Reg 4

Question 1

Basis on partnership distribution

Answer 1

Basis at begg of the year + 50% ordinary income - cash distribution = property distribution

Question 2

Taxable dividend

Answer 2

the higher of current earnings and profit or dum of cep

Question 3

Ratification under agency law

Answer 3

The principal confirm an agent unauthorized act

Question 4

House rented out for less than 15 days during the year

Answer 4

Rental income id excluded from taxation

Question 5

Custodial fee on an IRA, fees for profesional publications and union dues

Answer 5

Sre not disallowed under tsx cuts and jobs act

Question 6

Refundable portion of the child tax credit

Answer 6

The lesser of:
1, the excess child tax credit over tax liability
2. Earned income - 2,500*-5%
3. 1,400 per qualifying child

Question 7

Bonus expense

Answer 7

Can be deducted on the return for the year in which the expense accrued because it was paid within 2.5 months of year-end

Question 8

Alimony before 2018 only includes

Answer 8

Payments in cash or cash equivalent

Question 9

Accumulated earnings tax can be imposed

Answer 9

On regular corporations not classified as personal holding companies

Question 10

Unrelated business income

Answer 10

Does not include any activity where all yeh work is performed by the organization by unpaid volunteers

Question 11

Incapacity of the principal

Answer 11

Agent no longer has actual authority or apparent authority

Question 12

S election

Answer 12

If made by the 15 day of 3 month of the taxable year is retroactively effective on the first day of thet axabke year

Question 13

Taxable gift

Answer 13

Cash gift to child

Question 14

Taxable gift max

Answer 14

15,000

Question 15

Interest on auto loans

Answer 15

Is not deductible

Question 16

Chapter 15 of the US bankruptcy code

Answer 16

Discrimination is permitted against some foreign interest

Question 17

The right of the surety to requiere the debtor to pay the creditor before the surety pays

Answer 17

Exoneration

Question 18

Quasi contract

Answer 18

Obligation to one party imposed by law independently of any agreement between the parties

Question 19

Filling status

Answer 19

Watch date

Question 20

Personal holding company status

Answer 20

Applies if a corporation is owned more than 50% by 5 or fewer individuals at least of the half year AND if at least 60% of adjusted ordinary gross income for the tax year is personal holding company income

Question 21

Apparent authority example

Answer 21

Partnership regularly sells goods

Question 22

Due diligent requirements

Answer 22

Address eligibility checklist, computation worksheets, and record retention

Question 23

Penalty for each failure to be diligent in determining the amount of the earned income credit

Answer 23

$500