True / False
对/错

1. Distributions by a corporation to its shareholders are presumed to be a dividend unless the parties can prove otherwise.
1. 公司向股东的分派被推定为股息，除非双方能证明并非如此。

2. A distribution from a corporation will be taxable to the recipient shareholders only to the extent of the corporation’s E & P.
2. 公司的分配仅在公司的 E & P 范围内对接受股东征税。

3. All distributions that are not dividends are a return of capital and decrease the shareholder’s basis.
3. 所有非股息的分配都是资本回报，会降低股东的基础。

4. All cash distributions received from a corporation with a positive balance in accumulated E & P at the beginning of the year will be taxed as dividend income.
4. 年初从累计勘探和生产余额为正的公司收到的所有现金分配将作为股息收入征税。

5. A distribution in excess of E & P is treated as capital gain by shareholders.
5. 超过E&P的分配被股东视为资本收益。

6. The terms “earnings and profits” and “retained earnings” are identical in meaning.
6. “收益和利润”与“留存收益”的含义相同。

7. To determine E & P, some (but not all) previously excluded income items are added back to taxable income.
7. 为了确定E&P，一些（但不是全部）以前排除的收入项目被加回应税所得额。

8. When computing E & P, taxable income is not adjusted for § 179 expense.
8. 在计算E&P时，应纳税所得额不针对§179费用进行调整。

9. When computing current E & P, taxable income must be adjusted for the deferred gain in a § 1031 like-kind exchange.
9. 在计算当期E&P时，应纳税所得额必须根据§1031同类交换中的递延收益进行调整。

10. An increase in the LIFO recapture amount must be added to taxable income to determine E & P.
10. 后进先出回收金额的增加必须添加到应税收入中，以确定 E & P。

11. Use of MACRS cost recovery when computing taxable income does not require an E & P adjustment.
11. 在计算应纳税所得额时，使用MACRS成本回收不需要进行E&P调整。

12. No E & P adjustment is required for regular tax gains under the installment method.
12. 分期付款法下的定期税收收益不需要进行E&P调整。

13. A corporation borrows money to purchase State of Texas bonds. The interest on the loan has no impact on either taxable income or current E & P.
13. 一家公司借钱购买德克萨斯州债券。贷款利息对应税收入或当期勘探与生产均无影响。

14. Federal income tax paid in the current year must be subtracted from taxable income to determine E & P.
14. 当年缴纳的联邦所得税必须从应纳税所得额中减去，以确定E&P。

15. To determine current E & P, taxable income must be increased for any dividends received deduction.
15. 为了确定当前的E&P，必须增加应税收入，以扣除任何股息。

16. Nondeductible meal expense must be subtracted from taxable income to determine current E & P.
16. 不可抵扣的餐费必须从应纳税所得额中减去，以确定当期的E&P。

17. The dividends received deduction has no impact on E & P.
17. 收到的股息扣除对E&P没有影响。

18. A realized gain from an involuntary conversion under § 1033 that is not recognized for income tax purposes has no effect on E & P.
18. 根据第1033条，非自愿转换的已实现收益未被确认为所得税目的，对E&P没有影响。

19. In the current year, Carnation Corporation has a § 179 expense of $20,000. As a result, in the current year, taxable income must be increased by $16,000 to determine current E & P.
19. 本年度，康乃馨公司有 § 179 费用为 20,000 美元。因此，在本年度，应税收入必须增加 16,000 美元才能确定当前的 E& P。

20. A deficit in current E & P is treated as occurring ratably during the year unless the taxpayer can show otherwise.
20. 除非纳税人能证明其他情况，否则当期E&P的赤字被视为在年度内按比例发生。

21. When current E & P has a deficit and accumulated E & P is positive, the two accounts are netted at the date of the distribution. If a positive balance results, the distribution is a dividend to the extent of the balance.
21. 当当期E&P出现赤字且累计E&P为正数时，两个账户在分配之日为净额。如果结果为正余额，则分配为余额范围内的股息。

22. When current E & P is positive and accumulated E & P has a deficit balance, the two accounts are netted for dividend determination purposes.
22. 当当期E&P为正数且累计E&P有赤字余额时，这两个账户将净额计入股息以确定。

23. Regardless of any deficit in current E & P, distributions during the year are taxed as dividends to the extent of accumulated E & P.
23. 无论当期勘探与生产公司是否有任何赤字，当年的分派均以累计勘探与生产为限，作为股息征税。

24. Corporate distributions are presumed to be paid out of E & P and are treated as dividends unless the parties to the transaction can show otherwise.
24. 公司分红被推定为从勘探与生产中支付，并被视为股息，除非交易各方另有证明。

25. Dividends paid to shareholders who hold both long and short positions do not qualify for the reduced tax rate available to individuals in certain years.
25. 支付给同时持有多头和空头头寸的股东的股息不符合某些年份个人可享受的减税税率。

26. Dividends taxed as ordinary income are considered investment income for purposes of the investment interest expense limitation.
26. 作为普通收入征税的股息被视为投资利息支出限制的投资收入。

27. Certain dividends from foreign corporations can be qualified dividends for purposes of the preferential rate available to individuals.
27. 外国公司的某些股息可以作为合格的股息，以享受个人可享受的优惠利率。

28. During the year, Blue Corporation distributes land to its sole shareholder. If the fair market value of the land is less than its adjusted basis, Blue will not be able to recognize a loss on the distribution.
28. 在这一年中，Blue Corporation将土地分配给其唯一股东。如果土地的公允市场价值低于其调整后的基础，Blue将无法确认分配的损失。

29. In a property distribution, the amount of dividend income recognized by a shareholder is always reduced by the amount of liability assumed by a shareholder.
29. 在财产分配中，股东确认的股息收入金额总是减去股东承担的责任金额。

