1. ACC/455 CORPORATE TAXATION The Latest Version ACC 455 Entire Course Link https://uopcourse.com/category/acc-455/

2. ACC/455 CORPORATE TAXATION ACC 455 Entire Course Link https://uopcourse.com/category/acc-455/ ACC 455 Practice: Week 1 Knowledge Check ACC 455 Apply: Week 1 Application Assignment ACC 455 Practice: Week 2 Knowledge Check ACC 455 Apply: Week 2 Application Assignment ACC 455 Practice: Week 3 Knowledge Check ACC 455 Apply: Week 3 Application Assignment ACC 455 Practice: Week 4 Knowledge Check ACC 455 Apply: Week 4 Application Assignment ACC 455 Practice: Week 5 Knowledge Check ACC 455 Apply: Week 5 Application Assignment

3. ACC 455 Entire Course Link https://uopcourse.com/category/acc-455/ ********************************************** ACC 455 Practice: Week 1 Knowledge Check Complete the Week 1 Knowledge Check in McGraw-Hill Connect. Which of the following results in an ordinary gain or loss? Multiple Choice Sale of a machine at a gain. Sale of stock held for investment. Sale of a §1231 asset. Sale of inventory. None of the choices are correct. Mary exchanged an office building used in her business for some land. Mary originally purchased the building for $45,000 and it had an adjusted basis of $20,000 at the time of the exchange. The land had a fair market value of $40,000. Mary also gave $4,000 in the transaction. What is Mary's adjusted basis in the land after the exchange? rev: 03_15_2019_QC_CS-162970 Multiple Choice $20,000. $24,000. ACC 455 Practice: Week 1 Knowledge Check

4. ACC 455 Entire Course Link https://uopcourse.com/category/acc-455/ ********************************************** ACC 455 Apply: Week 1 Application Assignment Review the Week 1 Knowledge Check in preparation for this assignment. Complete the Week 1 Application Assignment in McGraw-Hill Connect. Butte sold a machine to a machine dealer for $51,300. Butte bought the machine for $53,700 several years ago and has claimed $11,850 of depreciation expense on the machine. What is the amount and character of Butte's gain or loss? Multiple Choice $9,450 §1231 loss. $2,400 §1231 loss. $9,450 ordinary gain. $9,450 capital gain. None of the choices are correct. Sumner sold equipment that it uses in its business for $31,100. Sumner bought the equipment a few years ago for $79,450 and has claimed $39,725 of depreciation expense. Assuming that this is Sumner's only disposition during the year, what is the amount and character of Sumner's gain or loss? ACC 455 Apply: Week 1 Application Assignment

5. ACC 455 Entire Course Link https://uopcourse.com/category/acc-455/ ********************************************** ACC 455 Practice: Week 2 Knowledge Check Complete the Week 2 Knowledge Check in McGraw-Hill Connect. Kathy is 60 years of age and self-employed. During 2018, she reported $500,000 of revenues and $100,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k) for 2018? (Round your final answer to the nearest whole number) Multiple Choice $55,000. $61,000. $95,837. $77,337. Which of the following statements regarding IRAs is false? Multiple Choice Taxpayers who participate in an employer-sponsored retirement plan may be allowed to make deductible contributions to a traditional IRA. ACC 455 Practice: Week 2 Knowledge Check

6. ACC 455 Entire Course Link https://uopcourse.com/category/acc-455/ ********************************************** ACC 455 Apply: Week 2 Application Assignment Review the Week 2 Knowledge Check in preparation for this assignment. Complete the Week 2 Application Assignment in McGraw-Hill Connect. Dean has earned $72,250 annually for the past five years working as an architect for WCC Inc. Under WCC's defined benefit plan (which uses a 7-year graded vesting schedule) employees earn a benefit equal to 3.5% of the average of their three highest annual salaries for every full year of service with WCC. Dean has worked for five full years for WCC and his vesting percentage is 60%. What is Dean's vested benefit (or annual retirement benefit he has earned so far)? Multiple Choice $12,644. $43,350. $7,586. $0. Jessica retired at age 65. On the date of her retirement, the balance in her traditional IRA was $219,000. Over the years, Jessica had made $21,900 of nondeductible contributions and $69,500 of deductible contributions to the account. If Jessica receives a $69,000 distribution from the IRA on the date of retirement, what amount of the distribution is taxable? Multiple Choice ACC 455 Apply: Week 2 Application Assignment

7. ACC 455 Entire Course Link https://uopcourse.com/category/acc-455/ ********************************************** ACC 455 Practice: Week 3 Knowledge Check Complete the Week 3 Knowledge Check in McGraw-Hill Connect. What is the tax impact to a C corporation or an S corporation when it makes a (noncash) property nonliquidating distribution to a shareholder? rev: 09_18_2018_QC_CS-138794 Multiple Choice Recognizes either gain or loss. Does not recognize gain or loss. Recognizes gain but not loss. Recognizes loss only. If individual taxpayers are the shareholders of PST Corporation and PST corporation is a shareholder of MNO Corporation, how many levels of tax is MNO's pre-tax income potentially exposed to? Multiple Choice No taxation. Single taxation. Double taxation. ACC 455 Practice: Week 3 Knowledge Check

