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CPA Review REG > Section 5 > Flashcards

Section 5 Flashcards

1
Q

What is the corporate flat tax rate?

A

21%

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2
Q

BONUS DEPRECIATION
Bonus depreciation now applies to Qualified Improvement Property (QIP)

QIP is any improvement to any interior part of building if placed in service ___

QIP does NOT include any improvement attributable to the ___

A

after the date the building was fist placed in service

Not include any improvement attributable to the enlargement of the building

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3
Q

Section 179 Expensing

A TP can elect to __ the cost of the qualifying property rather than recover through ___

A

deduct, depreciation.

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4
Q

How long is the recovery period (depreciation period) for QIP?

A

15 yrs

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5
Q

Can tax shelters use the cash method?

A

nope

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6
Q

What is the requirement to use the cash method for TPs?

A

have less than

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7
Q

What 2 corporations can use the cash method of accounting regardlses of the receipt test?

A

PSC & C Corps

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8
Q

TP that meet the $25M gross receipt test are not requried to account for inventories, but can use a method of accounting that either (2)

A

Treats inventories as non-incidental materials or conforms to the TP financial accounting treatment

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9
Q

Busiensses w/ avg gross receipt of $25M or less are ___ from the UNICAP

A

exempt

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10
Q

COMPLETED - CONTRACT METHOD OF ACCTING
The TCJA expands the exception for _____ from the requirement to use the % of completion method

Contracts within this exception are the contracts for construction/improvement of real property IF (2)

A
  1. Expecte to be completed within 2 years of commencement of contract &&&&&
  2. Performed by a taxpayer that meets the $25M gross receipt test (for the year the contract was entered into.)
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11
Q

S CORP CONVERSIONS

An eligible S Corp can change from cash method to accrual method

What makes an S Corp eligble (3)

A
  1. An existing S corp before the law (T2. CJA)
  2. Revoked its S corp election
  3. All owners are the same (w/ same ownership %) when they revoked their S Corp election
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12
Q

BUSINESS INTEREST
The deduction for business interest is limited to ___% of the ____ of the taxpayer for the tax year

Business interest can mean any interest paid or accrued from debt. It does not include ___

A

30% , adjusted taxable income

doesn’t include investment interest / investment income

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13
Q

BUSINESS INTEREST

Adjusted taxable income means the income computed BEFORE (4)

A

Gains or any item of income
Business income/interest
Any amt of net operating loss deduction
Qualified business income of a pass-through entity

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14
Q

BUSINESS INTEREST

The amount of any business interest not allowed as a deduction for any tax year may be _____ ….for how long?

A

carried forward INDEFINITELY

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15
Q

When do the rules regarding business interest NOT apply?

A

If taxpayer’s avg annual receipts of the past 3 years do NOT exceed $25M — THEN, the 30% limitation rule of adjusted gross income would NOT apply

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16
Q

EMPLOYEE ACHIEVEMENT AWARD

An employee achievement award is a ____ given to the employee in recognition of length of service or safety achievement

A

tangible personal property

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17
Q

EMPLOYEE ACHIEVEMENT AWARD
Employee achievement awards that are deductible by the employer are ___ from the employee’s gross income and from wages

What does personal property NOT Include?

A

excluded

cash/gift card/ vacation/meal/stock/bond

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18
Q

Gain/loss on self-created property (patent/inventions/etc) will receive capital gain treatment

T/F

A

False - no it wont

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19
Q

For NOL in tax years AFTER 12/31/2017, the law repeals the ____

NOL can be carried forward ____ (how long), but are limited to 80% of taxable income

A

2 year carry back

Carried forward indefintiely

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20
Q

After 2021, companies will no longer be able to immediately expense costs that are treated as section 174 research expense, INSTEAD, they will be required to charge research expense to a ____ account and educt them over a ____ year period

How long if incurred outside of the U.S?

