레귤 질문드립니다.

3. Sarah Hance, who is single and lives alone in Idaho, has no income of her own and is supported in full by the
following persons:
Amount of support Percent of total
Alan (an unrelated fried) $14,400 48%
Barbara (Sarah's sister) 12,900 43%
Chris (Sarah's son) 2,700 9%
Under a multiple support agreement, Sarah's dependency exemption can be claimed by

정답이 아래와 같은데, 이런 기준이 있다는 걸 정규강의 시간에 듣지 못했습니다. 부연 설명 부탁드립니다.

3. Barbara only. Alan fails the relationship or member of household test. Chris provides less than 10% of Sarah's
support. Barbara passes both the relationship and the 10% test. As nobody else qualifies to claim the exemption,
Barbara does not need to file a multiple support agreement.

 

 

22. William did not itemize his deductions on his Year 7 and Year 8 federal income tax returns. However, William
plans to itemize his deductions for Year 9. The following information relating to his state income taxes is available:
Taxes withheld in Year 9 $2,000
Refund received in Year 9 of Year 8 tax 300
Assessment paid in Year 9 of Year 7 tax 200
What amount should William utilize as state and local income taxes in calculating itemized deductions for his Year
9 federal income tax return?

정답

22. $2,300. Section 164(a) allows a deduction for the taxable year within which state income taxes are paid or
accrued. The refund of tax is not included in income, nor does the refund reduce the current deduction for taxes,
because William never claimed a deduction for the payment of the Year 8 tax (§111).

해답의 의미가 8년도에 itemize deduction을 하지 않았으니, refund 받은 것도 income에 포함되지 않으므로, 300을

deduction 처럼 보겠다 이런 의미가 맞는지요? M1 adjustment에서 TI를 줄여주는 항목에 포함시키는 개념으로 

보면 되는지 궁금합니다.

 

 

 

 

5. Kent Corp. is a calendar year, accrual basis C corporation. In Year 1, Kent made a nonliquidating distribution
of property with an adjusted basis of $150,000 and a fair market value of $200,000 to Reed, its sole
shareholder. The following information pertains to Kent:
Reed's basis in Kent stock at January 1, Year 1 $ 500,000
Accumulated earnings and profits at January 1, Year 1 125,000
Current earnings and profits for Year 1 60,000
What was taxable as dividend income to Reed for Year 1?

해답이 Accumulated E&P 와 Current E&P의 합인 185000 인데,

저희 부교재 44페이지에 보면, Property를 distribute 한 경우 

DI 는 FMV - Liability 라고 되어 있습니다.

문제에서 Liability가 따로 없으므로 20만불이 DI 가 되어야할 거 같아서요.

정재홍 대표님 강의에서 Property와 E&P의 상관관계에 대해서는

강의 내용에서 들은 바가 없는데, 설명 부탁드립니다.

E&P는 Cash 배분시에만 영향을 미친다고 배웠습니다.

 

 

 

 

 

11. Aztec, a C corporation, distributed an asset to Burn, a shareholder. The asset had a fair market value of

$30,000 and was subject to a $40,000 liability, assumed by Burn. The asset had an adjusted basis of $25,000.

What amount of gain must Aztec recognize?

이 문제에서 만약 Burn의 입장에서 받은 자산의 Basis가  FMV 를 따라간다면,  베이시스는 30000이 될 텐데,

그렇다면, 베이시스보다 큰 Liability를 승계하게 된 이런 케이스에서 Burn 입장에서 회계처리는 어떻게 되는건지요?

Non Liquidating에서는 Loss 인식이 불가능하다고 들었는데, FMV와 Liability의 차이금액인 10000에 대해 어떻게

분개상 표시가 되는지 궁금합니다.

 

 

 

 

8. Sky Corp. was a wholly‐owned subsidiary of Jet Corp. Both corporations were domestic C corporations. Jet
received a liquidating distribution of property in cancellation of its Sky stock when Jet's tax basis in Sky stock
was $100,000. The distributed property had an adjusted basis of $135,000 and a fair market value of $250,000.
What amount of taxable gain did Jet, the parent corporation, recognize on the receipt of the property?

답이 0 인 이유가 wholly-owned subsidiary 라고 되어있으므로 consolidated transaction으로 보아서 그런 것이 맞는지요?

 

 

 

25. Curry's sale of her partnership interest causes a partnership termination. The partnership's business and
financial operations are continued by the other members. What is(are) the effect(s) of the termination?
I. There is a deemed distribution of assets to the remaining partners and the purchaser.
II. There is a hypothetical recontribution of assets to a new partnership.

둘다 맞는게 정답인데, 정확하게 두 문장의 의미를 알려주시면 감사하겠습니다.

 

 

 

 

43. Which of the following can be an advantage of a limited liability company over an S corporation?
a. Double taxation of profits is avoided.
b. Owners receive limited liability protection.
c. Appreciated property can be distributed tax‐free to an owner.
d. Incentive stock options can be used to compensate owners.

정답이 C 인데 관련내용 설명해주시면 감사하겠습니다.

 

 

 

추가질문) Municipal bond interest income 은 not taxable 인데, municipal bond interest expense 의 경우

deductible 인지 non deductible 인지 궁금합니다.


코멘트 목록

CAS Director

3. Alan 은 같이 살고 있지 않으므로 relative 가 될 수 없고, Barbara 가 10% 이상 support 를 하므로 claim 할 수 있습니다.
22. Itemized deduction 을 선택하지 않았으니 refund 받은 것은 taxable 이 아닙니다. M1 과 상관없습니다.
5. total E&P 가 185,000 이므로 Property 200,000을 받으면 Up to E&P 까지 DI 이며 나머지 15,000 은 stock basis 를 줄여 줍니다.
11. Liability 40,000 / Basis 25,000 , Gain 15,000
8. 맞습니다.
25. 파트너쉽 지분 양도로 이해하시면 됩니다.
43. LLC 를 partnership 이라고 생각하시면 됩니다.

Municipal bond interest expense 는 non deductible 입니다.

참고로..하종철 원장의 택스 수업을 다시 수강하시길 권해드립니다.