Past Exam for ACIS 4324 - Advanced Income Tax with Glynn at Virginia Tech (VT)

Exam Information

Material Type:Exam 3
Class:ACIS 4324 - Advanced Income Tax
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Spring 2004
  • Corporation
  • S Corporation
  • S-Corporation
  • Reorganization
  • Shareholders
  • Immediately
  • Corporations
  • S Corporations
  • Proprietorship
  • Cash Purchase
Login / Sign Up to View Document
Preview Page 1Preview Page 2Preview Page 3Preview Page 4Preview Page 5Preview Page 6

Sample Document Text

1 ACIS 4324, Test 3, Spring 2004 Name ______ _ Problems 1 and 2 The fair market value (replacement cost) ofT Corporation's assets is $1,000,000. The book value of the assets is $300,000. The assets are all depreciable properties and goodwill. Mr. T - 4Wt'lS 100% of the T stock and he is in the 35 % ordinary income marginal tax bracket and -the 20% capital gains marginal tax bracket. M Corporation is considering acquiring T Corporation and Mr. T is interested in selling so that he can retire. M Corporation and T Corporation are in the 35% marginal tax bracket and T does not have a net operating loss carryover. 1. Mr. T would prefer to structure the transaction as _~. A liquidation of the corporation followed by a sale ofthe assets to M Corporation. b. A sale of the T assets followed by a distribution of the cash to Mr. T. nAn S election by T followed by a sale of the assets. ~ A sale of the stock. 2. If the transaction is structured as a sale of stock -~ a. The price should be...

Related Documents

S Corporation Exam
S Corporation Exam
Corporation Exam
S-Corporation Exam
Authorized Stock Notes
S-Corporation Exam
Corporation Exam
Seamster Co Exam
Shirt Manufacturer Exam
Following Shares Quiz
Inventory Error Notes
Period Cost Exam
Period Cost Exam
Overhead Application Exam
Convention and Visitors Bureaus (cvbs) Notes
Financing Activities Section Quiz
155, "/var/app/current/tmp/"