30. Property distributed by a corporation as a dividend is subject to a liability in excess of its basis. For purposes of determining gain on the distribution, the basis of the property is treated as being not less than the amount of liability.
30. 公司作为股息分配的财产应承担超过其基础的债务。为了确定分配收益的目的，财产的基础被视为不低于负债金额。

31. A corporation that distributes a property dividend must reduce its E & P by the adjusted basis of the property less any liability on the property.
31. 分配财产股息的公司必须将其 E & P 减去调整后的财产基础减去财产的任何负债。

32. Under certain circumstances, a distribution can generate (or add to) a deficit in E & P.
32. 在某些情况下，分配可以产生（或增加）E& P的赤字。

33. Constructive dividends do not need to satisfy the legal requirements for a dividend as set forth by applicable state law.
33. 推定股息不需要满足适用的州法律规定的股息法律要求。

34. Constructive dividends have no effect on a distributing corporation’s E & P.
34. 推定股息对分配公司的E&P没有影响。

35. If a stock dividend is taxable, the shareholder’s basis in the newly received shares is equal to the fair market value of the shares received in the distribution.
35. 如果股票股息应纳税，则股东对新收到的股票的基数等于在分配中获得的股票的公允市场价值。

36. A corporate shareholder who receives a constructive dividend cannot apply a dividends received deduction to the distribution.
36. 获得推定股息的公司股东不能将收到的股息扣除用于分配。

37. If a distribution of stock rights is taxable and their fair market value is less than 15 percent of the value of the old stock, then either a zero basis or a portion of the old stock basis may be assigned to the rights at the shareholder’s option.
37. 如果股票权利的分配是应纳税的，并且其公平市场价值低于旧股票价值的15%，则股东可以选择将零基础或旧股票基础的一部分分配给权利。

38. If there is sufficient E & P, a distribution of nonconvertible preferred stock to common shareholders is taxable.
38. 如果有足够的E&P，则向普通股股东分配不可转换优先股应纳税。

39. The rules used to determine the taxability of stock dividends also apply to distributions of stock rights.
39. 用于确定股票股息可征税性的规则也适用于股票权利的分配。

40. If stock rights are taxable, the recipient has income to the extent of the fair market value of the rights.
40. 如果股票权利应纳税，则接受者的收入不得超过权利的公平市场价值。

Multiple Choice
多选题

41. The tax treatment of corporate distributions at the shareholder level does not depend on:
41. 股东层面公司分配的税务处理不取决于：

42. Rose Corporation (a calendar year taxpayer) has taxable income of $300,000, and its financial records reflect the following for the year.
42. Rose Corporation（日历年纳税人）的应税收入为 300,000 美元，其财务记录反映了该年度的以下内容。

​

Rose Corporation’s current E & P is:
Rose Corporation目前的E&P是：

43. Tern Corporation, a cash basis taxpayer, has taxable income of $500,000 for the current year. Tern elected $25,000 of § 179 expense. It also had a related-party loss of $20,000 and a realized (not recognized) gain from an involuntary conversion of $75,000. It paid Federal income tax of $150,000 and paid a nondeductible fine of $10,000. Tern’s current E & P is:
43. 燕鸥公司是一家以收付实现制为基础的纳税人，本年度的应税收入为 500,000 美元。Tern 选择了 25,000 美元的 § 179 费用。该公司还产生了20,000美元的关联方损失，以及75,000美元的非自愿转换带来的已实现（未确认）收益。它支付了 150,000 美元的联邦所得税，并支付了 10,000 美元的不可扣除罚款。Tern目前的E&P是：

44. Silver Corporation, a calendar year taxpayer, has taxable income of $550,000. Among its transactions for the year are the following:
44. Silver Corporation 是日历年的纳税人，应税收入为 550,000 美元。本年度的交易如下：

​

Disregarding any provision for Federal income taxes, Silver Corporation’s current E & P is:
撇开任何联邦所得税的规定不谈，Silver Corporation目前的E&P是：

45. Which of the following statements is incorrect with respect to determining current E & P?
45. 在确定当前勘探和生产方面，以下哪项陈述不正确？

46. Aaron and Michele, equal shareholders in Cavalier Corporation, receive $25,000 each in distributions on December 31 of the current year. During the current year, Cavalier sold an appreciated asset for $60,000 (basis of $15,000). Payment for the sale of the asset will be made as follows: 50% next year and 50% in the following year with interest payable at a rate of 6 percent. Before considering the effect of the asset sale, Cavalier’s current-year E & P is $40,000 and it has no accumulated E & P. How much of Aaron’s distribution will be taxed as a dividend?
46. Aaron 和 Michele 是 Cavalier Corporation 的平等股东，在当年 12 月 31 日各获得 25,000 美元的分配。在本年度，Cavalier 以 60,000 美元（按 15,000 美元计算）的价格出售了增值资产。出售资产的付款将按以下方式支付：明年支付50%，下年支付50%，利息按6%支付。在考虑资产出售的影响之前，Cavalier的当年E&P为40,000美元，并且没有累积的E&P。Aaron 的分配中有多少将作为股息征税？

47. Tracy and Jerome, equal shareholders in Macaw Corporation, receive $600,000 each in distributions on December 31 of the current year. Macaw’s current-year taxable income is $1,000,000 and it has no accumulated E & P. Last year, Macaw sold an appreciated asset for $1,200,000 (basis of $400,000). Payment for one-half of the sale of the asset was made this year. How much of Tracy’s distribution will be taxed as a dividend?
47. Tracy 和 Jerome 是金刚鹦鹉公司的平等股东，在当年 12 月 31 日各获得 600,000 美元的分配。金刚鹦鹉当年的应税收入为1,000,000美元，没有累计E&P。去年，金刚鹦鹉以 1,200,000 美元（按 400,000 美元计算）的价格出售了一项升值资产。今年支付了资产出售的一半款项。特雷西的分配中有多少将作为股息征税？

