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?

If you were seeking an entity with the most favorable tax treatment regarding (1) the number of owners allowed, (2) the flexibility to select your accounting period, and (3) the availability of preferential capital gains rates when selling your ownership interest, which entity should you decide to use?

Which of the following are subtractions from taxable income in computing current E&P?

Which of the following statements best describes the concept of   control as it applies to a §351 transaction?

Which person would generally be treated as a material participant in an activity?

Sam owns 70 percent of the stock of Club Corporation. Unrelated individuals own the remaining 30 percent. For a stock redemption of Sam’s stock to be treated as an exchange under the “substantially disproportionate” test, what percentage of Club stock must Sam own after the redemption? 

The nurse is taking the client’s apical pulse.  At which location will you place your stethoscope? Remember your client is a mirror image of you.