ACCT 424 Week 8 Final Exam Answers

More documents

Recommendations

Info

account. None of the above 10. (TCO 11) Which statement, if any, does not reflect the rules governing the negligence accuracyrelated penalty?(Points : 5) The penalty rate is 20%. The penalty is imposed only on the part of the deficiency attributable to negligence. The penalty applies to all federal taxes, except when fraud is involved. The penalty is waived if the taxpayer uses Form 8275 to disclose a return position that is reasonable, though
contrary, to the IRS position. None of the above 1. (TCO 7) On January 1 of the current year, Rachel and Julio form an equal partnership. Rachel makes a cash contribution of $80,000 and a property contribution (adjusted basis of $110,000, fair market value of $80,000) in exchange for her interest in the partnership. Julio contributes property (adjusted basis of $120,000, fair market value of $160,000) in exchange for his partnership interest. Which statement is true concerning the income tax results of this partnership formation? (Points : 5) Rachel has a $160,000 tax basis for her partnership interest.
Page 1 and 2: ACCT 424 Week 8 Final Exam Answers
Page 3 and 4: a basis of $200,000 in the land. Sa
Page 5 and 6: accumulated E & P of $75,000. For t
Page 7 and 8: John’s grandfather owns 200 share
Page 9: gain. None of the above 9. (TCO 6)
Page 13 and 14: personally liable. S&R sustained a
Page 15 and 16: : 5) $110,000 $146,000 $144,000 $19
Page 17 and 18: asis? (Points : 5) Depletion in exc
Page 19: to her granddaughter, Tracy. As a r

ACCT 424 Week 8 Final Exam Answers

Create successful ePaper yourself

Delete template?

Save as template?