48. Falcon Corporation ended its first year of operations with taxable income of $250,000. At the time of Falcon’s formation, it incurred $50,000 of organizational expenses. In calculating its taxable income for the year, Falcon claimed an $8,000 deduction for the organizational expenses. What is Falcon’s current E & P?
48. 猎鹰公司以250,000美元的应税收入结束了第一年的运营。在方垦成立之初，它产生了50,000美元的组织费用。在计算当年的应纳税收入时，方垦申请扣除8,000美元的组织费用。方垦目前的勘探与生产是什么？

49. During the current year, Hawk Corporation sold equipment for $600,000 (adjusted basis of $360,000). The equipment was purchased a few years ago for $760,000 and $400,000 in MACRS deductions have been claimed. ADS depreciation would have been $300,000. As a result of the sale, the adjustment to taxable income needed to determine current E & P is:
49. 本年度，Hawk Corporation 以 600,000 美元的价格出售设备（调整后按 360,000 美元计算）。该设备是几年前以 760,000 美元的价格购买的，并申请了 400,000 美元的 MACRS 扣除额。ADS 折旧为 300,000 美元。出售后，确定当前E&P所需的应税收入调整为：

50. On January 2, 2023, Orange Corporation purchased equipment for $300,000 with an ADS recovery period of 10 years and a MACRS useful life of 7 years. Section 179 was not elected. MACRS depreciation properly claimed on the asset, including depreciation in the year of sale, totaled $79,605. The equipment was sold on July 1, 2024, for $290,000. As a result of the sale, the adjustment to taxable income needed to arrive at current E & P is:
50. 2023 年 1 月 2 日，Orange Corporation 以 300,000 美元的价格购买了设备，ADS 回收期为 10 年，MACRS 使用寿命为 7 年。第179条没有当选。该资产的MACRS适当要求折旧，包括销售年度的折旧，共计79,605美元。该设备于 2024 年 7 月 1 日以 290,000 美元的价格售出。出售的结果是，达到当前E&P所需的应税收入调整为：

51. Tungsten Corporation, a calendar year cash basis taxpayer, made estimated tax payments of $800 each quarter in 2023, for a total of $3,200. Tungsten filed its 2023 tax return in 2024 and the return showed a tax liability $4,200. When it filed its tax return in 2024, Tungsten paid an additional $1,000 in Federal income taxes. How does the additional payment of $1,000 impact Tungsten’s E & P?
51. 钨业公司是以现金为基础的历年纳税人，在 2023 年每季度缴纳的预估税款为 800 美元，总额为 3,200 美元。Tungsten 于 2024 年提交了 2023 年的纳税申报表，纳税申报表显示纳税义务为 4,200 美元。在 2024 年提交纳税申报表时，Tungsten 额外缴纳了 1,000 美元的联邦所得税。1,000美元的额外付款对钨的E&P有何影响？

52. Inka and Eva each own one-half of the stock in Parakeet Corporation, a calendar year taxpayer. Cash distributions from Parakeet are $350,000 to Inka on April 1 and $150,000 to Eva on May 1. If Parakeet’s current E & P is $60,000, how much is allocated to Eva’s distribution?
52. Inka 和 Eva 各自拥有 Parakeet Corporation 的一半股份，这是日历年的纳税人。4 月 1 日，长尾小鹦鹉向 Inka 分配了 350,000 美元，5 月 1 日向 Eva 分配了 150,000 美元。如果 Parakeet 目前的 E & P 是 60,000 美元，那么分配给 Eva 的分配多少？

53. Cedar Corporation is a calendar year taxpayer formed in 2019. Cedar’s E & P before distributions for each of the past five years is listed below.
53. Cedar Corporation 是 2019 年成立的日历年纳税人。下面列出了Cedar过去五年每年的E&P分配前。

​

Cedar Corporation made the following distributions in the previous five years.
Cedar Corporation在过去五年中进行了以下分配。

​

Cedar’s accumulated E & P as of January 1, 2024 is:
截至 2024 年 1 月 1 日，Cedar 的累计 E & P 为：

54. Maria and Christopher each own 50% of Cockatoo Corporation, a calendar year taxpayer. Distributions from Cockatoo are $750,000 to Maria on April 1 and $250,000 to Christopher on May 1. Cockatoo’s current E & P is $300,000 and its accumulated E & P is $600,000. How much of the accumulated E & P is allocated to Christopher’s distribution?
54. Maria 和 Christopher 各自拥有 Cockatoo Corporation 50% 的股份，Cockatoo Corporation 是日历年的纳税人。4 月 1 日，Cockatoo 向 Maria 分配了 750,000 美元，5 月 1 日向 Christopher 分配了 250,000 美元。Cockatoo目前的E&P为300,000美元，其累计E&P为600,000美元。累积的E&P中有多少分配给Christopher的分配？

55. Robin Corporation, a calendar year taxpayer, has a deficit in current E & P of $200,000 and a $580,000 positive balance in accumulated E & P. If Robin determines that a $700,000 distribution to its shareholders is appropriate at some point during the year, what is the maximum amount of the distribution that could potentially be treated as a dividend?
55. 罗宾公司（Robin Corporation）是一家日历年的纳税人，其当期勘探与生产赤字为200,000美元，累计勘探与生产为580,000美元。如果 Robin 确定在一年中的某个时候向其股东分配 700,000 美元是合适的，那么可能被视为股息的最高分配金额是多少？

56. Pheasant Corporation, a calendar year taxpayer, has $400,000 of current E & P and a deficit in accumulated E & P of $180,000. If Pheasant pays a $600,000 distribution to its shareholders on July 1, how much dividend income do the shareholders report?
56. Pheasant Corporation，一个日历年的纳税人，有400,000美元的当前E&P和180,000美元的累计E&P赤字。如果 Pheasant 在 7 月 1 日向其股东支付 600,000 美元的股息，股东报告的股息收入是多少？

