Which of the following is not true of a 338 election ?
A. It applies to asset purchases only.
B. It applies to stock purchases only.
C. It allows a purchase of stock to be treated as an asset purchase for tax purposes.
D. The buyer must adopt the 338 election.
E. The seller must agree with the adoption of the 338 election.
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Which of the following is not considered a tax-free reorganization?
A. Type A transactions
B. Type B transactions
C. Type C Transactions
D. Forward triangular merger
E. Cash purchase of assets
Which of the following are not true of net operating loss carrybacks and carryforwards?
A. Net operating loss carrybacks enable firms to recover previous taxes paid.
B. Net operating loss carryforwards enable firms to shelter future taxable income.
C. Net operating loss carryforwards may be applied to income up to 5 years into the future.
D. Loss corporations cannot use a net operating loss carry forward unless they remain viable and in essentially the same business for at least 2 years following the closing of the acquisition.
E. None of the above
Which of the following is not true about goodwill ?
A. Goodwill must be written off over 20 years.
B. Goodwill must be checked for impairment at least annually.
C. The loss of key customers could impair the value of goodwill.
D. Goodwill does not have to be amortized.
E. Goodwill is shown as an asset on the balance sheet.
Which of the following is true about purchase accounting?
A. Cash and accounts receivable, reduced for bad debt and returns, are valued at their values on the books of the target before the acquisition..
B. Marketable securities are valued at their realizable value after transactions costs.
C. Property, plant and equipment are valued at fair market value.
D. Intangible assets are booked at their appraised values.
E. All of the above.
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