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