57. Jasmine is the sole shareholder of Condor Corporation. She sold her stock to Melissa on October 31 for $150,000. Jasmine’s basis in Condor stock was $50,000 at the start of the year. Condor distributed land to Jasmine immediately before the sale. Condor’s basis in the land was $20,000 (fair market value of $25,000). On December 31, Melissa received a $75,000 cash distribution from Condor. During the year, Condor has $20,000 of current E & P and its accumulated E & P balance on January 1 is $10,000. Which of the following statements is true?
57. Jasmine是Condor Corporation的唯一股东。她于 10 月 31 日以 150,000 美元的价格将股票卖给了梅丽莎。今年年初，Jasmine在Condor股票中的基础是50,000美元。Condor在出售前立即将土地分配给Jasmine。Condor在这块土地上的基础是20,000美元（公平市场价值为25,000美元）。12 月 31 日，Melissa 收到了 Condor 的 75,000 美元现金分配。在这一年中，Condor拥有20,000美元的当前E&P，其1月1日的累计E&P余额为10,000美元。以下哪项说法是正确的？

58. Blue Corporation has a deficit in accumulated E & P of $300,000 and has current E & P of $225,000. On July 1, Blue distributes $250,000 to its sole shareholder, Sam, who has a basis in his stock of $52,500. As a result of the distribution, Sam has:
58. Blue Corporation 的累计 E & P 赤字为 300,000 美元，目前的 E & P 为 225,000 美元。7 月 1 日，Blue 向其唯一股东 Sam 分配了 250,000 美元，Sam 的股票基础为 52,500 美元。作为分发的结果，Sam 拥有：

59. Renee, the sole shareholder of Indigo Corporation, sold her stock to Chad on July 1 for $180,000. Renee’s stock basis at the beginning of the year was $120,000. Indigo made a $60,000 cash distribution to Renee immediately before the sale and Chad received a $120,000 cash distribution from Indigo on November 1. As of the beginning of the current year, Indigo had $26,000 in accumulated E & P and current E & P (before distributions) was $90,000. Which of the following statements is correct?
59. Indigo Corporation 的唯一股东 Renee 于 7 月 1 日以 180,000 美元的价格将其股票出售给乍得。Renee年初的股票基础为120,000美元。Indigo 在出售前立即向 Renee 分配了 60,000 澳元的现金，Chad 于 11 月 1 日从 Indigo 获得了 120,000 澳元的现金分配。截至今年年初，Indigo 的累计 E & P 为 26,000 美元，当前的 E&P（分配前）为 90,000 美元。以下哪项说法是正确的？

60. Tangelo Corporation has an August 31 year-end. Tangelo had $50,000 in accumulated E & P at the beginning of its 2024 fiscal year (September 1, 2023) and during the year, it incurred a $75,000 operating loss. It also distributed $65,000 to its sole shareholder, Cass, on November 30, 2023. If Cass is a calendar year taxpayer, how should she treat the distribution when she files her 2023 income tax return (assuming the return is filed by April 15, 2024)?
60. Tangelo Corporation 的年终日期为 8 月 31 日。Tangelo 在 2024 财年（2023 年 9 月 1 日）开始时累计 E & P 为 50,000 美元，在这一年中，它产生了 75,000 美元的运营亏损。它还于 2023 年 11 月 30 日向其唯一股东 Cass 分配了 65,000 美元。如果 Cass 是日历年的纳税人，她在提交 2023 年所得税申报表时（假设申报表在 2024 年 4 月 15 日之前提交）时应该如何处理分配？

61. As of January 1, Cassowary Corporation has a deficit in accumulated E & P of $100,000. For the tax year, current E & P (accrued ratably) is $240,000 (prior to any distributions). On July 1, Cassowary Corporation distributes $275,000 to its sole shareholder. The amount of the distribution that is a dividend is:
61. 截至 1 月 1 日，食火鸡公司的累计 E & P 赤字为 100,000 美元。对于纳税年度，当前的E&P（按比例应计）为240,000美元（在任何分配之前）。7 月 1 日，Cassowary Corporation 向其唯一股东分配了 275,000 美元。股息的分配金额为：

62. At the beginning of the current year, both Doug and Amelia each own 50% of Amaryllis Corporation (a calendar year taxpayer). In July, Doug sold his stock to Kevin for $140,000. At the beginning of the year, Amaryllis Corporation had accumulated E & P of $240,000 and its current E & P is $280,000 (prior to any distributions). Amaryllis distributed $300,000 on February 15 ($150,000 to Doug and $150,000 to Amelia) and distributed another $300,000 on November 1 ($150,000 to Kevin and $150,000 to Amelia). Kevin has dividend income of:
62. 今年年初，Doug 和 Amelia 各自拥有 Amaryllis Corporation（日历年纳税人）50% 的股份。7 月，Doug 以 140,000 美元的价格将他的股票卖给了 Kevin。今年年初，Amaryllis Corporation累计的E&P为240,000美元，其目前的E&P为280,000美元（未进行任何分配）。Amaryllis 于 2 月 15 日分发了 300,000 美元（150,000 美元给 Doug，150,000 美元给 Amelia），并于 11 月 1 日又分发了 300,000 美元（150,000 美元给 Kevin，150,000 美元给 Amelia）。Kevin的股息收入为：

63. On January 1, Eagle Corporation (a calendar year taxpayer) has accumulated E & P of $300,000. During the year, Eagle incurs a net loss of $420,000 from operations that accrues ratably. On June 30, Eagle distributes $180,000 to Libby, its sole shareholder, who has a basis in her stock of $112,500. How much of the $180,000 is a dividend to Libby?
63. 1 月 1 日，Eagle Corporation（日历年纳税人）累计 E & P 为 300,000 美元。在这一年中，Eagle 因按比例累积的运营而产生 420,000 美元的净亏损。6 月 30 日，Eagle 向其唯一股东 Libby 分配了 180,000 美元，后者的股票基础为 112,500 美元。180,000 美元中有多少是给 Libby 的股息？

