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REG单项选择题练习及解析(十五)

平时做题时,不要满足于记忆解答,要体会每一步的“动机”,这样才算是完成了思维训练。只记住步骤而不思索动机,不像在看书,倒像在校稿。习题精做,关键在于赋予每道题应有的思维分量。所以,模拟题联系要精选精做,每做一题,要归纳解题的入口和关键步骤,尝试着改变条件和结论,探索一类题的解法,对于BEC科目备考更应如此(有助于2017年AICPA改制BEC科目新增的案例分析题的答题)。


今天的免费模拟题练习是关于REG科目的。


1. On January 2 of the current year, Shaw Corp., an accrual-basis, calendar-year C corporation, purchased all the assets of a sole proprietorship, including $300,000 in goodwill. Current-year federal income tax expense of $110,100 and $7,500 for goodwill impairment were deducted to arrive at Shaw's reported book income of $239,200.

What should be the amount of Shaw's current-year taxable income, as reconciled on Shaw's Schedule M-1 of Form 1120, U.S. Corporation Income Tax Return?

a. $336,800

b. $239,200

c. $329,300

d. $349,300


2. Elm Corp. is an accrual-basis calendar-year C corporation with 100,000 shares of voting common stock issued and outstanding as of December 28, Year 1. On Friday, December 29, Year 1, Hall surrendered 2,000 shares of Elm stock to Elm in exchange for $33,000 cash. Hall had no direct or indirect interest in Elm after the stock

surrender.

Additional information follows:

Hall's adjusted basis in 2,000 shares of Elm on December 29, Year 1

($8 per share)                                                        16,000

Elm's accumulated earnings and profits at January 1, Year 1           25,000

Elm's Year 1 net operating loss                                       (7,000)

What amount of income did Hall recognize from the stock surrender?

a. $33,000 dividend.

b. $25,000 dividend.

c. $17,000 capital gain.

d. $18,000 capital gain.


3.Mintee Corp., an accrual-basis calendar-year C corporation, had no corporate shareholders when it liquidated in Year 1. In cancellation of all their Mintee stock, each Mintee shareholder received in Year 1 a liquidating distribution of $2,000 cash and land with tax basis of $5,000 and a fair market value of $10,500. Before the distribution, each shareholder's tax basis in Mintee stock was $6,500.

What amount of gain should each Mintee shareholder recognize on the liquidating distribution?

a. $500

b. $4,000

c. $6,000

d. $0


答案及解析如下:


1.On January 2 of the current year, Shaw Corp., an accrual-basis, calendar-year C corporation, purchased all the assets of a sole proprietorship, including $300,000 in goodwill. Current-year federal income tax expense of $110,100 and $7,500 for goodwill impairment were deducted to arrive at Shaw's reported book income of $239,200.

What should be the amount of Shaw's current-year taxable income, as reconciled on Shaw's Schedule M-1 of Form 1120, U.S. Corporation Income Tax Return?

a. $336,800

b. $239,200

c. $329,300

d. $349,300


Explanation

Choice "a" is correct. $336,800 should be reported as Shaw's current-year taxable income, reconciled as follows on Shaw's Schedule M-1 on the Form 1120:

Book income                                239,200

Add: Federal income tax expense            110,100 [1]

Less: Excess of tax amortization over book impairment of goodwill (12,500) [2]

Taxable income                             336,800

[1] Federal income taxes paid are not deductible for tax purposes.

[2] The excess amortization is determined as follows:

Total purchased goodwill                   $300,000

Divided by 15 years                         /15 [tax amortization period]

Tax amortization                            $20,000

Less: Book impairment (given)                (7,500)

Excess tax amortization for the current year $12,500

Choice "b" is incorrect. This answer is the amount of book income without any adjustments.

Choice "c" is incorrect. This answer adds back the federal income tax expense paid of $110,100 (as is proper) and also deducts the entire $20,000 of tax amortization as additional expense (which is not proper because $7,500 of this amount is already deducted from the book income).

Choice "d" is incorrect. This answer adds back the federal income tax expense of $110,100 but does not deduct the additional $12,500 of tax amortization for the year.


2. Elm Corp. is an accrual-basis calendar-year C corporation with 100,000 shares of voting common stock issued and outstanding as of December 28, Year 1. On Friday, December 29, Year 1, Hall surrendered 2,000 shares of Elm stock to Elm in exchange for $33,000 cash. Hall had no direct or indirect interest in Elm after the stock

surrender.

Additional information follows:

Hall's adjusted basis in 2,000 shares of Elm on December 29, Year 1

($8 per share)                                                        16,000

Elm's accumulated earnings and profits at January 1, Year 1           25,000

Elm's Year 1 net operating loss                                       (7,000)

What amount of income did Hall recognize from the stock surrender?

a. $33,000 dividend.

b. $25,000 dividend.

c. $17,000 capital gain.

d. $18,000 capital gain.


Explanation

Choice "c" is correct. Hall's gain is the difference in the $33,000 he received for his stock and his basis of $16,000, for a gain of $17,000 which is a capital gain.

Choice "a" is incorrect. Because this is a sale of Hall's interest in Elm, this is not a dividend.

Choice "b" is incorrect. The accumulated earnings of Elm have no relationship to the stock surrender.

Choice "d" is incorrect. The amount of the capital gain calculated on the stock surrender is not based on the end of year amount of accumulated earnings and profits.R14-42


3.Mintee Corp., an accrual-basis calendar-year C corporation, had no corporate shareholders when it liquidated in Year 1. In cancellation of all their Mintee stock, each Mintee shareholder received in Year 1 a liquidating distribution of $2,000 cash and land with tax basis of $5,000 and a fair market value of $10,500. Before the distribution, each shareholder's tax basis in Mintee stock was $6,500.

What amount of gain should each Mintee shareholder recognize on the liquidating distribution?

a. $500

b. $4,000

c. $6,000

d. $0


Explanation

Choice "c" is correct. When a corporation liquidates and distributes assets to shareholders, gain is recognized to the extent that the fair market value of assets distributed to a shareholder exceeds the shareholder's basis in the corporation's stock.2,000+10,500-6500

Choice "d" is incorrect. In a corporate liquidation, gain is recognized to the extent that the fair market value of the assets received exceeds the shareholder's basis in the stock.

Choice "a" is incorrect. The gain is figured using the fair market value of assets received, not the basis of the assets received.

Choice "b" is incorrect. This is simply the difference in the fair market value of the land and the shareholder's basis in the stock, and is not how the gain is computed.

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