A

capital account, 5 year period

If outside of U.S, then 15 years

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21
Q

ENTERTAINMENT EXPENSE

How much is the deduction?

A

There is no deduction – this was repealed

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22
Q

Any deduction for employee expense?

Deduction for Sexual Harrassment settlements?

A

Nope

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23
Q

Taxpayers may still generally deduct __% of the food and beverage expenses associated with operating their trade or business

A

50%

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24
Q

EMPLOYER-PAID LEAVE
The law allows businesses a general business credit of 12.5% of the amount of wages paid to qualifying employees on _____ if the rate of payment is __% of the wages normally paid to the employee.

A

Family and medical leave, 50%

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25
Q

Partnerships are treated as continuing even if more than 50% of the total capital and profits interests of the partnership is ____ or ___

A

sold or exchanged

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26
Q

SUBSTANTIAL BUILT-IN LOSS

Exists if transferee is allocated a net loss in excess of $250K upon a ____ by the partnership

A

hypothetical disposition

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27
Q

Determining Share of Loss (Partnership)

The basis limitation on partner losses take into account a partner’s: (2)

A

Share of partnership charitable contributions & taxes paid

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28
Q

QUALIFIED BUSINESS INCOME

Qualified business income is reduced by federal income taxes, but not ___

A

Alternative minimum tax or self employment tax

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29
Q

QUALIFIED TRADE OR BUSINESS

A qualified trade or business means any trade or business OTHER THAN: (2)

A

Specified service trade/business OR trade/business of being an employee

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30
Q

What is a specified service trade/business?

A

performance of services and the principal asset is the reputation/skill of an employee

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31
Q

Corporations are divided into 2 categories:

What is their main distinction (what sets them apart)

A 
Subchapter S  (S Corp)
Subchapter C (C corp)

Main distinction is their tax treatment

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32
Q

What are the three advantages of corporate structure?

A

Shareholders shave limited liability for corp. debts
Continuous life until dissolved (not terminated by death of shareholder)
Shares can be purchased/sold/assigned

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33
Q

CORPORATION DEFINITIONS
Domestic –
Foreign –
C Corporations –

A

Domestic: Does business in the state it incorporates
Foreign - does business in any state except the 1 its incorporated
C Corp - Formed under state corp law and taxed as a a corporation for federal tax purposes

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34
Q

STATUTORY CLOSE CORPORATIONS (C Corp)

What are Statutory close corporations also called?
How many shareholders?
For approvals, what must be achieved?
Can it function w/o BOD and shareholder meetings?

A

Also called: Closely held or closed corporation
Shareholders: 50 or less
For Approvals: must get 2/3rd vote
It can function w/o BOD & Shareholder meetings

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35
Q 
S Corporations
Classified as a corporation, taxed as a \_\_\_\_\_
How many shareholders?
How many classes of stock?
Who can NOT be shareholders?
A

Taxed as a partnership
100 or less shareholders
1 class of stock

Cant be shareholder: Nonresident aliens, corporations, foreign trusts

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36
Q

CORPORATION - PROMOTERS
Promoters may act on behalf of the corporation (T/F)

Promoters are: (T/F)

  1. Agents of the corporation
  2. Contracts bind promoters
  3. BOD may adopt/reject contracts made by promoter
  4. Promoter is not liable unless granted a novation
A

T

Promoters are (t/F)

  1. F - Not Agents
  2. T
  3. T
  4. F - Promoters are liable unless granted novation
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37
Q

Incorporation

Corporations are regulated by ____ laws that allow their formation to carry on lawful activity

Who signs the articles of incorporation?

A

Regulated by state laws

Incorporators sign the articles of incorporation

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38
Q

What must the articles of incorporation include (7)

A
  1. Name of corp
  2. Corp purpose
  3. Capital stock authorized
  4. Location of principal office
  5. # of directors
  6. Name/address of registered agent
    7 Capital structure and duration
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39
Q

BYLAWS

What are bylaws?

