AEC - SME QUIZ

Which of the following method(s) does not utilize Time Tracking Files

• Variable Sampling

• Attribute Sampling

• Both

• None

Revenue Procedure that allows for Stat Sampling

• IRS Rev. Proc 2011 – 42

• IRS Rev. Proc 2011 – 41

• IRS Rev. Proc 2011 – 41.1

• IRS Rev. Proc 2011 – 41.d

Which of the below is a basic requirement to be qualified under Contract related expenses

• Entered into prior to the performance of Qualified Research

• Provides that research is performed on behalf of the Taxpayer

• Taxpayer bears the expense even if research is not successful

• All of the above

• Both 1 and 3

What constitutes to Qualified Research

• engaging in direct supervision

• engaging in qualified research

• direct support of research activities

• All of the above

• Both 2 and 3

Which of the below are not considered under Supplies

• Land or improvements to Land

• Property that cannot be depreciated

• All of the above

• Raw materials

Which of the below is qualified activity

• Quality Control Testing

• Quality Assurance Testing

• Quality Regulatory Testing

• Final Quality Check Testing

• All of the above

What is Minimum Base Amount

• Shall not be less than 50% of QREs for the Current Year

• Shall be less than 50% of QREs for the Credit Year

• Shall not be less than 50% of QREs for the Credit Year

• Shall not be less than 50% of Avg.QREs for the last 3 Years

Please select correct option below

• Individual - 1040

  C-corp - 1120

  S-corp - 1120S

  Partnership - 1065

• Individual - 1065

  C-corp - 1120C

  S-corp - 1120

  Partnership - 1040

• Individual - 1040

  C-corp - 6765

  S-corp - 1120S

  Partnership - 1075

• Individual - 6765

  C-corp - 1120C

  S-corp - 1120

  Partnership - 1090

Select Correct Option(s) Below

• C-corp Timely 12/31 - 4/15

  S-corp Timely 12/31 - 3/15

  Partnership Timely 12/31 - 3/15

• C-corp Timely 12/31 - 4/15

  S-corp Extended 12/31 - 10/15

  Partnership Timely 12/31 - 4/15

• C-corp Extended 12/31 - 10/15

  S-corp Extended 12/31 - 9/15

  Individual Timely 12/31 - 3/15

• C-corp Extended 12/31 - 10/15

  S-corp Fiscal year Timely - 3 months 15 days

  Individual Extended 12/31 - 10/15

Credit Vs Deduction

• Credit is the dollar for dollar reduction of taxpayer’s tax liability

  Deduction reduces the amount of taxpayer’s taxable income

• Credit is reduces the amount of taxpayer’s taxable income

  Deduction is the dollar for dollar reduction of taxpayer’s tax liability

• Both are not correct