TCP

Question 1

Standard Ded’n amount

Answer 1

14.6K (Single)

Question 2

Additional Standard deduction Seniors

Answer 2

$1,550 MFJ ; $1,950 Single

Question 3

Medicare insurance premiums ded’l?

Answer 3

Yes

Question 4

Corporate capital loss carryovers

Answer 4

Back 3; forward 5

Question 5

Gift tax exclusion

Answer 5

18K; double for married

Question 6

Failure to meet RMD, SIMPLE IRA : excise tax?

Answer 6

25%

Question 7

Contribution limit: IRAs

Answer 7

$7,000 + $1,000 catch-up

Question 8

Contribution limit: most employer sponsored plans

Answer 8

69K (2/3 from employer & 1/3 from employee); $7,500 catch-up

Question 9

Contribution limit: SIMPLE IRA

Answer 9

$16,000

Question 10

Which plans have 25% of income cap on contributions?

Answer 10

SEP & KEOGH

Question 11

Homebuyer: allowable IRA distribution?

Answer 11

Yes, 10K limit

Question 12

Medical expenses: IRA distribution allowed?

Answer 12

Yes, on amount over 7.5% AGI floor

Question 13

Birth or adoption of child: IRA withdrawal allowed?

Answer 13

Yes, 5K limit

Question 14

Insurance: IRA withdrawal allowed?

Answer 14

Only for unemployed

Question 15

Formula: pay-in to Roth IRA for ROI calculations

Answer 15

Divide by complement of tax rate (very convoluted)

Question 16

PII tax: S Corps criteria

Answer 16

(1) Has C Co. E&P leftover AND (2) Passive Investment income in excess of 25% of Gross Receipts

Question 17

Green Card: can own S Corp?

Answer 17

Yes

Question 18

AMT Rate

Answer 18

26%

Question 19

Threshold: 110% requiired for previous-year tax liability safe harbor

Answer 19

150K AGI

Question 20

Minimum threshold for underpayment of estimated tax penalty

Answer 20

$1,000 shortfall

Question 21

Grant vs scholarship

Answer 21

Grant for poverty; scholarship for any reason

Question 22

Criminal penalty, tax fraud

Answer 22

250K fine or up to 5 yrs prison

Question 23

No. of years BIG tax imposed after S Corp. election (“recognition period”)

Answer 23

5 yrs.

Question 24

ENPI and BIG tax rates

Answer 24

21% (same as C corp taxes they substitute for)

Question 25

estimated tax annualized income method: define

Answer 25

90% of current year income (??)

Question 26

sec 351

Answer 26

Transfer of property to form a corporation

Question 27

sec 721

Answer 27

transfer of property for partnership interest

Question 28

Trust: income threshold to file return

Answer 28

$600 gross

Question 29

Trust: pesonal exemption amount

Answer 29

$300 simple trust; $100 complex trust

Question 30

Social club: nonmembership receipts above what threshold disqualify from being tax-exepmt

Answer 30

35%

Question 31

Excise tax for exceeding lobbying expenditure limit

Answer 31

25%

Question 32

Max. public support to still be private charity

Answer 32

1/3

Question 33

sec 382

Answer 33

NOL for corporation w/new ownership

Question 34

Threshold to require interest on shareholder loan

Answer 34

10K

Question 35

Branch vs subsidiary

Answer 35

Branch is not a separate legal entity

Question 36

Form 5471

Answer 36

US citizen serving as officer in foreign corporation must file

Question 37

Form 8993

Answer 37

foreign-derived intangible income and GILTI deduction (what are these ???)

Question 38

sec 1231

Answer 38

Business-use property (ord loss, cap gain)

Question 39

sec 1245

Answer 39

Deprecable personal property banned from using §1231 to extent of deprn taken