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Reg > Just All Of Reg > Flashcards

Just All Of Reg Flashcards

1
Q

Treasury circular 230 is for practicing before the

A

IRS

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2
Q

Value of fringe benefits for shareholders who holder greater than 2% of the corporations stock must be:

A

Included as income. (Less than 2% ownership don’t have to report anything)

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3
Q

Surety can be demand for payment

A

Pretty much damn immediately without asking the debtor, and can go after collateral immediately

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4
Q

Self employed health insurance and 50% tax on self employment are both reported on form

A

1040

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5
Q

How many judges preside in US district court cases?

A

1

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6
Q

If a nonliquidating cash distribution reduces a partner’s basis to zero, but he also gets a building, what is the partner’s basis in the building he received?

A

Zero

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7
Q

Limited partnerships share profit and losses according to

A

Proportionality of each partner’s contribution to the partnership

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8
Q

Holding period for stocks in a short sale situation

A

Date of purchase - date of short sale execution

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9
Q

Holding period for short sale

A

date of purchase to date of short sale execution (as opposed to delivery of the short stocks)

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10
Q

Under statute of frauds, the promise to pay a debt (aka be a surety) must be in what form:

A

Written

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11
Q

What type of asset is a depreciable asset used in trade or business

A

Section 1231 asset

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12
Q

Personal property is recaptured (a truck for example) via what recapture rule

A

1245

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13
Q

Nol’s in 2018, 2019, and 2020 can be carried back x years and forward y years

A

5 and infinity

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14
Q

Things required under the secured transactions article of the UCC

A

1) name and mailing address of debtor and secured party
2) indication of the collateral secured by the financing statement
3) description of the collateral

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15
Q

A family farmer can file for debt relief under chapter(s)

A

7, 11, or 13

Chapter 9 is municipal debt relief and is never covered in reg material

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16
Q

You can just never damn deduct the losses from sales to a related party

A

There is no back side to this card, stop getting these problems wrong

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17
Q

When a CORPORATION distributes assets to shareholders in a liquidation, gain is recognized as:

A

FMV of assets minus shareholder’s basis in the corporation

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18
Q

If an itemized deduction is take in a given year, is it includable in taxable income in the following year?

A

Yes

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19
Q

Appreciated proper deduction percentage (of agi)

A

30%

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20
Q

If fmv is less than basis at date of gift, recipient’s basis is

A

Sale price above cost to donor - cost is basis
If between cost and fmv - sale price is basis
If less than fmv- fmv is basis

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21
Q

When a cpa recklessly departs froM the standards of due care, it is

A

Gross negligence

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22
Q

Dividend’s received deduction is usually (blank), but is limited by (blank)

A

50% of dividends received

50% of modified taxable income

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23
Q

To increase foreign derived income, sales of property must be

A

To non u.s persons for use outside of the u.s

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24
Q

For an involuntary petition to succeed, debtors must owe

A

16750 unsecured, undisputed debt

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25
Q

A corporate is required to use the (direct charge off or reserve method)

A

Direct charge off

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26
Q

A corporations net capital losses are carried

A

Back three years and forward 5

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27
Q

Can passive activity from an s Corp be used to offset passive real estate activity?

A

Yes

28
Q

Assets held for personal use are

A

Capital assets

29
Q

For those accumulated e&p problems:

List steps

A

Distribute evenly amongst all current year distributions the current year e&p. These are classified as dividends

For accumulated e&p, assign chronologically.

Amount of distribution in excess of stuff mentioned above is nontaxable return of capital.

Any distribution in excess of basis is taxed as capital gain

30
Q

BEAT applies to corporations with

A

Annual average gross receipts of 500 million or more for the 3 preceding taxable years

31
Q

An accountant is liable for negligence only to

A

Third parties whom the accountant knows or should foresee will be relying on the accountant’s work

32
Q

Basis for new property in like kind exchange is

A

Fmv of new property minus deferred gain (gain realized but not recognized yet)

33
Q

Non separately stated income is calculated by

A

Adding ‘income after the following deductions’ plus separately stated items (charitable contributions, section 179 deductions etc)

34
Q

For qbi problems, everything is used to calculate taxable income except for personal itemized deductions if they use the:

A

Standard deduction. And remember to compare itemized vs standard to see which to take.

