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ACC565 Midterm Exam - 2015: Taxation and Corporate Law Strayer University

A midterm exam covering taxation and corporate law.

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ACC565 Midterm Exam-2015: Taxationand Corporate LawStrayer UniversityStrayer ACC565 midterm exam 2015Question 1When a taxpayer contacts a tax advisor requesting advice as to the most advantageous way todispose of a stock, the tax advisor isfaced withAnswera restricted-fact situation.a closed-fact situation.an open-fact situation.a recognized-fact situation.Question 2During the course of an audit, a CPA discovers an error in a prior return. According to theStatements on Standards for Tax Services, the CPA shouldAnswerask the client for permission to disclose the error to the IRS.withdraw from the engagement.inform the IRS of the error, regardless of whether the client grants permission.correct the error in the current year's tax return.Question 3A Technical Advice Memorandum is usuallyAnsweran internal IRS document describing alternative legislative proposals.part of a Tax Court decision.requested by the taxpayer before entering into a taxable transaction.issued by the national office in response to an audit request.Question 4Regulations areAnswerequal in authority to legislation.equal inauthority to legislation if statutory.presumed to be valid and to have almost the same weight as the IRC.equal in authority to legislation if interpretative.Question 5In accordance with the rules that apply to corporate formation, which one of the followingfeatures doesnotmake an issue of preferred stock "nonqualified"?

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Document Details

University
Strayer University
Course
ACC 565
Subject
Accounting

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