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...
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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