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Presentation/PPT
27/08/2022
I have 4 questions that I need answered. They are as follows :1. Which of the following statements regarding the disclosure Regulations is Correct?Select One:a. Posting the required tax forms on the internet is an acceptable technique for satisfying the “widely available requirement.”b. Forms 990 and 1023 must be readily available to the general public.c. If an individual requests a copy of the required tax forms in writing, the exempt entity must provide a copy within 30 days.d. Only a and b are correcte. a, b and c are all correct2. Which of the following statements best describes considerations regarding a company’s tax expense that may be made by users of GAAP financial statements?A. The breakdown of tax expense between current and deferred may provide useful information regarding the comparison of tax burdens between companies.B. An analysis of earnings before interest, taxes, depreciation, and amortization (EBITDA) is often a better approach to comparing operating results of two companies.C. One-Time effects within a company’s effective tax rate should be removed before comparing effective tax rates across companies (or across years for the same company)D. All the observations are correct.3. Devon owns 40% of the Agate company for which his basis is $300,000. He sells one-fourth of his ownership interest to Bernice for $100,000. Which of the following statements is correct?Select One:A. If Agate is an S corporation, Devon has a recognized gain of $25,000, some of which may be capital and some of which may be ordinary income.B. If Agate is a C corporation, Devon has a recognized capital gain of $25,000.C. If Agate is a partnership, Devon has a recognized capital gain of $25,000.D. Only b and c are correctE. a, b, and c are correct4. In 1990, Jude, a resident of New York, purhcases realy for $500,000 listing title as “Jude and Tony, joint tenants with right of survivorship.” In 2011, Tony predeceases Jude when the realty is worth $2,000,000. Tony’s income tax basis in the property is:Select One:A. $0B. $250,000C. $1,000,000D. $1,250,000E. $2,250,000
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The writer is very fast, professional and responded to the review request fast also. Thank you.
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