Agency

Question 1

What is orders can implied authority carry out ?

Answer 1

Express

Question 2

Section 11 the plaintiff doesn’t need to prove what?

Answer 2

Defendants intent to deceive or plaintiffs reliance

Question 3

Do you report state govt obligations as reportable income ?

Answer 3

No

Question 4

What happens to cogs and taxable income with rising prices under LIFO

Answer 4

COGS is higher and taxable income is lower

Question 5

Can C Corps file cash basis ?

Answer 5

No if the past 3 years exceed 5million

Question 6

Can you deduct Roth and Traditional IRAs?

Answer 6

Not Roth only traditional

Question 7

What is early distribution of IRA taxed at

Answer 7

Marginal Rate + 10% penalty

Question 8

Charitable contributions carried for over 1 year are deducted at ?

Answer 8

FMV

Question 9

Dividend deduction rules

Answer 9

less than 20% deduct 70%
over 20%-80% deduct 80%
over 80% deduct 90%
must hold security for 46 days

Question 10

Goodwill for tax purposes is amortized over how many years

Answer 10

15

Question 11

NOL carry back how many years

Answer 11

2

Question 12

What is a C-corps chartable contribution limit

Answer 12

10% of taxable income

Question 13

How many years can I C-Corp carry forward charitable contributions

Answer 13

5

Question 14

What amount of organizations expense can you deduct

Answer 14

5,000 the first year and reduced by amount exceeding 50k and amortize the remaining amount over 180 months

Question 15

How do Corporations recognize nonliquidating distribution at a loss ?

Answer 15

Corps don’t recognize loss on nonliquidating distributions

Question 16

How do Corporations recognize nonliquidating distribution at a gain ?

Answer 16

FMV