ACCT 424 Week 8 Final Exam Answers

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4. (TCO 2) Silver Corporation has average gross receipts of $5.7 million, $4.6 million, and $4.8 million for the last three years, respectively. Silver is _____. (Points : 5) not subject to the corporate income tax a small corporation with respect to the AMT not subject to the AMT not a small corporation with respect to the AMT None of the above 5. (TCO 3) As of January 1, Everest Corporation has a deficit in
accumulated E & P of $75,000. For tax year, current E & P (all of which accrued ratably) is $40,000 (prior to any distribution). On July 1, Everest Corporation distributes $60,000 to its sole, noncorporate shareholder. Which is the amount of the distribution that is a dividend? (Points : 5) $0 $40,000 $60,000 $75,000 None of the above 6. (TCO 3) Parrot Corporation has accumulated E & P of $40,000 on January 1, 20×1. In 20×1, Parrot
Page 1 and 2: ACCT 424 Week 8 Final Exam Answers
Page 3: a basis of $200,000 in the land. Sa
Page 7 and 8: John’s grandfather owns 200 share
Page 9 and 10: gain. None of the above 9. (TCO 6)
Page 11 and 12: contrary, to the IRS position. None
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

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