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1) In case of taxpayer who uses lower-of-cost-or-market inventory method:

a."Market" means price at which the firm expects to sell the goods.
b. Excess inventories can be written-off in year the company chooses the goods are overstocked.
c. "Market" means the replacement cost of the goods.
d. Either FIFO or LIFO can be used.
e. None of the above.

2) In comparing regular (C) corporations with individuals, which of the following, if any, relate only to (C) corporations?

a. Correct! A net long-term capital gain is taxed as ordinary income.
b. An election can be made to defer recognition of gain on involuntary conversion.
c. Excess capital losses can be carried forward.
d. Carryover period for excess capital losses is unlimited.
e. None of the above.

3) In comparing regular (C) corporations with individuals, which of the following, if any, relate only to individuals?

a. The AMT applies.
b. The carryover period for excess capital losses is five years.
c. Excess long-term capital losses are carried over as short-term capital losses.
d. Qualified dividend income is subject to same top tax rate that is appropriate to net long-term capital gain.
e. None of the above.

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  • Category:- Accounting Basics
  • Reference No.:- M99825

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