10/05/2022

Question 1

After 1996 must be taxed as corporations

Answer 1

1-Form and refers to it as a corporation or body politic

2-Refers to it as a Joint-stock company or association

3-Insurance Company

4-Certain Banks

5-business wholly owned by state or local government

6-Required to be taxed as corp by the IRS

7-Certein foreing business that elects to be taxed as a corporation

Question 2

organizations formed after 1996 can not be clasified as Partnership

Answer 2

1-insurance company
2-Tax-exempt ortanization
3-Real estate investment trust

Question 3

Articles of incorporation must include

Answer 3

1-Name of the corporation
2-Name and address of registered agent
3-Name of the incorporators

Question 4

A corporation to disolve

Answer 4

1-the board of directors votes upon a resolution proposing de dissolution

2-All shareholders must be notified of the resolution

3-Is voted and may be approved by majority

Question 5

Form 1023

Answer 5

Application for Recognition of Exemption under Section 501(c)(3) of Internal Revenue Code.

Question 6

Form 990

Answer 6

Return of Organization Exempt from Income Tax.

Question 7

ACUMULATED ADJUSTMENT ACCOUNT
AAA PARA SABER CUANTO ES EL NUEVO BALANCE SE LE SUMA (RESTA)

Answer 7

ORDINARY BUSINESS INCOME

SEPARATELY STATED ITEMS AND DEDUCTIBLE EXPENSES

NONDEDUCTUBLE EXPENSES

DISTRUBUTIONS TO SHAREHOLDERS DURING YEAR

Question 8

HOME ACQUISITION LOAN INTEREST MAX

Answer 8

FIRST 750,000 X10%

Question 9

HOME EQUITY ONLY DEDUCTIBLE IF

Answer 9

TAKEN TO BUY, BUILD OR IMPROVE A HOME

Question 10

POINTS TO REFINANCE ARE DEDUCTIBLE BUT THEY MUST

Answer 10

BE AMORTIZED OVER LIFE OF LOAN

Question 11

PARTNERSHIP ON A LIQUIDATING DISTRIBUTION NORMALLY HAS NO

Answer 11

tax effect for either party. To avoid having to record a gain or loss at liquidation, the partner records the property received at the tax basis of the partnership which is being lost because of the liquidation.

Question 12

SALES – BREACH OF CONTRACT

Answer 12

A contract for specially manufactured goods need not be in writing to be enforceable.

Shipment of the wrong part, even as an accommodation, is a breach of contract by the seller.

An oral contract in excess of the statute of frauds amount ($500) is still enforceable to the extent that goods have been received and accepted.

This is a requirement contract and is enforceable even though the exact quantity is unknown.

The contract involves a latent ambiguity and, therefore, lacks mutuality. It is voidable by either party.

Question 13

BANKRUPTCY – CREDITOR PAYMENTS order

Answer 13

that order is:

administrative expenses,

employee claims for wages during the previous 180 days,

claims for return of deposits, and government claims for unpaid taxes.

If money remains, all remaining unsecured debts are paid proportionally.

Question 14

Qualifies as Unrelated Business Income for tax exempt organizations

Answer 14

sale of contributed merchandise

dividend ant interest revenue on contributed funds

sale of goods created in therapy sedssions are not considered taxable income

Question 15

tax exempt organizations limits of income

Answer 15

does not have to pay income taxes on unrelated business income if it does not exceed 1,000

annual gross not more than 5000 doesnot have to file to get tax exempt status

below 25,000 does not have to file an annual informational return

Question 16

Realized Gain & Recognized meaning

Answer 16

Realized es cuando hay una ganancia pero no tengo que pagar por ella todavía

Recognized es cuando tengo ganancias realizadas y tengo que reconocerlas y pagar por ellas