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

Exam Information

Material Type:Exam 2
Professor:Glynn
Class:ACIS 4324 - Advanced Income Tax
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:Spring 2005
Keywords:
  • S-Corporation
  • Corporation
  • S Corporation
  • Partnership
  • Shareholders
  • Liquidation
  • Abandonment
  • Appreciated
  • Distribution
  • Shareholder
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Sample Document Text

I AC1~ Ll3tV Advanced Tax Spring 2005, Test II N 1. In the case of a partnership, LLC, and S corporation for tax purposes a. the income is taxed at the corporate rates. \., . _ b. the income or loss flows through and its charactetis determined at the owner (partner or shareholder) level. the character of the income (e.g., ordinary, capital) is determined at the entity level. d. all of the income is "ordinary." e. None of the above. 1 2. T transferred publicly traded stock to a partnership whose only assets are 30 different publicly traded stocks. T's basis in the stock was $20,000 and its fair market value was $100,000 and T received an interest in partnership capital, profits and losses in exchange for the transfer. ? a. T has no recognized gain and his basis in the partnership is $20,000. _ (Q) T has no recognized gain and his basis in the partnership is $100,000. c. T's recognized gain is $80,000 and the partnership's basis in the stock is $20,000. d. The partnership's b...

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