64. Which of the following is not a consequence of the double tax on dividends?
64. 以下哪项不是股息双重征税的结果？

65. Which one of the following statements is false?
65.下列哪项说法是错误的？

66. In June of the current year, Marigold Corporation declares a $4 dividend out of E & P on each share of common stock to shareholders of record on August 1. Ellen and Tim each purchase 100 shares of Marigold stock on July 1. On July 15, Ellen also purchases a short position in Marigold. Tim sells 50 of his shares on August 10 and continues to hold the remaining 50 shares through the end of the year. Ellen closes her short position in Marigold on October 15. With respect to the dividends, which of the following is correct?
66. 今年 6 月，Marigold Corporation 宣布从 E & P 向 8 月 1 日登记在册的股东派发每股普通股 4 美元的股息。Ellen 和 Tim 在 7 月 1 日各自购买了 100 股 Marigold 股票。7月15日，艾伦还买入了万寿菊的空头头寸。Tim 于 8 月 10 日出售了 50 股股票，并继续持有剩余的 50 股股票直到今年年底。Ellen 于 10 月 15 日平仓了她在 Marigold 的空头头寸。关于股息，以下哪项是正确的？

67. In the current year, Warbler Corporation (E & P of $250,000) made the following property distributions to its shareholders (all corporations):
67. 本年度，Warbler Corporation（E&P为250,000美元）向其股东（所有公司）分配了以下财产：

​

Warbler Corporation is not a member of a controlled group. As a result of the distribution:
Warbler Corporation 不是受控集团的成员。作为分配的结果：

68. Purple Corporation makes a property distribution to its sole shareholder, Kyung. The property distributed is a house (fair market value of $189,000; basis of $154,000) that is subject to a $245,000 mortgage that Kyung assumes. Before considering the consequences of the distribution, Purple’s current E & P is $35,000 and its accumulated E & P is $140,000. Purple makes no other distributions during the current year. What is Purple’s taxable gain on the distribution of the house?
68. Purple Corporation 向其唯一股东 Kyung 分配财产。分配的财产是一栋房子（公平市场价值为189,000美元;基础为154,000美元），受Kyung承担的245,000美元的抵押贷款的约束。在考虑分配的后果之前，Purple目前的E&P为35,000美元，其累计E&P为140,000美元。Purple 在本年度没有进行其他分配。Purple 在房屋分配中的应税收益是多少？

69. Puffin Corporation makes a property distribution to its sole shareholder, Bonnie. The property distributed is a car (basis of $30,000; fair market value of $20,000) that is subject to a $6,000 liability, which Bonnie assumes. Puffin has no accumulated E & P and $30,000 of current E & P from other sources during the year. What is Puffin’s E & P after taking into account the distribution of the car?
69. Puffin Corporation 向其唯一股东 Bonnie 分配财产。分配的财产是一辆汽车（基础为30,000美元;公平市场价值为20,000美元），需要承担6,000美元的负债，Bonnie承担了这一责任。Puffin在这一年中没有从其他来源累积的E&P和$30,000的当前E&P。考虑到汽车的分布后，海雀的E&P是什么？

70. Navy Corporation has E & P of $240,000. It distributes land with a fair market value of $70,000 (adjusted basis of $25,000) to its sole shareholder, Troy. The land is subject to a liability of $55,000 that Troy assumes. Troy has:
70. 海军公司的 E & P 为 240,000 美元。该公司将公平市场价值为70,000美元（调整后为25,000美元）的土地分配给其唯一股东Troy。这块土地的负债为55,000美元，特洛伊承担。特洛伊有：

71. Which one of the following statements about property distributions is false?
71. 下列关于财产分配的陈述中哪一项是错误的？

72. Brett owns stock in Oriole Corporation (basis of $100,000) as an investment. Oriole distributes property (fair market value of $375,000; basis of $187,500) to him during the year. Oriole has current E & P of $25,000 (which includes the E & P gain on the property distribution), accumulated E & P of $100,000, and makes no other distributions during the year. What is Brett’s capital gain on the distribution?
72. Brett 拥有 Oriole Corporation 的股票（以 100,000 美元为基础）作为投资。Oriole在这一年中向他分配财产（公允市场价值为375,000美元;基础为187,500美元）。Oriole目前的E&P为25,000美元（其中包括财产分配的E&P收益），累计E&P为100,000美元，并且在年内没有进行其他分配。Brett 在分配中的资本收益是多少？

73. Rust Corporation distributes property to its sole shareholder, Andre. The property has a fair market value of $350,000, an adjusted basis of $205,000, and is subject to a liability of $220,000. Current E & P is $500,000. With respect to the distribution, which of the following statements is correct?
73. Rust Corporation 将财产分配给其唯一股东 Andre。该物业的公允市场价值为 350,000 美元，调整后的基础为 205,000 美元，负债为 220,000 美元。目前的E&P是500,000美元。关于分布，以下哪种说法是正确的？

74. Purple Corporation has accumulated E & P of $100,000 on January 1, 2023. In 2023, Purple has current E & P of $130,000 (before any distribution). On December 31, 2023, the corporation distributes $250,000 to its sole shareholder, Cara (an individual). Purple Corporation’s E & P as of January 1, 2024 is:
74. Purple Corporation 在 2023 年 1 月 1 日累计 E & P 为 100,000 美元。2023 年，Purple 目前的 E & P 为 130,000 美元（任何分配前）。2023 年 12 月 31 日，该公司向其唯一股东 Cara（个人）分配了 250,000 美元。截至 2024 年 1 月 1 日，Purple Corporation 的 E & P 为：