A

Bylaws are the rules/regulations that govern the internal management of a corporation

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40
Q

What are the three doctrines that deal with defects in the incorporation process? include definition

A

De Jure Corp: any corp that complies w/ the mandatory statutory requirements of incorporation

De Facto Corp: If fail to comply w/ mandatory requirements, courts recognize as de facto.

Corporation by Estoppel: in absence of a de facto

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41
Q

What does De Facto Corporation force and shield?

What does Corporation by Estoppel really mean?

A

De Facto: Forces 3rd parties to perform on corporate contracts & Shields shareholders from direct liability

Corporation by Estoppel: Doesn’t force 3rd parties to act on contracts & shields shareholders from direct liability

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42
Q

BUSINESS JUDGMENT RULE

Business judgment rule protects ___ from personal liability for acts performed in good faith on behalf of the corp

A

Directors

43
Q

PIERCE THE CORPORATE VEIL

When will courts hold stockholders personally liable? (2)

A

When corporation assets are used for owner’s personal purposes OR when corporation is used to commit fraud

44
Q

SHAREHOLDER & DIRECTORS

Who approves dissolution?
Who Elects officers?

A

Shareholders approve dissolution

Directors elect officers (shareholders elect directors)

45
Q

SHAREHOLDER RIGHTS (share holders are AVID-P)

Shareholders have the following rights: (AVID-P)

A

Asset share on dissolution - pro-rate shares of
remaining assets
Voting Rights - right to vote
Inspect books - right to inspect books
Derivative - right to sue
P - Preemptive right - right to first refusal

46
Q

SHAREHOLDER CONTROL DEVICE

Shareholders can vote their stock in a particular way to maximize their effect on ___

What is a Voting Trust? What do you need?

What is a pooling agreement? (Oral or written?)

A

corp policy

Voting Trust: shareholder turn their voting right to a trustee for a period NTE 10 yrs…you need a certificate from the trustee

Pooling Agreement: 2 or more shareholders vote their shares in a given way….it is written and signed

47
Q

SHAREHOLDER CONTROL DEVICE
Proxy - definiton

General Proxy allows an agent ot vote the shares only as directed by the shareholder (T/F)

A

Proxy - authorization to vote for another

True

48
Q

PARTNERSHIPS

  1. What type of liability?
  2. Partnership written or oral?
  3. What if no agreement? (profits/losses related)
  4. How do they pay income tax?
  5. File w/ state for the formation & dissolution?
  6. Inactive partners have the right to inspect book?
A
  1. General -unlimited liability
  2. Can be written or oral
  3. If no agreement, split profit/loss equally
  4. Dont pay income tax - they pass through
  5. Dont file w/ the state for formation or dissolution (only file if performing under a fictitious name)
  6. Inactive partners have the right to inspect books
49
Q

PARTNERSHIP
Partnership at will = what type of duration

After dissociation, do liabilities continue?
Do partnerships always eventually dissolve?
Continuing partners can purchase the partner’s ____

A

Partnership @ will: indefinite duration

After dissociation, liabilities still continue to exist
Partnerships do NOT always eventually dissolve

Continuing partners can purchase another partner’s interest

50
Q

JOIN VENTURE

Joint ventures is a special form of ____ thats formed only for ____ or a series of ____ rather than a general purpose

A

special form of partnership, formed only for 1 transaction or a series of transactions

51
Q

PARTNERSHIPS

What is RUPA? (Revised Uniform Partnership Act)

A

its what defines a partnership

52
Q

A limited partner is someone who contributes capital to the partnership but doesn’t have ___

The limited partner’s liability is limited to the amount of ___

A

any authority or voice in the management of the business

limited to the amount of capital contributed

53
Q

LIMITED LIABILITY PARTNERSHIP (LLP)