8. ACC 455 Entire Course Link https://uopcourse.com/category/acc-455/ ********************************************** ACC 455 Apply: Week 3 Application Assignment Review the Week 3 Knowledge Check in preparation for this assignment. Complete the Week 3 Application Assignment in McGraw-Hill Connect. Crocker and Company (CC) is a C corporation. For the year, CC reported taxable income of $563,500. At the end of the year, CC distributed all its after-tax earnings to Jimmy, the company's sole shareholder. Jimmy's marginal ordinary tax rate is 37 percent and his marginal tax rate on dividends is 23.8 percent, including the net investment income tax. What is the overall tax rate on Crocker and Company's pre-tax income? Multiple Choice 18.8%. 23.8%. 21.0%. 39.8%. 66.7%. Logan, a 50 percent shareholder in Military Gear Inc. (MG), is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume MG has a $103,000 tax loss for the year, Logan's tax basis in his MG stock was $151,500 at the beginning of the year, and he received $76,500 ordinary income from other sources during the year. Assuming Logan's marginal tax rate is 24%, how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation? Multiple Choice ACC 455 Apply: Week 3 Application Assignment

9. ACC 455 Entire Course Link https://uopcourse.com/category/acc-455/ ********************************************** ACC 455 Practice: Week 4 Knowledge Check Complete the Week 4 Knowledge Check in McGraw-Hill Connect. Which of the following statements about ASC 740 as it relates to uncertain tax positions is true? Multiple Choice ASC 740 deals with all tax benefits involving income and non-income taxes. ASC 740 deals with whether a recognized income tax benefit will be realized. ASC 740 deals with recognized tax benefits related to income tax positions claimed on a filed tax return. ASC 740 deals with recognized tax benefits related to income tax positions regardless of whether the item is taken on a filed tax return. Which of the following statements best describes the objective(s) of ASC 740? Multiple Choice To compute a corporation's current income tax liability or benefit. To recognize deferred tax liabilities and assets. To report permanent differences in the balance sheet. To both compute a corporation's current income tax liability or benefit and to recognize deferred tax liabilities and assets ACC 455 Practice: Week 4 Knowledge Check

10. ACC 455 Entire Course Link https://uopcourse.com/category/acc-455/ ********************************************** ACC 455 Apply: Week 4 Application Assignment Review the Week 4 Knowledge Check in preparation for this assignment. Complete the Week 4 Application Assignment in McGraw-Hill Connect. Packard Corporation reported pretax book income of $501,200. Included in the computation were favorable temporary differences of $11,200, unfavorable temporary differences of $101,200, and unfavorable permanent differences of $80,600. The corporation's current income tax expense or benefit would be: Multiple Choice $141,078 tax expense. $124,230 tax benefit. $122,178 tax expense. $105,252 tax benefit. Smith Company reported pretax book income of $420,000. Included in the computation were favorable temporary differences of $54,000, unfavorable temporary differences of $22,000, and favorable permanent differences of $42,000. Smith's deferred income tax expense or benefit would be: Multiple Choice Net deferred tax expense of $6,720. Net deferred tax benefit of $6,720. Net deferred tax expense of $15,960. Net deferred tax benefit of $15,960. ACC 455 Apply: Week 4 Application Assignment

11. ACC 455 Entire Course Link https://uopcourse.com/category/acc-455/ ********************************************** ACC 455 Practice: Week 5 Knowledge Check Complete the Week 5 Knowledge Check in McGraw-Hill Connect. Which of the following statements best describes the application of the continuity of enterprise principle to a Type A tax-deferred reorganization? Multiple Choice The continuity of business enterprise principle must be satisfied for both the acquirer and the target corporation. The continuity of business enterprise principle must be satisfied for only the target corporation. The continuity of business enterprise principle must be satisfied for only the acquirer. The continuity of business enterprise principle does not have to be satisfied as long as the business purpose principle is satisfied. Robin transferred her 60 percent interest to Cardinal Company as part of a complete liquidation of the company. In the exchange, she received land with a fair market value of $800,000. Robin's basis in the Cardinal stock was $900,000. The land had a basis to Cardinal Company of $1,000,000. What amount of loss does Cardinal recognize in the exchange and what is Robin's basis in the land she receives? The distribution was non pro rata to Robin, a related person. Multiple Choice $200,000 loss recognized by Cardinal and a basis in the land of $1,000,000 to Robin. $200,000 loss recognized by Cardinal and a basis in the land of $800,000 to Robin. No loss recognized by Cardinal and a basis in the land of $1,000,000 to Robin. No loss recognized by Cardinal and a basis in the land of $800,000 to Robin. ACC 455 Practice: Week 5 Knowledge Check

12. ACC 455 Entire Course Link https://uopcourse.com/category/acc-455/ ********************************************** ACC 455 Apply: Week 5 Application Assignment Review the Week 5 Knowledge Check in preparation for this assignment. Complete the Week 5 Application Assignment in McGraw-Hill Connect. Julian transferred 100 percent of his stock in Lemon Company to Apricot Corporation in a Type B stock-for stock exchange. In exchange, he received stock in Apricot with a fair market value of $337,500. Julian's tax basis in the Lemon stock was $675,000. What amount of loss does Julian recognize in the exchange and what is his basis in the Apricot stock he receives? Multiple Choice $337,500 loss recognized and a basis in Apricot stock of $337,500. No loss recognized and a basis in Apricot stock of $675,000. $337,500 loss recognized and a basis in Apricot stock of $675,000. No loss recognized and a basis in Apricot stock of $337,500. Camille transfers property with a tax basis of $1,050 and a fair market value of $1,475 to a corporation in exchange for stock with a fair market value of $1,140 and $335 in cash in a transaction that qualifies for deferral under section 351. Camille also incurred selling expenses of $106. What is the amount realized by Camille in the exchange? Multiple Choice $1,475 $1,369 $1,140 $1,034 ACC 455 Apply: Week 5 Application Assignment