WGU C239 (WGUC239)

QUESTIONS AND ANSWERS

QUESTIONS AND ANSWERS

WGU C239 Pre-Assessment Test Questions With Correct Answers Latest Updated 2024/2025 (VERIFIED 100%) An individual has taxable income of $60,000. The first $20,000 is taxed at 20%, the next $20,000 is taxed at 20%, and all income above $40,000 is taxed at 20%.Which tax structure is being applied to the individual's taxable income? Base Regressive Progressive Proportional - ️️Proportional Which federal income tax structure imposes an increasing marginal tax rate as the tax base incre...

An individual has taxable income of $60,000. The first $20,000 is taxed at 20%, the next $20,000 is taxed at 20%, and all income above $40,000 is taxed at 20%.Which tax structure is being applied to the individual's taxable income? Base Regressive Progressive Proportional - -Proportional Which federal income tax structure imposes an increasing marginal tax rate as the tax base increases? Regressive tax Incremental tax Progressive tax Proportional tax - -Progressive What would a grap...

Sec 351 - -Three requirements: ferror transfers for property 2. Solely in exchange for the corporation stock 3. Have to have control immediately following transaction Control of 80% of (combined voting and nonvoting) each voting stock and nonvoting stock Not valid with transferring in service and does not get considered in terms of control for Sec 351 eligibilty for that trnasferror. However, if this persons contribution dilutes the control, then any gain on tranferring would be taxed to ...

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 - -...

An individual has taxable income of $60,000. The first $20,000 is taxed at 20%, the next $20,000 is taxed at 20%, and all income above $40,000 is taxed at 20%. Which tax structure is being applied to the individual's taxable income? - Proportional Which federal income tax structure imposes an increasing marginal tax rate as the tax base increases? - Progressive tax What describes a gift tax? - Tax on the fair market value of wealth transfers What is a key element of an economy tax structu...

Catamount Company had current and accumulated E&P of $500,000 at December 31, 20X3. On December 31, the company made a distribution of land to its sole shareholder, Caroline West. The land's fair market value was $200,000 and its tax and E&P basis to Catamount was $250,000. The tax consequences of the distribution to Catamount in 20X3 would be: A) No loss recognized and a reduction in E&P of $250,000. B) $50,000 loss recognized and a reduction in E&P of $250,000. C) $50,000 loss recognize...