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ACC 565 Final Exam Guide For more course tutorials visit www . uophelp . com

ACC 565 Final Exam Guide

Question 1 Barbara sells a house with an FMV of $ 170,000 to her daughter for $ 120,000 . From this transaction , Barbara is deemed to have made a gift ( before the annual exclusion ) of

Question 2 If a state has adopted the Revised Uniform Principal and Income Act , which of the following statements is correct ?

Question 3 Jackson and Tanker Corporations are members of an affiliated group . The two corporations have been affiliated since they were formed last year . Both corporations have always used a calendar year as their tax year . Tanker , the subsidiary , has a separate return year NOL of $ 14,000 from last year . Jackson Corporation has a separate return year NOL of $ 16,000 from last year . Commencing this year , the two corporations filed a consolidated tax return . The NOLs can be carried over

Question 4 Virginia gave stock with an adjusted basis of $ 8,000 and an FMV of $ 10,000 to Carmen . No gift tax was paid on the transfer . Carmen then sold the stock for $ 9,000 . The gain or loss Carmen will recognize on the sale is

Question 5