ACC 455 (ACC 455)

ACC 455 WEEK 1 KNOWLEDGE CHECK Which of the following results in an ordinary gain or loss? a) Sale of a machine at a gain b) Sale of stock held for investment c) Sale of a §1231 asset d) Sale of inventory e) None of the choices are correct 2. Mary exchanged an office building used in her business for some land. Mary originally purchased the building for $45,000 and it had an adjusted basis of $20,000 at the time of the exchange. The land had a fair market value of $40,000. Mary also ga...

ACC 455 FINAL EXAM 3 1) Identify which of following statements is false. A. Members from both House and Senate are on Conference Committee. B. When tax advisors speak of tax law, they usually have in mind just Internal Revenue Code. C. Records of committee hearings are helpful in determining Congressional intent. D. All are false. 2) Which of following courts is not a trial court for tax cases? A. U.S. District Court B. U.S. Court of Federal Claims C. U.S. Bankruptcy Court D. U.S. Ta...

ACC 455 FINAL EXAM 1. Regulations are A. equal in authority to legislation if interpretative B. equal in authority to legislation if statutory C. equal in authority to legislation D. presumed to be valid & to have almost the same weight as the IRC 2) Identify which of the following statements is false. A. All are false. B. Members from both the House & the Senate are on the Conference Committee. C. When tax advisors speak of the tax law, they usually have in mi...

ACC 455 FINAL EXAM 3 1) Identify which of following statements is false. A. Members from both House and Senate are on Conference Committee. B. When tax advisors speak of tax law, they usually have in mind just Internal Revenue Code. C. Records of committee hearings are helpful in determining Congressional intent. D. All are false. 2) Which of following courts is not a trial court for tax cases? A. U.S. District Court B. U.S. Court of Federal Claims C. U.S. Bankruptcy Court D. U.S. Ta...

ACC 455 FINAL EXAM 1. Regulations are A. equal in authority to legislation if interpretative B. equal in authority to legislation if statutory C. equal in authority to legislation D. presumed to be valid & to have almost the same weight as the IRC 2) Identify which of the following statements is false. A. All are false. B. Members from both the House & the Senate are on the Conference Committee. C. When tax advisors speak of the tax law, they usually have in mi...

ACC 455 Final Exam – Question with Answers Which of the following statements regarding proposed regulations is not correct? Regulations are Which of the following is an advantage of a sole proprietorship over other business forms? Three members form an LLC in the current year. Which of the following statements is incorrect? Which of the following courts is not a trial court for tax cases? Identify which of the following statements is true. Which of the following statements is correct?...