WGU C239 Advanced Tax Concepts, Full Exam Review, Graded A+. VERIFIED 2024

1099 Requirements - -Payment more than 600; C Corp exempt Acquisitive Reorganization - -Acquiring corporation obtains part or all of a target corporation's assets or stock Alternative Minimum Tax - -taxpayers with substantial income can't use exclusion, deductions and credits to avoid a significant part of their tax liability Alternative Minimum Tax Income - -(Regular taxable amount + AMT amount +/- adjustments) x 20% Average Tax - -Total tax liability/taxable income Bardahl Formula - -Calculated working capital (COGS+Opex-Noncash Opex) x operating cycle fraction Boot - -Cash and non like kind property in addition to property exchange; gain is recognized to extent of boot Bootstrap Acquisition - -Shareholder sells part of their stock to a purchaser and then causes the corp to redeem the shareholder's remaining shares C Corp Tax Form - -1120