75. Starling Corporation has accumulated E & P of $60,000 on January 1, 2023. In 2023, Starling Corporation had an operating loss of $80,000. It distributed cash of $40,000 to Zoe, its sole shareholder, on December 31, 2023. Starling Corporation’s balance in its E & P account as of January 1, 2024, is:
75. Starling Corporation 在 2023 年 1 月 1 日累计 E & P 为 60,000 美元。2023 年，Starling Corporation 的运营亏损为 80,000 美元。它于 2023 年 12 月 31 日向其唯一股东 Zoe 分发了 40,000 澳元的现金。截至 2024 年 1 月 1 日，Starling Corporation 的 E & P 账户余额为：

76. Robin Corporation distributes furniture (basis of $40,000; fair market value of $50,000) as a property dividend to its shareholders. The furniture is subject to a liability of $55,000. Robin Corporation recognizes gain of:
76. 罗宾公司将家具（40,000美元;公允市场价值为50,000美元）作为财产股息分配给其股东。这些家具的负债为55,000美元。罗宾公司认识到以下收益：

77. Ten years ago, Carrie purchased 2,000 shares of common stock in Osprey Corporation for $20,000. In the current year, Carrie receives a nontaxable stock dividend of 20 shares of Osprey preferred. Values at the time of the dividend are $8,000 for the preferred stock and $72,000 for the common. Based on this information, Carrie’s basis in the stock is:
77. 十年前，嘉莉以 20,000 美元的价格购买了 Osprey Corporation 的 2,000 股普通股。今年，Carrie 获得了 20 股 Osprey 优先股的非应税股票股息。股息时的价值为优先股 8,000 美元，普通股 72,000 美元。根据这些信息，Carrie在股票中的基础是：

78. Which of the following statements regarding constructive dividends is not correct?
78. 下列关于推定分红的陈述中，哪一项是不正确的？

79. Pink Corporation declares a nontaxable dividend payable in rights to subscribe to common stock. Each right entitles the holder to purchase one share of stock for $25. One right is issued for every two shares of stock owned. Jocelyn owns 100 shares of stock in Pink, which she purchased three years ago for $3,000. At the time of the distribution, the value of the stock is $45 per share and the value of the rights is $2 per share. Jocelyn receives 50 rights. She exercises 25 rights and sells the remaining 25 rights three months later for $2.50 per right.
79. Pink Corporation 宣布以认购普通股的权利支付非应税股息。每项权利都使持有人有权以 25 美元的价格购买一股股票。每持有两股股票就发行一股股票。Jocelyn 拥有 Pink 的 100 股股票，这是她三年前以 3,000 美元购买的。在分配时，股票价值为每股 45 美元，权利价值为每股 2 美元。Jocelyn 获得 50 项权利。她行使了 25 项权利，并在三个月后以每项权利 2.50 美元的价格出售了剩余的 25 项权利。

80. On January 30, Juan receives a nontaxable distribution of stock rights from Platinum Corporation. Each right entitles the holder to purchase one share of stock for $40. One right is issued for every share of stock owned. Juan owns 100 shares of stock purchased two years ago for $4,000. At the date of distribution, the rights are worth $1,000 (100 rights at $10 per right) and Juan’s stock in Platinum is worth $5,000 (or $50 per share). On December 1, Juan sells all 100 stock rights for $12 per right. How much gain does Juan recognize on the sale?
80. 1 月 30 日，Juan 从铂金公司获得非应税股权分配。每项权利都使持有人有权以 40 美元的价格购买一股股票。每持有一股股票，就发行一项权利。胡安拥有两年前以 4,000 美元购买的 100 股股票。在分配之日，这些权利价值 1,000 美元（100 份权利，每股 10 美元），Juan 在 Platinum 的股票价值 5,000 美元（或每股 50 美元）。12 月 1 日，Juan 以每股 12 美元的价格出售了所有 100 股股票。胡安在销售中认识到了多少收益？

Matching

Using the legend provided, classify each statement accordingly. In all cases, assume that taxable income is being adjusted to arrive at current E & P for 2023
使用提供的图例，对每个语句进行相应的分类。在所有情况下，假设应税收入正在调整以达到 2023 年的当前 E& P.

81. Gain on installment sale in 2023 deferred until 2024
81. 2023 年分期销售收益递延至 2024 年.

82. Interest received from municipal bonds in 2023.
82. 2023年市政债券利息。

83. Federal income tax refunds from tax paid in prior years.
83. 从前几年缴纳的税款中退还联邦所得税。

84. Loss on sale between related parties in 2023.
84、2023年关联方销售亏损。

85. Meal expense not deducted in 2023 because of the 50% limitation.
85. 2023年餐费不扣除，因为有50%的限制。

86. Cash dividends distributed to shareholders in 2023.
86. 2023年向股东派发的现金股利。

87. Gain realized but not recognized in a like-kind exchange transaction in 2023.
87、2023年同类交换交易中已实现但未确认的收益。

88. Additional first-year (bonus) depreciation deduction claimed in 2023.
88. 2023 年申请的额外首年（奖金）折旧扣除额。

89. Premiums paid on key employee life insurance policy (assume no increase in cash surrender value of policy) in 2023.
89. 2023年主要雇员人寿保险保单的已缴保费（假设保单的现金退保价值没有增加）。

90. Section 179 expense in second year following election.
90. 第 179 条在当选后第二年的费用。

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Using the legend provided, classify each statement accordingly. In All cases, assume that taxable income is being adjusted to arrive at current E & P for 2023.
使用提供的图例，对每个语句进行相应的分类。在所有情况下，假设应税收入正在调整以达到 2023 年的当前 E& P。

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91. Penalties paid to state government for failure to comply with state law.
91. 因不遵守州法律而向州政府支付的罚款。

