Which of the following is not true about the Comprehensive Environmental Response,
Compensation and Liability Act?
A) The act is commonly called the Superfund.
B) The sites are ranked and the highest sites are placed on a priority list.
C) The EPA performs all site cleanups, and then can recover the costs from responsible
parties.
D) A party can be required to pay the entire cost of cleaning a site even if only partly
responsible for the pollution.
C
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The Tom Trust requires that all trust income be distributed at least annually. There are no provisions for charitable contributions. To be treated as a simple trust, what must also be true?
A. Trust income can consist of interest and dividends only. B. There were no distributions of corpus in the current year. C. All beneficiaries must be U.S. citizens or resident aliens. D. All of the answers are correct.
Jane is a Certified Public Accountant who specializes in preparing federal tax returns. Which of the following returns would not qualify Jane as a tax return preparer?
A. Estate or gift tax returns. B. Excise tax returns. C. Withholding tax returns. D. None of the answers are correct.