June 7 Quiz Flashcards Preview

Yaeger REG > June 7 Quiz > Flashcards

Flashcards in June 7 Quiz Deck (12)
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1
Q

If a partner receives cash, unrealized receivables or inventory in a liquidating distribution…

A

A loss may be recognized

2
Q

Fixed assets used in business that have been held for a short term holding period are taxed as…

A

Ordinary gains

3
Q

Business assets include all furniture, equipment and machinery used in…

A

Business venture

4
Q

Net earnings from self employment is reported on…

A

Schedule C

5
Q

Net earnings from self employment is reported on schedule C. Self employment tax and health care is…

A

Not deductible on schedule C

6
Q

Oral advice should be documented if the tax payer…

A

Seems to not truly understand the consequences of the tax

Implication

7
Q

A CPA should consider whether to provide oral or written advice to a client based on the…

A

Tax sophistication of the client

8
Q

A group term life insurance plan is considered discriminatory when…

A

The plan discriminates in favor of key employees

9
Q

Each jurisdiction sets its own standards for filing complaints against CPA’s but generally…

A

Any method will suffice

10
Q

Gift tax marital deduction does not apply to transfer of a…

A

Terminable interest in property

11
Q

A terminable interest is one that will terminate on a lapse of…3

A

1 time

2 occurrence

3 contingency

12
Q

In a liquidating distribution, if only other property (equipment) is received by partner then…

A

No loss may be recognized

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