92. Dividends received deduction.
92. 股息收到扣除。

93. Charitable contribution carryforward deducted in the current year.
93. 本年度结转的慈善捐款结转。

94. Intangible drilling costs deducted currently.
94. 目前扣除的无形钻井成本。

95. Gain realized (but not recognized) on a like-kind exchange.
95. 在同类交换中实现（但未确认）的收益。

96. A decrease in the LIFO recapture amount during the year.
96. 年内后进先出回收金额减少。

97. Excess capital loss in year incurred.
97. 发生年度超额资本损失。

98. State income tax paid in the current year.
98.当年缴纳的国家所得税。

99. Proceeds of life insurance received upon the death of a key employee (policy had no cash surrender value).
99. 关键雇员身故时收到的人寿保险收益（保单没有现金退保价值）。

Subjective Short Answer
主观简答题

100. On January 1, Gold Corporation (a calendar year taxpayer) has E & P of $30,000 and generates no additional E & P during the year. On March 31, the corporation distributes $40,000 to its sole shareholder, Ava (basis in stock of $8,000). Determine the effect of the distribution on Ava’s taxable income and stock basis.
100. 1月1日，黄金公司（一个日历年的纳税人）的E&P为30,000美元，并且在该年内没有产生额外的E&P。3 月 31 日，该公司向其唯一股东 Ava 分配了 40,000 美元（以 8,000 美元的股票为基础）。确定分配对Ava应税收入和股票基础的影响。

101. On January 1, Tulip Corporation (a calendar year taxpayer) has accumulated E & P of $300,000. Its current E & P for the year is $90,000 (before considering dividend distributions). During the year, Tulip distributes $600,000 ($300,000 each) to its equal shareholders, Anne and Tom. Anne has a basis in her stock of $65,000, and Tom’s basis is $120,000. What is the effect of the distribution by Tulip Corporation on Anne and Tom?
101. 1月1日，郁金香公司（一个日历年的纳税人）累计了30万美元的E&P。其目前的E&P今年为90,000美元（在考虑股息分配之前）。在这一年中，郁金香向其平等股东安妮和汤姆分配了60万美元（每人30万美元）。安妮的股票基数为 65,000 美元，汤姆的基数为 120,000 美元。郁金香公司的分销对安妮和汤姆有什么影响？

102. Daisy Corporation is the sole shareholder of Ostrich Corporation, which it hopes to sell within the next three years. The Ostrich stock (basis of $25,000,000) is currently worth $30,000,000, but Daisy believes that it would be easier to find a buyer if it was worth less. To lower the value of its stock, Ostrich distributes $4,000,000 cash to Daisy (sufficient E & P exists to cover the distribution). At a later date, Daisy sells Ostrich for $26,000,000.
102. 黛西公司是鸵鸟公司的唯一股东，该公司希望在未来三年内出售该公司。鸵鸟股票（基数为25,000,000美元）目前价值30,000,000美元，但黛西认为，如果它的价值较低，会更容易找到买家。为了降低其股票的价值，鸵鸟向黛西分配了4,000,000美元的现金（有足够的E&P来支付分配）。后来，黛西以 26,000,000 美元的价格出售了鸵鸟。

​

103. Ashley, the sole shareholder of Hawk Corporation, has a stock basis of $200,000 at the beginning of the year. On July 1, she sells all of her stock to Francisco for $1,000,000. On January 1, Hawk has accumulated E & P of $90,000 and during the year, current E & P of $160,000. Hawk makes the following cash distributions: $270,000 to Ashley on March 31 and $90,000 to Francisco on December 1. How are the distributions to Ashley and Francisco taxed? What is Ashley’s recognized gain on the sale to Francisco?
103. Ashley 是 Hawk Corporation 的唯一股东，年初的股票基础为 200,000 美元。7 月 1 日，她以 1,000,000 美元的价格将所有股票卖给了弗朗西斯科。截至 1 月 1 日，Hawk 累计 E & P 为 90,000 美元，全年 E & P 为 160,000 美元。霍克进行以下现金分配：3 月 31 日向阿什利分配 270,000 美元，12 月 1 日向弗朗西斯科分配 90,000 美元。阿什利和弗朗西斯科的分配如何征税？阿什利在出售给弗朗西斯科时的公认收益是多少？

104. Brown Corporation, an accrual basis corporation, has taxable income of $150,000 in the current year. Included in its determination of taxable income are the following transactions.
104. Brown Corporation是一家权责发生制公司，本年度的应税收入为150,000美元。其应税所得额的确定包括以下交易。

​

What is Brown’s current E & P for the year?
布朗目前的勘探与生产情况如何？

​

​

105. Finch Corporation (E & P of $400,000) distributed machinery ($10,000 adjusted basis, $150,000 fair market value) to its sole shareholder, Kathleen. The property is subject to a $50,000 mortgage, which Kathleen assumed. How much dividend income does Kathleen recognize as a result of the distribution and what is her basis in the machinery?
105. 芬奇公司（E&P为400,000美元）向其唯一股东Kathleen分发机器（调整后10,000美元，公允市场价值150,000美元）。该物业需要 50,000 美元的抵押贷款，凯瑟琳承担了这笔抵押贷款。凯瑟琳通过分配确认了多少股息收入，她在机器中的基础是什么？

106. Sylvia owns 25% of Cormorant Corporation, which sells diamonds to retail jewelry businesses. While Cormorant has a deficit in accumulated E & P of $56,000 at the beginning of the year, its current E & P is $500,000. Since the company had a successful year, Cormorant pays a $36,000 distribution to each of the company’s four shareholders on December 15. Three shareholders receive cash, but Cormorant distributes a diamond (adjusted basis of $40,000 and a fair market value of $36,000) to Sylvia in lieu of cash. Determine the effect of distributing the diamond on Cormorant’s and on Sylvia’s taxable income. What is Sylvia’s basis in the diamond? Was the distribution good tax planning on the part of Cormorant? Why or why not?
106. Sylvia（西尔维亚）拥有 Cormorant Corporation 25% 的股份，该公司向珠宝零售企业销售钻石。虽然鸬鹚在年初的累计E&P赤字为56,000美元，但其目前的E&P为500,000美元。由于公司今年取得了成功，鸬鹚在12月15日向公司的四位股东每人支付了36,000美元的股息。三名股东收到现金，但鸬鹚向西尔维亚分发了一颗钻石（调整后的基础为 40,000 美元，公允市场价值为 36,000 美元）代替现金。确定分配钻石对鸬鹚和西尔维亚应税收入的影响。西尔维亚在钻石中的基础是什么？鸬鹚的分配是否是良好的税收筹划？为什么或者为什么不？

