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Question 12 Identify which of the following statements is true . Question 13
Michael died in 2013 with a taxable estate and estate tax base of $ 6,000,000 . Michael ' s estate owed no state death taxes . Michael ' s estate includes $ 250,000 of income in respect of a decedent ( IRD ), none of which is received by his surviving spouse . His estate had no DRD . The estate collects $ 200,000 of the IRD during its current tax year . The Sec . 691 ( c ) deduction for the estate in current year is
Question 14
Which of the following corporations is entitled to join in a consolidated tax return without making a special election ?
Question 15
Susan contributed land with a basis of $ 6,000 and an FMV of $ 10,000 to the SH Partnership two years ago to acquire her partnership interest . This year , the land is distributed to Harry when its FMV is $ 11,000 . No other distributions have been made since Susan became a partner . When the land is distributed , the partnership ' s basis in the land immediately before distribution is increased by
Question 16
What is the penalty for a tax return preparer who willfully attempts to understate taxes , or intentionally disregards the tax rules and regulations ?
Question 17
When computing the partnership ' s ordinary income , a deduction is allowed for
Question 18