Exam $1$

IMPORTANT: READ THROUGH THE INFORMATION IN THIS PAGE CAREFULLY TO AVOID UNNECESSARY PENALTY.

A$.$ In this exam, if you find any item to be ambiguous or are uncertain regarding some details, please

don't make assumptions, post your question on the Discussion thread on Canvas instead.

B$.$ Regarding posting questions on Google Classroom:

You need to post your questions $($if any$)$ prior to $5pm$ on Thursday, $\frac{03}{07}\frac{?}{2024}.$ I will not answer questions

posted after that.

Your questions must be "user$-$friendly", so that a person without tax knowledge can answer it$.$ In addition, it

cannot be a check$-$for$-$correct$-$answer question.

For example: You want to know if the formation transaction satisfies $351$ requirement or not?

a$.$ "Does the contribution satisfy $$351$ requirements?" $=>$BAD

b$."$Do the shareholders together own $>80\%$ of the corporation after the contribution?" $=\frac{G}{O}OD$

If your question is a bad question, I will not provide any answer. Similarly, questions that are simply there

because you did not review$/$research well will not be answered.

You are responsible for reviewing ALL the info on the Discussion thread $($even the one asked by your

classmates$)$ to provide the most accurate answers. If you missed a part in the exam because you did not look

at the info that I already discussed on the Discussion thread, you might lose credit for that part.

C$.$ You could pair up with one $(1)$ other classmate to work on this exam. The exam is$,$ however, designed so that

you can finish it on your own without any problem.

D$.$ If you work with another classmate, each group member must submit individually and separately

Each member MUST indicate the following information on the $1^{st}$ page of your submission file:

a$.$ Your name $($so I know who the owner of this midterm exam submission$)$

b$.$ Your other classmate's full name

c$.$ Details documentation of what each student contributes in the exam. The contribution details need to

be EXACTLY THE SAME across group members.

Ex: Below is an example of additional info needed to be included in the first page of your exam if work in group

Name: Anh Dang

All group member: Anh Dang and Michael Christopher

Contribution details:

Anh Dang $-$ Question $1,4$ and $5$

Michael Christopher $-$ Question $2$ and $3$

Notice that each member must contribute something $($I hate free riders!$)$

E$.$ Deadline to submit this midterm $2$ exam: $11$ pm on Friday, $03/08/2024.$

Exams received after that deadline $($even $1$ second late$)$ will receive a score of zero, so please arrange time to

submit it a few minutes earlier. This rule has no exception, so please don't send me an email on the due date

asking for more time because of some personal$/$technical issues.