過去問 Corporations ３

On January 2, Year 1, Shaw Corp., an accrual-basis, calendar-year C corporation, purchased all the assets of a sole proprietorship, including $300,000 in goodwill. Federal income tax expense of $110,100 and $7,500 for impairment of goodwill were deducted to arrive at Shaw's reported book income of $239,200. What should be the amount of Shaw's Year 1 taxable income, as reconciled on Shaw's Schedule M-1 of Form 1120, US Corporation Income Tax Return?

a.                        $239,200

b.                       $329,300

c.                        $336,800

d.                       $349,300

6794

Solution　c

Federal Income Tax とImpairment Loss は、経費として認められない。Goodwill は税務上は15年償却。

In Year 1, Cape Co. reported book income of $140,000. Included in that amount was $50,000 for meals and entertainment expense and $40,000 for federal income tax expense. In Cape's Schedule M-1 of Form 1120, which reconciles book income and taxable income, what amount should be reported as Year 1 taxable income?

a.                        $205,000

b.                       $180,000

c.                        $165,000

d.                       $140,000

4471

Solution　a

Meals & Entertainment 50%とFederal Income Tax を足し戻す。

On January 1 of the current year, Locke Corp., an accrual-basis calendar-year C corporation, had $30,000 in accumulated earnings and profits. For the current year, Locke had current earnings and profits of $20,000, and made two $40,000 cash distributions to its shareholders, one in April and one in September. What amount of the distributions is classified as dividend income to Locke's shareholders?

a.                        $0

b.                       $20,000

c.                        $50,000

d.                       $80,000

89801

Solution　c

Accumulated Earnings & Profits にCurrent 分を足した50,000まで。それ以上はReturn of Capital 。

Kent Corp. is a calendar year, accrual basis C corporation. In Year 1, Kent made a nonliquidating distribution of property with an adjusted basis of $150,000 and a fair market value of $200,000 to Reed, its sole shareholder. The following information pertains to Kent:

Reed's basis in Kent stock at January 1, Year 1	$500,000
Accumulated earnings and profits at January 1, Year 1	125,000
Current earnings and profits for Year 1	60,000

What was taxable as dividend income to Reed for Year 1?

a.                        $ 60,000

b.                       $150,000

c.                        $185,000

d.                       $200,000

5442

Solution　c

配当がPropertyの場合、FMVを見る。

How does a noncorporate shareholder treat the gain on a redemption of stock that qualifies as a partial liquidation of the distributing corporation?

a.                        Entirely as capital gain

b.                       Entirely as a dividend

c.                        Partly as capital gain and partly as a dividend

d.                       As a tax-free transaction

1665

Solution　a

Partial Liquidation ＝ ある特定の一部の株主から買っている場合　⇒ Capital Gain。

同じ株数を全員から買っている場合は、配当とみなされる。

Par Corp. acquired the assets of its wholly owned subsidiary, Sub Corp., under a plan that qualified as a tax-free complete liquidation of Sub. Which of the following of Sub's unused carryovers may be transferred to Par?>

	Excess charitable contributions	Net operating loss
a.	No	Yes
b.	Yes	No
c.	No	No
d.	Yes	Yes

2493

Solution　d

子会社が使わなかったContribution やNOL は、親会社が引き継ぐ。

Krol Corp. distributed marketable securities in redemption of its stock in a complete liquidation. On the date of distribution, these securities had a basis of $100,000 and a fair market value of $150,000. What gain does Krol have as a result of the distribution?

a.                        $0

b.                       $50,000 capital gain

c.                        $50,000 Section 1231 gain

d.                       $50,000 ordinary gain

1652

Solution　b

Complete Liquidation で簿価とFMVの差はCapital Gain。

Dart Corp., a calendar year domestic C corporation, is not a personal holding company. For purposes of the accumulated earnings tax, Dart has accumulated taxable income for Year 0. Which step(s) can Dart take to eliminate or reduce any Year 0 accumulated earnings tax?

I. Demonstrate that the "reasonable needs"
of its business require the retention of all or part of the Year 0 accumulated taxable income
II. Pay dividends by March 15, Year 1

a.                        I only

b.                       II only

c.                        Both I and II

d.                       Neither I nor II

5758

Solution　c

留保金課税を減らしたり、払わなくていい理由として使えるのは、I も II もどちらも。Iは「配当に利益を回さず貯めこんでいるのは、これを原資にして工場をもう１つ作りたいから。」

Kari Corp., a manufacturing company, was organized on January 2, Year 0. Its Year 0 federal taxable income was $400,000 and its federal income tax was $100,000 What is the maximum amount of accumulated taxable income that may be subject to the accumulated earnings tax for Year 0 if Kari takes only the minimum accumulated earnings credit?

a.                        $300,000

b.                       $150,000

c.                        $ 50,000

d.                       $0

4160

Solution　c

Accumulated Earning Tax は、払った税金があれば引き算できる。さらに会社は一生に一回使えるMAX 250,000も引き算できる。

Kane Corp. is a calendar year domestic personal holding company which deduction(s) must Kane make from Year 0 taxable income to determine undistributed personal holding company income prior to the dividend-paid deduction?

	Federal Income taxes	Net long-term capital gain less related federal income taxes
a.	Yes	Yes
b.	Yes	No
c.	No	Yes
d.	No	No

5756

Solution　a

どちらもDeduction できる。

Edge Corp. met the stock ownership requirements of a personal holding company. What sources of income must Edge consider to determine if the income requirements for a personal holding company has been met?

I. Interest earned on tax-exempt obligations
II. Dividends received from an unrelated domestic corporation

a.                        I only

b.                       II only

c.                        Both I and II

d.                       Neither I nor II

5441

Solution　b

PHC のIncome Test は60％以上がPassive Source（配当、利息、家賃収入など）でなければいけない（ただしTaxable ）。

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