Acc 4302 Samenvattingen, Aantekeningen en Examens
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![ACC 4302 Practice_Exam_2_Questions and Answers](/docpics/6337f133072dd_1998081.jpg)
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ACC 4302 Practice_Exam_2_Questions and Answers
- Tentamen (uitwerkingen) • 19 pagina's • 2022
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Question 1 
3.33333 out of 3.33333 points 
Cardinal, the parent corporation, has a basis of $440,000 in the stock of Vulture 
Corporation, a subsidiary in which it owns 90% of all classes of stock. Cardinal 
purchased the stock in Vulture Corporation 10 years ago. In the current year, 
Cardinal Corporation liquidates Vulture Corporation and acquires assets worth 
$500,000 with a tax basis to Vulture Corporation of $380,000. What basis will 
Cardinal Corporation have in the assets acquired from V...
![ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers.](/docpics/642293fd158c7_2524424.jpg)
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ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers.
- Tentamen (uitwerkingen) • 9 pagina's • 2023
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ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers. 
MC 
1. Ula purchased stock in Purple, Inc., 6 years ago for $150,000. Purple has assets with a value of $225,000 
($175,000 basis) and liabilities of $60,000. Purple transfers $200,000 of assets and all of its liabilities to White 
Corporation in exchange for White common stock. Purple distributes the White stock and its $25,000 remaining 
asset (cash) to Ula in exchange for all of her Purple stock. Purple then liquidates....
![ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers.](/docpics/6422a49dd1fe6_2524715.jpg)
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ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers.
- Tentamen (uitwerkingen) • 9 pagina's • 2023
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ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers. 
MC 
1. Ula purchased stock in Purple, Inc., 6 years ago for $150,000. Purple has assets with a value of $225,000 
($175,000 basis) and liabilities of $60,000. Purple transfers $200,000 of assets and all of its liabilities to White 
Corporation in exchange for White common stock. Purple distributes the White stock and its $25,000 remaining 
asset (cash) to Ula in exchange for all of her Purple stock. Purple then liquidates....
![ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023.](/docpics/642294add8d73_2524438.jpg)
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ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023.
- Tentamen (uitwerkingen) • 6 pagina's • 2023
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ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023. 
T/F 
1. In general, if a shareholder’s ownership interest is not diminished as a result of a stock redemption, the 
Code will treat the transaction as a sale or exchange. 
a. True 
b. False 
ANSWER: False 
RATIONALE: If a shareholder’s ownership interest is not diminished as a result of a stock redemption, the Code 
generally will treat the transaction as a dividend distribution. 
2. A shareholder’s basis in property acquired...
![ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers & ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023.](/docpics/642291a20e166_2524369.jpg)
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ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers & ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023.
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ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers & ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023.
![ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023 & ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers.](/docpics/642294add8d73_2524438.jpg)
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ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023 & ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers.
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ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023 & ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers.
![ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023 & ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers.](/docpics/6422a52440698_2524727.jpg)
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ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023 & ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers.
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ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023 & ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers.
![ACC 4302- Corporation Acct REVIEW EXAM 1 Questions and Answers](/docpics/6337ee2051e49_1998059.jpg)
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ACC 4302- Corporation Acct REVIEW EXAM 1 Questions and Answers
- Tentamen (uitwerkingen) • 8 pagina's • 2022
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REVIEW EXAM 1- ACC 4302- Corporation Acct 
1/. A corporation sells property (basis of $50,000) to its sole shareholder for $40,000, the fair 
market value of the property. With respect to the sale: 
- The shareholder has a basis of $40,000 in the property 
(The shareholder has a basis equal to its cost of $40,000. The loss of $10,000 to the corporation is not 
deductible because of Section 267. But since the overall economic effect of the transaction is a decrease 
in the corporation's assets b...
![ACC 4302 Exam # 2 Fall 2020 Questions and Answers](/docpics/6337e1b4ede73_1998011.jpg)
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ACC 4302 Exam # 2 Fall 2020 Questions and Answers
- Tentamen (uitwerkingen) • 8 pagina's • 2022
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MC 
1. Ula purchased stock in Purple, Inc., 6 years ago for $150,000. Purple has assets with a value of $225,000 
($175,000 basis) and liabilities of $60,000. Purple transfers $200,000 of assets and all of its liabilities to White 
Corporation in exchange for White common stock. Purple distributes the White stock and its $25,000 remaining 
asset (cash) to Ula in exchange for all of her Purple stock. Purple then liquidates. How is this transaction treated 
for tax purposes? 
a. Ula recognizes a $...
![ACC 4302 Exam # 2 Questions and Answers with Rationale 2022/2023](/docpics/6337f0033dfce_1998068.jpg)
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ACC 4302 Exam # 2 Questions and Answers with Rationale 2022/2023
- Tentamen (uitwerkingen) • 5 pagina's • 2022
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T/F 
1. In general, if a shareholder’s ownership interest is not diminished as a result of a stock redemption, the 
Code will treat the transaction as a sale or exchange. 
a. True 
b. False 
ANSWER: False 
RATIONALE: If a shareholder’s ownership interest is not diminished as a result of a stock redemption, the Code 
generally will treat the transaction as a dividend distribution. 
2. A shareholder’s basis in property acquired in a stock redemption is the property’s fair market value as 
...
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