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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