過去問 Corporations ２

Haze Corp., an accrual-basis, calendar-year C corporation, began business on January 1, and incurred the following costs:

Underwriting fees to issue corporate stock	$ 2,000
Legal fees to draft the corporate charter	16,000

Haze elected to amortize its organization costs. What was the maximum amount of the costs that Haze could deduct for tax purposes on its first income tax return?

a.                        $0

b.                       $3,200

c.                        $3,600

d.                       $5,000

6676

Solution　d

5,000ドルまでなら、その年に落とせる。上の2,000ドルはOrganization Cost じゃない。

Pope, a C corporation, owns 15% of Arden Corporation Arden paid a $3,000 cash dividend to Pope. What is the amount of Pope's dividend-received deduction?

a.                        $3,000

b.                       $2,400

c.                        $2,100

d.                       $0

8663

Solution　c

持ち株比率が20％以下の場合、70%Deduction。

In the current year, Acorn Inc. had the following items of income and expense:

Sales	$500,000
Cost of sales	250,000
Dividends received	25,000

The dividends were received from a corporation of which Acorn owns 30%. In Acorn's corporate income tax return, what amount should be reported as income before special deductions?

a.                        $525,000

b.                       $505,000

c.                        $275,000

d.                       $250,000

4147

Solution　c

Special Deduction は２つ。Charity、Dividend Received。

Kisco Corp.'s taxable income before taking the dividends received deduction was $70,000. This includes $10,000 in dividends from an unrelated taxable domestic corporation. Given the following tax rates, what would Kisco's income tax be before any credits?

Partial rate table	Tax rate
Up to $50,000	15%
Over $50,000 but not over $75,000	25%

a.                        $10,000

b.                       $10,750

c.                        $12,500

d.                       $15,750

4629

Solution　b

Unrelated Corporation ＝70％非課税

If a corporation's charitable contributions exceed the limitation for deductibility in a particular year, the excess

a.                        Is not deductible in any future or prior year

b.                       May be carried back or forward for one year at the corporation’s election

c.                        May be carried forward to a maximum of five succeeding years

d.                       May be carried back to the third proceeding year

5753

Solution　c

今年とれなかったCharity は、法人も個人もCarryforward ５年。

Robin, a C corporation, had revenues of $200,000 and operating expenses of $75,000. Robin also received a $20,000 dividend from a domestic corporation and is entitled to a $14,000 dividend-received deduction Robin donated $15,000 to a qualified charitable organization in the current year. What is Robin's contribution deduction?

a.                        $15,000

b.                       $14,500

c.                        $13,900

d.                       $13,100

9976

Solution　b

Income before special deductions の10％

( 200,000 + 20,000 – 75,000 ）x 10%

A corporation's capital loss carryback or carryover is

a.                        Not allowable under current law

b.                       Limited to $3,000

c.                        Always treated as a long-term capital loss

d.                       Always treated as a short-term capital loss

2489

Solution d

Carryback、Carryoverは常にShort-term。

Batik is a C corporation with average gross receipts of $20 million. How are Batik's net capital losses used?

a.                        Deducted from the corporation’s ordinary income only to the extent of $3,000

b.                       Carried back three years and forward five years

c.                        Carried forward 20 years

d.                       Deductible in full from the corporation’s ordinary income

6533

Solution　b

Capital Loss は個人は3,000までとれるが、Corporation はその年とれない。その代わり3 back５（NOLは２back 20）。

Tan Corp. calculated the following taxes for the current year:

Regular tax liability	$210,000
Tentative minimum tax	240,000
Personal holding company tax	65,000

What is Tan's total tax liability for the year?

a.                        $210,000

b.                       $240,000

c.                        $275,000

d.                       $305,000

7866

Solution　d

AMT の方が大きかった場合、AMT で納めなければならない。Personal Holding Corporation Tax は追徴課税のようなPenalty Tax なので、これも払わなければならない。

Eastern Corp., a calendar year corporation, was formed January 3, Year 0, and on that date placed five year property in service. The property was depreciated under the general MACRS system. Eastern did not elect to use the straight-line method. In Year 0, Eastern had gross receipts of $6,000,000 and taxable income of $300,000. The following information pertains to Eastern:

Adjustment for the accelerated depreciation taken on Year 0 five-year property	1,000
ear 0 tax-exempt interest from specified private activity bonds issued after August 7, 1986	5,000

What was Eastern's alternative minimum taxable income before the adjusted current earnings (ACE) adjustment?

a.                        $306,000

b.                       $305,000

c.                        $304,000

d.                       $301,000

5759

Solution　a

どちらもPreference で、足し戻さなければならない。

Rona Corp.'s alternative minimum taxable income was $200,000. The exempt portion of Rona's alternative minimum taxable income was

a.                        $0

b.                       $12,500

c.                        $27,500

d.                       $52,500

1647

Solution　c

Exempt Portion は満額で40,000だが、AMT が150,000を超えると、超えた分 ｘ25％ 減らされる。

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