In 20Y1, Ms. Graves transferred appreciated property to KL Partnership in exchange for an ownership interest in the partnership. She deliberately waited until 20Y3 before taking cash out of the partnership. Ms. Graves may have been trying to prevent the IRS from applying the:
A. Substance over form doctrine
B. Step transaction doctrine
C. Economic substance doctrine
D. Business purpose doctrine
Answer: B
You might also like to view...
In business presentations, the backchannel is
A) the "notes" portion of an electronic slide, which only the presenter can see. B) subtle, nonverbal cues the presenter sends during the presentation. C) electronic communication among audience members during the presentation. D) password-protected slides that only certain audience members can see. E) an impromptu speech designed to take control of a presentation.
The average number of times a dollar of money is used for transactions over the course of a year is referred to as the
A. money multiplier. B. velocity of money. C. money growth rate. D. extent of exchange.
One measure of a company's overall long-term financial health is the debt-to-equity ratio
a. True b. False Indicate whether the statement is true or false
CATS stands for:
A) completely automated telephone survey B) computerized aromatic telegraphed senses (surveys involving the sense of smell) C) computerized aerial telegraphy survey (surveys taken from airplanes) D) completely aided toll standard (calls are automatically charged to individual clients as they are made) E) completely aided T-line service