation had operating revenue of $100,000 and operating expenses of $90,000. They also received
$4,000 in dividends from Wal-Mart, Inc. What is the taxable income for Crow Corporation? - $11,200
James forms the Eastern Liberty and Justice Corporation. He will be the 100% owner. Initially, he put a
building into a corporation that he had a basis of $50,000. The building had a fair market value of
$72,000. How much gain must he immediately recognize on his personal return? - $0
Using the information from the previous problem, how much gain did the corporation recognize
immediately? - $0
Again, using the information from question 13, what is James' basis in the stock he received? - $50,000
Once again, using the information from question 13, what is the basis f the corporation in the building? -
$50,000
Catma Corporation has a Net Operating Loss in 2015. How should this be handled? - Catma will do a 2
year carry back and 20 year carry forward
Which of the following is reconciled on Schedule M-1 of a corporate tax return? - Book and Tax Income
White Corporation receives a $10,000 dividend from Massa Corporation. Massa Corporation is 100%
owned by White. How will this transaction affect White Corporation? - White will not incur any
additional taxes
Which of the following expenses must be computed differently for tax purposes as opposed to GAAP? -
Bad debts expense
Regarding accounting methods, which of the following statements is true? - Small corporations may
choose between cash basis and accrual accounting
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