CPA tax questions

Article Abstract:

Official tax questions from the Uniform CPA examination are presented with unofficial answers. The questions cover affiliated groups, partners' distributive share, and corporate taxable income. For a corporation filing a consolidated income tax return, 100% of the dividends paid by a subsidiary to the parent corporation are tax free. Partners are required to report on their tax returns their distributive share of the partnership's income or loss regardless of whether it was or was not distributed after the partnership completes its computation of taxable income or loss. In general, for financial reporting practices, a corporation's taxable income is determined in the same manner as its book income.

Subsidiary corporations, Subsidiaries, Holding companies, Partnership, Partnerships, Tax returns

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CPA tax questions

Article Abstract:

Official tax questions and unofficial answers for corporate income and deduction and limitations on assessment questions on the uniform CPA examination are presented. The Tax Reform Act of 1986 provides a general allowance of 80% for deducting dividends for corporations. Deductions for insurance premia are allowed if the employee is not the beneficiary of the policy, the premia payments are compensation, and the total compensation of the employee is not unreasonable. Corporate deductions for charity are limited to 10% of taxable income. In the area of limitations on assessments, the IRS is limited to a period of three years from the date a return is filed in seeking to assess deficiencies.

Laws, regulations and rules, United States. Internal Revenue Service, Revenue

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CPA tax questions

Article Abstract:

Questions and unofficial answers from the uniform CPA examination concerning the deductions for qualified moving expenses and real property taxes are presented. Qualified moving expenses generally can be deducted if they are incurred as the result of a move related to the taxpayer's employment. Qualified moving expenses include expenses incurred for moving household goods, traveling, meals, and lodging. Taxpayers are allowed deductions on real estate taxes, and taxes levied on rental property or property used in a trade or business are deductible from gross income. Real estate taxes are usually deductible by only those taxpayers on whom the taxes are imposed.

Tax accounting, Real property tax, Real property taxes, Moving, Household, Household moving, column

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