GILTI
BEAT
FDII/Section 163(j)
TRS Reform Campaign
TRS Miscellaneous
100
A US person that owns 10% or more of the total voting power or value of a foreign corporation.
What is a US shareholder?
100
What does BEAT stand for?
What is Base Erosion and Anti-Abuse Tax
100
For purposes of applying the $25M gross receipts test of the small business exemption, how often is testing required? (163j)
What is every tax year?
100
The location of where the International Tax Calculation, Data and Technology Services, Tier 1 Campaign materials are stored
What is Tax Source?
100
Name the two East Region Leaders
Who are Hadley Leach and David Wiseman
200
When properly allocable deductions exceed gross tested income.
What is tested loss?
200
What percentage of ownership is the general threshold for a taxpayer to qualify as a related party within the BEAT provisions?
What is 25%
200
The FDII deduction is reduced to 21.875% effective for:
A. Taxable years beginning after December 31, 2021.
B. Taxable years beginning before December 31, 2015.
C. Taxable years beginning after December 31, 2025.
D. Taxable years beginning after December 31, 2017.
What is C, Taxable years beginning after December 31, 2025.
200
The location of where the Extract, Transform, Load (ETL) Accelerator is stored?
What is Digital Lab?
200
This concept is described as expanding our natural alliance with advisory, increasing teaming within Tax LoS, and leveraging tax function of the future
What is One firm approach
300
The quarterly average of a CFC's adjusted basis in tangible depreciable property used in the CFC's trade or business
What is QBAI (qualified business asset investment)?
300
What are the three criteria to qualify as an Applicable Taxpayer in 2019?
What is; Any corporation other than a RIC, REIT or S-Corp, Average annual gross receipts for the most recent three-year period greater than $500M, a base erosion percentage greater than 3%
300
The FDII deduction is available to which types of taxpayers?
A. All corporations and partnerships
B. C corporations that are not RICs or REITs
C. C corporations and individuals
D. None of the above
What is B, C corporations that are not RICs or REITs
300
The name of the QST modeling tool
What is Beacon Platinum?
300
Name 3 out of the 5 PwC Network values
What are - Act with integrity, make a difference, care, work together, and reimagine the possible
400
DAILY DOUBLE
The US tax on GILTI can be partially offset by this amount of deemed paid foreign tax credit related to this CFC's GILTI.
What is 80%
400
Under the proposed regulations, what is the BEAT tax rate for a FYE 9/30/19 taxpayer?
What is 8.75%
400
True / False ...
Section 163(j) applies regardless of whether the interest payment is made to a US or foreign person, or whether the recipient of interest is exempt from US tax.
What is true?
400
The TRS product code for Data Accelerator engagements
What is US440?
400
Name three out of the six areas of focus for tax and finance in 2019
What is Adapting to US tax reform and policy changes, upskilling your workforce, aligning with customs and trade, embracing small automation, re-evaluating the operating structure, recognizing AI & Machine Learning
500
The value to be placed in the last row
What is $312,500?
500
Calculate the total US tax liability using the following facts, Revenue $5000, COGS $450, BEAT payments $200, Other Deductions $750
Revenue: $5,000
Base Erosion % 21%
COGS ($450)
Modified TI $3,800
BEAT ($200)
Other ($750)
TI $3,600
Tax Rate 21%
Tax Rate 10%
Tax Exp $756
BEAT Tax $380
US Tax Expense $ ?
$756
500
Corporation A has adjusted taxable income of $30,000, business interest income of $1,000 and interest expense of $12,000 with no floor plan financing interest for tax year 2018. What amount of interest expense can Corporation A deduct in 2018 and what amount can be carried forward to 2019 if any?
What is...
2018 interest deduction - 10,000
2019 carried forward amount - 2,000
500
The five phases of a Tax Reform Data Solutions Project
What is assessment, data inventory, design automation, approach, integrate, governance?
500
ERP/EPM - tax sensitization is a new offering of this TRS vertical
What is TRS for tax accounting