A client is receiving care for a diabetic foot ulcer.  This client has type 2 diabetes mellitus and poor circulation to the lower extremities.  The client becomes disoriented x 4, diaphoretic, and unsafe.  The charge nurse recommends the use of chemical restraints.  What is the nurse’s priority action?

Longhorn Company reports current E&P of $100,000 in 20X3 and a deficit of ($200,000) in accumulated E&P at the beginning of the year. Longhorn distributed $300,000 to its sole shareholder on January 1, 20X3. The shareholder’s tax basis in his stock in Longhorn is $100,000. How is the distribution treated by the shareholder in 20X3? 

Which of the following statements best describes the   continuity   of   interest principle as it applies to a tax-deferred acquisition?

Sarah is a 50percent partner in the SF Partnership and has an outside basis of $56,000 at the end of the year prior to any distributions. On December 31, Sarah receives a proportionate operating distribution of $20,000 cash. What is the amount and character of Sarah’s recognized gain or loss and what is her basis in her partnership interest? 

Which of the following statements is true regarding partnership operating distributions?

What form does a partnership use when filing an annual informational return?

Which of the following statements best describes the tax results to a shareholder in a §351 transaction when liabilities on property transferred to the corporation are assumed by the corporation?   

Which of the following statements regarding book–tax differences is   true?

Tuna Corporation reported pretax book income of $1,000,000. During the current year, the net reserve for warranties increased by $25,000. In addition, book depreciation exceeded tax depreciation by $100,000. Finally, Tuna subtracted a dividends received deduction of $15,000 in computing its current-year taxable income. Book equivalent of taxable income is:

What confidence level must management have that a tax position will be sustained on audit before it can recognize any portion of the related deferred tax asset under ASC 740?