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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 2004
Keywords:
  • S-Corporation
  • Corporation
  • S Corporation
  • Partnership
  • Appreciated
  • Shareholders
  • Shareholder
  • Distribution
  • Liquidation
  • Fair Market Value
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Sample Document Text

Test II Name Advanced Tax Spring 2004, -----------------,-c ~.~. l} I ~ ~ .,.,~,' J 1. In the case of a conduit for tax purposes ,-~ the income is taxed at the corporate rates. ~the character of the income (e.g., ordinary, capital) is determined at the entity level. c. the ower's basis is not affected by the conduit's income or loss. c. the entity cannot be incorporated. d. the income or loss flows through and its character is determined at the owner (rather than entity) level. e. None of the above. 2. T transferred publicly traded stock to a partnership whose only assets are 30 different publicly- \ (i-.\\' traded stocks. T's basis in the stock was $30,000 and its fair market value was $90,000 and T 'f-.... \,h'-~" received an interest in partnership capital, profits and losses in exchange for the transfer. ,. '\ o.'\.~. T has no recognized gain and his basis in the partnership is $90,000. \ ' ,"~, 'ffiT has no recognized gain and his basis in the partnership is $30,000. 1' ....

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