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Carmen then sold the stock for $9,000. The gain or loss Carmen
will recognize on the sale is
Question 5
If a partnership chooses to form an LLC, under the check-the-
box rules, and assuming no elections are made, the entity will be
taxed as
Question 6
Revocable trusts means
Question 7
Identify which of the following statements is
true.
Question 8
Identify which of the following statements is
true.
Question 9
Cactus Corporation, an S Corporation, had accumulated
earnings and profits of $100,000 at the beginning of 2009. Tex
and Shirley each own 50% of the stock and have a basis in their
stock of $50,000 on January 1, 2009. Cactus does not make any
distributions during 2009, but had $200,000 of ordinary income.
In 2010, ordinary income was $100,000 and distributions were
$100,000. What is Tex's basis at January 1,
2011?
Question 10
Tax return preparers can be penalized for the following
activities except
Question 11
An intervivos trust may be created by all of the following
except
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.