Acc 455 Final Exams Essay

2714 Words Aug 18th, 2013 11 Pages
ACC 455 FINAL EXAMS
FOR ANSWERS
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1) Regulations are

A. equal in authority to legislation if interpretative

B. equal in authority to legislation if statutory

C. equal in authority to legislation D. presumed to be valid and to have almost the same weight as the IRC

2) Identify which of the following statements is false.

A. All are false.

B. Members from both the House and the Senate are on the Conference Committee.

C. When tax advisors speak of the tax law, they usually have in mind just the Internal Revenue Code.

D. Records of committee hearings are helpful in determining
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B. Both transactions will qualify under Sec. 351 if they are part of the same plan of incorporation.

C. Only the second transaction will qualify for non-recognition.

D. Because of the step transaction doctrine neither transaction will qualify.

11) Matt and Sheila form Krupp Corporation. Matt contributes property with a FMV of $55,000 and a basis of $35,000. Sheila contributes property with a FMV of $75,000 and a basis of $40,000. Matt sells his stock to Paul shortly after the exchange. The transaction will

A. not qualify under Sec. 351

B. qualify under Sec. 351 only if an advance ruling has been obtained

C. qualify under Sec. 351 if Matt can show the sale to Paul was not part of a prearranged plan

D. qualify with respect to Sheila under Sec. 351 whether Matt qualifies or not

12) Identify which of the following statements is true.

A. A transferor's gain or loss that goes unrecognized when Sec. 351 applies is permanently exempt from taxation.

B. If a taxpayer transfers property and services as part of a transaction meeting the Sec. 351 requirements, all of the stock received is counted in determining whether the property transferors have acquired control.

C. If a taxpayer transfers property and services as part of a transaction meeting the Sec. 351 requirements, the

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