REG Study Group Q4 2014 - Page 272

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  • November 28, 2014 at 8:00 pm #633281
    REGTaker
    Member

    I really want to say B-$1,100, but I'm worried you're going to say D.

    November 28, 2014 at 8:02 pm #633282
    Anonymous
    Inactive

    I'm not. B is correct! See, you KNOW this stuff! You are doing great!

    November 28, 2014 at 8:02 pm #633283
    Anonymous
    Inactive

    7–On January 1, 2014, Kee Corp., a C corporation, had a $50,000 deficit in earnings and profits. For 2014 Kee had current earnings and profits of $10,000 and made a $30,000 cash distribution to its stockholders. What amount of the distribution is taxable as dividend income to Kee's stockholders?

    A. $30,000

    B. $20,000

    C. $10,000

    D. $0

    November 28, 2014 at 8:02 pm #633284
    REGTaker
    Member

    Thanks Bucky. I think I'm just looking at everything to be confusing with a special rule that I don't know about.

    November 28, 2014 at 8:03 pm #633285
    REGTaker
    Member

    C?

    November 28, 2014 at 8:04 pm #633286
    Anonymous
    Inactive

    C is correct!

    November 28, 2014 at 8:04 pm #633287
    REGTaker
    Member

    yayy!

    November 28, 2014 at 8:05 pm #633288
    Anonymous
    Inactive

    8–S Corporation was a wholly-owned subsidiary of P Corporation. Both corporations were domestic C corporations. P received a liquidating distribution of property (worth $250 and a basis of $135) from S in cancellation of the stock. What amount of gain will P recognize if P had a basis of $100 in the S stock before the receipt of the property?

    A. $ 0

    B. $ 35

    C. $150

    D. $250

    November 28, 2014 at 8:05 pm #633289
    REGTaker
    Member

    You want me to do estate/trusts flashcards for you?

    November 28, 2014 at 8:06 pm #633290
    REGTaker
    Member

    A

    November 28, 2014 at 8:06 pm #633291
    Anonymous
    Inactive

    Do you want to work on S-Corps?

    November 28, 2014 at 8:07 pm #633292
    Anonymous
    Inactive

    A is correct! I totally missed the “wholly owned subsidiary” part. RTMFQ

    November 28, 2014 at 8:08 pm #633293
    REGTaker
    Member

    I've missed so many of those. That's the part I look for first now. It sort of eliminates having to read the rest of the question.

    November 28, 2014 at 8:08 pm #633294
    REGTaker
    Member

    Sure.

    November 28, 2014 at 8:10 pm #633295
    Anonymous
    Inactive

    9–As of January 1, 2014, Kane owned all the 100 issued shares of Manning Corp., a calendar year S corporation. On the 40th day of 2014, Kane sold 25 of the Manning shares to Rodgers. For the year ended December 31, 2014 (a 365-day calendar year), Manning had $73,000 in nonseparately stated income and made no distributions to its shareholders.

    What amount of nonseparately stated income from Manning should be reported on Kane's 2014 tax return?

    A. $56,750

    B. $54,750

    C. $16,250

    D. $0

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