[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Tax woman]

haha! That's a first for me…I guess it decided to pick on me now.

[Tax woman]

Question 4:

(FEDE-0045)

Need a hint?

See Reference…

Rey Corp.’s management intends to solicit proxies relating to its annual meeting at which directors will be elected. Rey is subject to the registration and reporting requirements of the Securities Exchange Act of 1934. As a result, Rey must furnish its shareholders with

A copy of its registration statement and bylaws.

A copy of its proxy statement 2 weeks before the proxy solicitation.

An annual report containing its audited statements of income for the 5 most recent years.

An annual report containing its audited balance sheets for the 2 most recent years.

[MommyBear]

Don't worry. It is thread specific. You can go back to Tax lady in all your other threads. I alternate between all 3 of my names depending on what pops up when I log in.

[MommyBear]

A

[Tax woman]

An annual report containing its audited balance sheets for the 2 most recent years.

This answer is correct because a company that is subject to SEC registration and continuing disclosure requirements must furnish its shareholders with audited financial statements for the last 2 years when soliciting proxies on behalf of management for an annual meeting at which directors are to be elected. Thus, Rey Corp. must furnish its shareholders with an annual report containing audited balance sheets for the 2 most recent years.

[Tax woman]

Question 8:

(OTAX-0011)

Need a hint?

See Reference…

The federal estate tax may be reduced by a credit for foreign

Foreign death taxes.

Gift taxes on gifts made 2 years before death.

Income taxes paid in the year of death.

Intangible property taxes.

[Anonymous]

Is 12 A?

[MommyBear]

Got it. Thanks. That was my second choice. Does that count for anything? 🙂

[MommyBear]

12 is C. I picked A as well.

If a taxpayer worked for two or more employers during the tax year and in total earned more than the wages subject to Social Security tax for the year, then the excess can be a credit against income tax. If the taxpayer only worked for one employer and too much Social Security tax was withheld in error, then the taxpayer cannot claim the excess as a credit against income tax.

In this case, the employer should make an adjustment and refund to the employee, or the employee can use IRS Form 843, Claim for Refund and Request for Abatement, to claim a refund. Social Security tax is paid on wages up to $117,000 for 2014.

Terms

[Tax woman]

Only with us. 🙂

[MommyBear]

C–Foreign income taxes paid

[MommyBear]

Well–quick…go get a job with the AICPA before next Saturday!!

[Anonymous]

Gosh darn it! I get that social security one wrong every time. I should know it shouldn't be a deduction!

[Tax woman]

ha! You don't need any special favors…you are going to do fantastic!

[MommyBear]

We're getting it Bucky. I get it wrong every time too, but now is the time to get it wrong so we get it right on exam day!

[Author]

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