  1. LLP offers liability protection to ___
  2. An LLP is a GENERAL PARTNERSHIP that elects to invoke the limited liability protection (T/F)
  3. For LLP, regulations require specified amounts of ___
  4. Partners/Supervisors of negligent partners retain full unlimited liability for ____
A
  1. Protection to general partners
  2. True
  3. malpractice insurance
  4. negligent acts
54
Q 
PARTNERSHIP CLASSIFICATIONS
Definitions
Silent Partner 
Nominal Partner
Dorman Partner
Secret Partner
A

Silent - unlimited liability, but doesn’t share in the management
Nominal - not actually a partner, but may become a partner by estoppel
Dormant - partner w/ the right of management rights, but they are undisclosed and deemed inactive
Secret - participates in management, but is undisclosed

Note: for those undisclosed….if disclosed, they have unlimited liability now

55
Q

PARTNERSHIP AGREEMENTS

Partnership agreements must include: (9)

A
  1. name & address of partners
  2. Date partnership became effective
  3. Purpose of partnership
  4. Procedure for admission of new partners
  5. computation of interest on partnership capital
  6. Computation of profits/losses for each partner
  7. Powers and duties of partners
  8. dissolution procedures/rights
  9. tbh idk how to describe this
56
Q

RELATION OF PARTNERS

Fiduciary - duty of loyalty & duty of care

A

This is true

57
Q

Authority to Bind Partnership Contracts

  1. Every partner is an ____ for the partnership and for every other partner
  2. The act of a partner that is committed within the scope of the partnerships purpose will bind the partnership (TF)
A
  1. Agent.

2. True

58
Q

LIMITED LIABILITY COMPANY (LLC)
An LLC is a hybrid company of ___ and ___ law

  1. Must be created in accordance with ___
  2. LLC is a company formed by __ or more members
  3. Owners in LLC are referred to as what?
  4. Members are equivalent to ____
  5. Members manage the company unless agreed otherwise (TF)
A

Hybrid company of corporation and partnership law

  1. accordance w/ state statute
  2. 1 or more members
  3. referred to as members
  4. Equivalent to partners in general partnership
  5. True
59
Q 
LIMITED LIABILITY COMPANY( (LLC) 
Definitons
1. Individual Owner
2. Manager
3. Liability Shield
A
  1. Single individual formed the LLC
  2. Manager - equivalent to the president of a corporation
  3. Liability Shield: No restriction on members of LLC like on limited partners (members can be fully involved and not lose liability shield)
60
Q

LIMITED LIABILITY COMPANY( (LLC)

Do managers have to be a member of the LLC?

A

Nope

61
Q

C CORPORATION - DIVIDEND RECEIVED DEDUCTION

A corporation is permitted a dividend-received deduction (DRD)

A

Yes

62
Q

NO DRD Deduction

No DRD deduction is allowed if dividends are received from: (4)

A

Real estate investment Trust
Corporations exempt from Section 501 or 521
Held less than 45 days
Related party

63
Q

CORPORATIONS

Generally, a corp must use the ___ method of accounting if avg. annual gross receipts exceed $5M

Selection of method of accounting is made on its ____

After selecting method of accounting, if they want to change, they must get approval from _

A

accrual method of account

Initial Tax Return

Approval from IRS

64
Q

ACCRUED EXPENSES - CORPORATION

A corp can deduct accrued expenses in the tax year when: (3)

A
  1. all events that determine the liability occurred
  2. Amt of liability determined w/ reasonable accuracy
  3. Economic performance took replace with respect w/ expense
65
Q

CORPORATIONS - BAD DEBT

  1. Take a deduction w/ bad debt?
  2. What method should you use to deduct?
  3. When can you not deduct bad debt?
  4. What accounting basis can you use?
A
  1. Yes
  2. Direct-write off method
  3. Cant deduct when you sue AFDA method
  4. Accrual basis - not cash basis
66
Q

CORPORATION

What taxes are NOT deductible>

A

Federal

67
Q

SCHEDULE M-!

