Tennessee CPA Journal Self-Study CPE Exam

Sponsored by the Educational & Memorial Foundation of the Tennessee Society of CPAs
Recommended CPE Credit: 1 hour

Issue Date: January/February 2010
Exam valid through August 1, 2010.
Must be postmarked on or
before August 1, 2010.

If you are not a member of TSCPA, please send a check for $20 payable to the Educational & Memorial Foundation of TSCPA.

If you have not taken this exam before or have questions, please read the Instructions.

This form will be sent to TSCPA electronically and you will receive your graded exam via e-mail. Please click here if you intend to mail or fax the exam to TSCPA. Click here for help.

True

False

From “State Tax Liaison Meeting”
1. The DOR is encouraging electronic filing as a cost-cutting tool. However, the number of people who file electronically is decreasing.
From “FIN 48 Accounting by Private Companies for Uncertain Tax Positions”

2. The evolution of a tax position in accordance with FIN 48 is a three-step process: recognition, measurement and reporting.

3. According to FIN 48, differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for unrecognized tax benefits.

From “Accounting For Noncontrolling Interests in Consolidated Financial Statements: An Explanation of FASB Statement No. 160”
4. As a result of FAS No. 160, all minority interests are to be reported as liabilities.
5. Only financial instruments issued by a subsidiary that are classified as equity can be reported as noncontrolling interest in the consolidated financial statements.

From “The Garnett Tax Court Decision: A Blessing or a Curse?”
6. Once the “per se” rule is established, the only way a partner can avoid passive classification is if he/she has participated for at least 1,000 hours in the activity.
7. LLPs and LLCs offer benefits of partnership taxation treatment in combination with limited liability to an owner.
 

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Instructions

Members may earn free CPE by reading the Tennessee CPA Journal. To be eligible for continuing professional education credit, you should spend approximately one to two hours reading the material in the current issue of the Tennessee CPA Journal. Then answer the following questions by darkening the circle which represents the best answer. Certify that you have completed the reading requirement for this exam by signing below. You must answer five of the seven questions correctly to receive credit. You should receive a copy of your graded test within four weeks of the date of submission. If you have not received a response within this time, please call TSCPA at 615/377-3825 or toll-free 1-800/762-0272. This program has been approved by the Tennessee State Board of Accountancy. This exam qualifies for credit under the reporting sub-category "Other - Code 10. " CPAs licensed to practice in Tennessee may earn up to 20 percent of their total CPE requirements through this type of examination.