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ACC 455 Week 5 Discussion Question 3

Dec 2nd, 2014
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  2.  
  3. The document ACC 455 Week 5 Discussion Question 1 contains answers on these questions: "What is a liquidating distribution? What is a nonliquidating distribution? Provide an example of each."
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  5. General Questions - General General Questions
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  8. 1) Which of the following statements regarding proposed regulations is not correct?
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  10.    A.  Proposed and temporary regulations are generally issued simultaneously.
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  12.    B.  Proposed regulations do not provide any insight into the IRS's interpretation of the tax law.
  13.    C.  Proposed regulations expire after 3 years.
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  15.    D.  Practitioners and other interested parties may comment on proposed regulations.
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  17.    
  18.  
  19. 2) Regulations are
  20.  
  21.    A.  presumed to be valid and to have almost the same weight as the IRC
  22.    B.  equal in authority to legislation if interpretative
  23.  
  24.    C.  equal in authority to legislation
  25.  
  26.    D.  equal in authority to legislation if statutory
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  28.    
  29.  
  30. 3) Which of the following courts is not a trial court for tax cases?
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  32.    A.  U.S. Tax Court
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  34.    B.  U.S. Court of Federal Claims
  35.    C.  U.S. Bankruptcy Court
  36.  
  37.    D.  U.S. District Court
  38.  
  39.    
  40.  
  41. 4) Which of the following statements is incorrect?
  42.  
  43.    A.  Limited partners' liability for partnership debt is limited to their amount of investment.
  44.    B.  In a general partnership, all partners have unlimited liability for partnership debts.
  45.  
  46.    C.  In a limited partnership, all partners participate in managerial decision-making.
  47.    D.  All of the statements are correct.
  48.  
  49.    
  50.  
  51. 5) Which of the following is an advantage of a sole proprietorship over other business forms?
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  53.    A.  Low tax rates on dividends
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  55.    B.  Ease of formation
  56.  
  57.    C.  Tax-exempt treatment of fringe benefits
  58.  
  59.    D.  The deduction for compensation paid to the owner
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  61.  
  62. 6) Which of the following statements is correct?
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  64.    A.  S shareholders are taxed on their proportionate share of earnings that are distributed.
  65.  
  66.    B.  S shareholders are taxed on their proportionate share of earnings whether or not distributed.
  67.    C.  An owner of a C corporation is taxed on his or her proportionate share of earnings.
  68.  
  69.    D.  S shareholders are only taxed on distributions.
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  71.    
  72.  
  73. 7) Three members form an LLC in the current year. Which of the following statements is incorrect?
  74.  
  75.    A.  The LLC can elect to be taxed as a C corporation with no special tax consequences.
  76.  
  77.    B.  If the LLC elects to use its default classification, it can elect to change its status to being taxed as a C corporation beginning with the third tax year after the initial classification.
  78.    C.  The LLC's default classification under the check-the-box rules is as a partnership.
  79.  
  80.    D.  The LLC can elect to have its default classification ignored.
  81.  
  82.    
  83.  
  84. 8) Identify which of the following statements is true.
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  86.    A.  Under the check-the-box regulations, an LLC that has one member (owner) may be disregarded as an entity separate from its owner.
  87.    B.  An unincorporated business may not be taxed as a corporation.
  88.  
  89.    C.  A new LLC that is owned by four members elects to be taxed under its default classification (as a partnership) in its first year of operations. The entity is prohibited from changing its tax classification at any time in the future.
  90.    D.  All are false.
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  92.    
  93.  
  94. 9) Identify which of the following
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  96.  
  97. https://bitly.com/12BQl8v
  98.  
  99. You should consider signing up for a work study program if you want to get some professional experience. Most work study programs will require you to alternate between taking classes and working as an intern. This is a good way to finance your education while gaining some professional experience and building a professional network.
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