Schedule M-1 is part of the corporate tax return and it reconciles ____ to ___

A

book income to taxable income

68
Q

SCHEDULE M-2

Schedule M02 is a part of a corporate tax return and analyzes ____

A

unappropriated retained earnings

69
Q

When will corporations have to present a Schedule M-3??

A

If assets exceed $10M or more

70
Q

S CORP

S corps is an eligible domestic corporation that avoids ___

On the shareholder’s tax returns, shareholders include their shares of the corp’s income/deduction/loss (T)F

A

Double Taxation

True

71
Q

S CORP - ELIGIBLITY

A corp can elect to be an S corp ONLY if it meets ALLLL of the following:

A
  1. Domestic orp
  2. 100 or less shareholders
  3. No foreign trust shareholders/non resident alien
  4. 1 class of stock
  5. Not an insurance company, a bank, (and others? tf)
  6. has a permitted tax year
  7. S Corp can have a C Corp or S Corp subsidiary
72
Q

S CORP - ELECTION
What form must a corp use to elect to be an S Corp?

Who must consent to elect as s corp?

A

Form 2553

All shareholders must elect

73
Q

S Corporations do not pay tax on its ____ and it is passed through to its shareholders

A

Income

74
Q

When would an S corp pay taxes on income (4)

A
  1. Previously a C corp
  2. Has passive investment income that exceeds 25% of gross receipts
  3. May be liable due to LIFO for the last year of C Corp
  4. Built-in gains
75
Q

DISTRIBUTION TO SHAREHOLDER

If balance of distribution is less than adjusted basis of stock, the shareholder has no ____

If distribution exceeds adjusted basis of stock , then you have a gain from the ____ or ___ of property

A

gain or loss

Sale or exchange

76
Q

ACCUMULATED ADJUSTMENT ACCOUNT (AAA)

AAA of the s corp reflects the accumulated undistributed net income of the corp after 1982

S corp with accumulated earnings and profits must maintain the AAA to determine the ____ of distributions

A

tax effect

77
Q

PARTNERSHIP

What form does a partnership file?

A

1065

78
Q

Neither the partner nor the partnership recognize a gain or loss when ___ is contributed to the partnership in exchange for a partnership interest

A

property

79
Q

If the partnership sells contributed property and recognizes again/loss, then ____ is allocated to the contributing partner

A

built-in gain/loss

80
Q

LLC

A domestic LLC w/ at least 2 members that do not make an election on how to be classified for federal tax purposes will be classified as ____

A

a partnership

81
Q

GUARANTEED PAYMENTS

Guaranteed payments are those made by a partnership to a partner that are determined without regard to the ____

A partnership treats guaranteed payments for services as if they were made to a person who is ___

A

partnership’s income

Not a partner

82
Q

GUARANTEED PAYMENTS

The FMV of interest received by a partner as compensation for services must be included in the partner’s ____

A

tax return

83
Q

PARTNERSHIP

Partnership taxable income is reported on the form ____

A

1065

84
Q

PARTNERSHIP

The due date for filing form 1065 is generally ____

For Fiscal year partnerships, they must file on the ____

A

March 15th

15th day of the 3rd month.

85
Q

PARTNERSHIP LOSS LIMITATIONS
A partner’s loss is allowed to the extent of the adjusted basis of the partner’s partnership interest

If loss is more than adjusted basis of partnership’s interest, the excess is NOT deductible for the current year, BUT it is a deducted for any year after the current year

A

memorize

86
Q

PARTNERSHIP LOSS LIMITATION

A partner is not considered at risk for amts protected against loss through nonrecourse financing/guarantees/ stop loss agreements, etc……which it is NOT deductible

A

Memorize

87
Q

A partnership genreally does not recognize gain/losses due to the ___

A

distributions to partners

88
Q

PARTNER DISTRIBUTIONS
Certain distributions are treated as as ale/exchange:

