If a partnership chooses to form an LLC , under the check-thebox 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 . 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