107. Thrush, Inc., is a calendar year, accrual basis corporation with Haruki as its sole shareholder (basis in his stock is $90,000). On January 1 of the current year, Thrush has accumulated E & P of $200,000. Before considering the effect of the distribution described below, the corporation’s current E & P is $50,000. On November 1, Thrush distributes an office building to Haruki. The office building has an adjusted basis of $80,000 (fair market value of $100,000) and is subject to a mortgage of $110,000. Assume that the building has been depreciated using the ADS method for both income tax and E & P purposes. What are the tax consequences of the distribution to Thrush and to Haruki? (In your answer, be sure to describe the effects on taxable income for both Thrush and Haruki, the impact of the distribution on Thrush’s E & P, and Haruki’s basis in the building.)
107. Thrush， Inc.是一家日历年权责发生制公司，Haruki是其唯一股东（其股票的基础为90,000美元）。截至今年1月1日，Thrush已经累积了20万美元的E&P。在考虑下述分配的影响之前，该公司目前的E&P为50,000美元。11 月 1 日，画眉将一栋办公楼分发给春树。该办公楼的调整后基数为 80,000 美元（公允市场价值为 100,000 美元），抵押贷款为 110,000 美元。假设建筑物已使用ADS方法进行折旧，用于所得税和E&P目的。分配给画眉和春树的税收后果是什么？（在你的回答中，一定要描述对画眉和春树的应税收入的影响，分配对画眉的E和P的影响，以及春树在建筑物中的基础。

108. Scarlet Corporation is an accrual basis, calendar year corporation. Scarlet distributes inventory (basis of $20,000; fair market value of $40,000) to Frank, its shareholder. Assuming that Scarlet has $500,000 of current E & P, what is the impact of the distribution on Scarlet Corporation and on Frank?
108. Scarlet Corporation 是权责发生制，日历年公司。Scarlet 将库存（以 20,000 美元为基础;公允市场价值为 40,000 美元）分配给其股东 Frank。假设 Scarlet 拥有 500,000 美元的当前 E & P，那么分配对 Scarlet Corporation 和 Frank 有什么影响？

109. Pebble Corporation, an accrual basis taxpayer, has struggled to survive since its formation six years ago. As a result, it has a deficit in accumulated E & P of $340,000 at the beginning of the year. This year, however, Pebble earned a significant profit; taxable income was $240,000. Consequently, Pebble made two cash distributions to Martha, its sole shareholder: $150,000 on July 1 and $200,000 December 31. The following information might be relevant to determining the tax treatment of the distributions.
109. Pebble Corporation 是一家权责发生制纳税人，自六年前成立以来一直在挣扎求生。因此，它在年初的累计E&P赤字为340,000美元。然而，今年，Pebble 获得了可观的利润;应纳税所得额为240,000美元。因此，Pebble 向其唯一股东 Martha 进行了两次现金分配：7 月 1 日分配 150,000 美元，12 月 31 日分配 200,000 美元。以下信息可能与确定分配的税务处理有关。

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110. Stephanie is the sole shareholder and president of Hawk Corporation. She feels that she can justify at least a $220,000 bonus this year because of her performance. However, rather than a bonus in the form of a salary, she plans to have Hawk pay her a $220,000 dividend. Because Stephanie’s marginal tax rate is 32%, she prefers to receive a dividend taxed at 15%. Her accountant, however, suggests a $275,000 bonus in lieu of the $220,000 dividend since Hawk Corporation is in the 21% tax bracket. Should Stephanie take the $220,000 dividend or the $275,000 bonus? Support your answer by computing the after-tax cost of the two alternatives to Hawk and to Stephanie.
110. Stephanie 是 Hawk Corporation 的唯一股东兼总裁。她觉得，由于她的表现，她今年至少可以获得 220,000 美元的奖金。然而，她计划让霍克向她支付 220,000 美元的股息，而不是薪水形式的奖金。由于斯蒂芬妮的边际税率为 32%，因此她更愿意获得按 15% 征税的股息。然而，她的会计师建议用 275,000 美元的奖金代替 220,000 美元的股息，因为 Hawk Corporation 处于 21% 的税级。斯蒂芬妮应该接受 220,000 美元的股息还是 275,000 美元的奖金？通过计算 Hawk 和 Stephanie 的两个替代方案的税后成本来支持您的答案。

111. Thistle Corporation declares a nontaxable dividend payable in rights to subscribe to common stock. One right and $25 entitle the holder to subscribe to one share of stock. One right is issued for each share of stock held. Annette, a shareholder, owns 200 shares of stock that she purchased five years ago for $3,000. At the date of distribution of the rights, the market values were $50 per share for the stock and $25 for a right. Annette received 200 rights. She exercises 160 rights and purchases 160 additional shares of stock. She sells the remaining 40 rights for $1,080. What are the tax consequences to Annette?
111. Thistle Corporation 宣布以认购普通股的权利支付非应税股息。一项权利和 25 美元使持有人有权认购一股股票。持有的每股股票发行一次权利。安妮特是股东，拥有200股股票，这些股票是她五年前以3000美元购买的。在配股之日，股票的市场价值为每股50美元，配股的市值为每股25美元。安妮特获得了 200 项权利。她行使 160 项权利并额外购买 160 股股票。她以 1,080 美元的价格出售了剩余的 40 项权利。对安妮特有什么税收影响？