Unrealized receivables or appreciated inventory items are distributed in exchange for partner’s interest

Other property (including money) is distributed in exchange for partner’s interest in unrealized receivables or appreciated inventory

A

Memorize

89
Q

The sale of partnership interest usually results in a __ or ___

If the selling partner is relieved of any partnership liabilities, that partner must include the liability relief as part of the amount realized for his interest (T)F

A

gain or loss

True

90
Q

ESTATE TAX

  1. An estate is created when someone ___
  2. Estate files an estate tax return (form __) if gross estate exceeds $11,180,000
  3. Form ___ is due ___ months after death (can file a __ month extension)
  4. If all property is not distributed immediately/estate continues as a going concern, a form ___ must be filed if gross income for the tax year exceeds $600
A
  1. Dies
  2. 706
  3. 706, 9 months, 9 month extension
  4. 1041
91
Q

ESTATE
Gross estate is cash plus FMV of ___ at date of death

Gross estate includes: (TF)
Life insurance proceeds
Anything payable to estate
Income 
Jointly held property (spouse has 50/50 split)
A

FMV or property

True to all

92
Q

ESTATE
TF – the following are estate deductions

Funeral expense
admin expense
debt of property 
Claims against estate
Medical expense
A

True to all

93
Q

TRUST

A trust is a legal/taxable entity created by a grantor for the benefit of a ____

A

designated beneficiary

94
Q

TRUST

  1. Testamentary trusts are trusts created by __
  2. Inter vivos Trusts are trusts created during ___
  3. Qualifeid disability trust are trusts created for the benefit of a ____
A
  1. Will (death)
  2. During Life
  3. disabled person
95
Q

TRUST

What requirements must a simple trust satisfy (3)

What is a complex trust?

What is a grantor trust?

A

Distribute all income to beneficiaries each year
Cant make/set aside for charitable purposes
Doesn’t distribute amounts allocated

Complex trust - any trust other than simple

Grantor trust - grantor retains substantial control. Income is taxed to the grantor and not the trustee/beneficiary

96
Q

SIMPLE TRUST

Income earned by trusts are taxed to ___
Beneficiaries are taxed on income required to be ___ , regardless if it is ___ or not
Income passes through to ___
Distributed Net Income is prorated if the trust has multiple ____

A

Beneficiaries
distributed, not distributed
beneficiaries
beneficiaries

97
Q

COMPLEX TRUST

Beneficiary trust must include in gross income the sum of:

  1. Amount of income requried to be distributed
  2. All other amounts paid/credited/required to be paid
A

memorize

98
Q

TAX EXEMPT ORGANIZATIONS
An organization may qualify for exemption from federal income tax if its for the following purpose:

Scientific
Testing for public Safety
Literay
Educational
Prevention of curelty to kids/animals
A

Memorize

99
Q

FILING REQUIREMENT - TAX EXEMPT ORG

Exempt organizations must file the form ___ or form ___EZ

A

990 or 990 EZ

100
Q

What does the form 990 provide? (4)

A

info on organizations activities
substantial contributors and amounts
Managers/highly compensated employees w/ salaries
Report of gross income & Expense

101
Q

EXEMPT ORG BUSINESS INCOME TAX RETURN
Exempt organizations w/ unrelated business income must file the form ____

Must pay tax on ___-
Filing date requirement?
An exempt organization that fails to file a return for ___ consecutive years will lose its tax exempt status

A

990-T

pay tax on unrelated business income
Filing date: May 15th
3 consecutive years

102
Q

FORM 990-N TAX EXEMPT ORG

This form is filed if gross receipts are less than or equal to $___
Required to ___ file the form 990-N

A

$50,000

Electronically File

103
Q

TAX RATE - TAX EXEMPT ORG

Tax rate for exempt org depends on whether it is a: (2)

A

Corporation or Trust

CPA Review REG (19 decks)

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