35
Q

If wages are over the threshold in QBI problem, the full limitation amount (greater of 50% w2/25% w2 plus 2.5% property)

A

Will apply

36
Q

If the limitation amount for a qbi problem is greater than the tentative qbi deduction, take the

A

Full tentative amount (20% of qbi)

37
Q

If NONliquidating distribution, basis in property received is equal to

A

The partnership’s basis in the land, limited to the partner who received the distribution’s basis

38
Q

Specific performance is available usually only when

A

The property is rare or unique

39
Q

1231 losses are

A

Ordinary

40
Q

Characteristics of a type b reorganization

A

Acquired using stock of company or its parent

Acquiring company must be in control immediately after acquisition

41
Q

Categories of income for foreign tax credit limitation purposes are

A

General category income, passive category income, foreign branch income, global intangible low taxed income

42
Q

Main ways an s Corp is terminated

A

Have over 100 shareholders

Have a partnership of c Corp as a stockholder

Have a shareholder who isn’t a u.s. citizen

43
Q

If fewer than x creditors, any one creditor owed 16750 or more may file an involuntary petition to take the debtor through bankruptcy

A

12

44
Q

For c Corp nonliquidating distributions the corporation is treated as

A

Having sold the assets at fmv. Taxed on any gains (fmv - basis)

Losses are NOT deductible though, so if there is a problem asking for gain or loss RECOGNIZED, just look at gains

45
Q

In a partnership distribution, if a partner has zero basis and receives a building, the partner’s basis in the received building is

A

Zero

46
Q

Less than 2% equals

A

Nothin to recognize for health insurance paid to that employee

47
Q

Distribution by a c corp does what to a shareholder’s stock

A

Does not affect it

If a person has basis of 300, and receives a distribution of 270 (doesn’t matter what the c corps basis is for the shareholder’s purposes)

A corp follows same rules for a liquidating distribution

48
Q

If a partnership basis problem, include debt. Ie, in a liquidating distribution, if total firm debt is 500 and the person owns 10% of the firm, they treat 50k as a gain.

Is this the same for llc’s?

A

No, not for recourse debt. (And no recourse debt is allocated based on ownership percentage).

49
Q

Personal service corporations AND personal holding companies must include what percent of dividends received from unrelated taxable domestic corporations in gross income in computing regular taxable i

A

100%

Psc and phc cruising 100% including

50
Q

A customer payment for sale of inventory in the us is

A

Not subject to withholding

51
Q

A partner’s interest in specific partnership property is

A

NOT Assignable to the partner’s individual creditors and NOT subject to attachment by the partner’s individual creditors

52
Q

Asset acquired via gifting’s basis is equal to

A

The donor’s basis

53
Q

SUSPENDED PALS ARE CARRIED

A

FOREVER FORWARD

54
Q

Real estate taxes, income taxes, personal property taxes are deductible?

A

Yes, are deductible

55
Q

Should have know the price was erroneous makes a contract able to be

A

Rescinded

56
Q

Tangible personal property

1245 or 1250?

A

1245

And excess gain over ‘recaptured’ ordinary income is 1231 gain

57
Q

Does delivery by a common carrier create nexus?

A

No

58
Q

Passive activity expenses are only deductible against passive activity

A

Income. (No portfolio income counted)

59
Q

If you don’t itemize, you’re still allowed to deduct this much in cash contributions to charity

A

$300

60
Q

Qbi is reduced by deduction for self employed health insurance premiums

A

If total qb income is 75, health insurance premium is 5, then 70 is your 20% amount

61
Q

For 2018, 2019, and 2020 NOL’s are able to be carried back blank years and forward blank

A

5 and infinite

NOL’s 5 and infinity

62
Q

Foreign derived intangible income is NOT a category for

A

Foreign tax credit limitation purposes

63
Q

Business rent on self employed income is a

A

Deductible on schedule c, which is a calculation for agi

64
Q

Basis of property received by a partner is limited to their

A

Basis in the partnership.

If 9 k after cash distribution and basis of property distributed to them is 12k, the recipient’s basis in that partner is 9k

65
Q

General partners can be held liable for what amount owned to anyone on behalf of the partnership

A

The entire amount

66
Q

Interest expense for debt used to purchase municipal bonds is:

Added back from book income or not added back?

A

Added back

67
Q

Transfer pricing agreement is for:

US or non US based subsidiaries

A

Non US

Reg (3 decks)

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