Question 4 Bruce receives 20 stock rights in a nontaxable distribution . The stock rights have an FMV of $ 5,000 . The common stock with respect to which the rights are issued has a basis of $ 4,000 and an FMV of $ 120,000 . Bruce allows the stock rights to lapse . He can deduct a loss of
Question 5 Identify which of the following statements is true .
Question 6 A corporation cannot reasonably accumulate earnings to
Question 7 Small case procedures of the U . S . Tax Court requires that the amount in dispute not exceed
Question 8 For purposes of determining current E & P , which of the following items cannot be deducted in the year incurred ?
Question 9 What are the consequences of a stock redemption to the distributing corporation ?
Question 10 Under a plan of complete liquidation , Coast Corporation distributes land with a $ 300,000 adjusted basis and a $ 400,000 FMV to William , a 25 % shareholder . William has a $ 200,000 basis in his Coast stock . The land is inventory in the hands of Coast Corporation . Coast Corporation must recognize
Question 11 The phrase " Entered under Rule 155 " indicates that
Question 12 You need to locate a recent tax case that was tried in a Federal district court . The decision is an " unreported " decision . This means the decision was
Question 13