NACVA CVA Exam Actual Questions

The questions for CVA were last updated on Sep 14, 2024.

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Question No. 1

Which of the following is the primary disadvantage of the asset accumulation method?

AIf taken to an extreme, it can be very expensive and time consuming

BIt may necessitate the involvement o appraisal specialists in several asset valuation disciplines

CThe valuation requires the valuation of all the company assets

DThe value of all assets, properties, or business interests depends on their economic income-generating capacity

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Correct Answer: A

Question No. 2

A general category of taxable events relates to the amount of recognition of income (if any) associated with economic benefits received by a business. Examples of this category of taxable events include all of the following EXCEPT:

AThe valuation of property received, such as rents

BThe valuation (or the solvency/insolvency test) related to the recognition (ornonrecognition)

CA valuation that is needed when a business (whether the business is a proprietorship, corporation or partnership)

DA valuation when a tax payer claims a deduction

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Correct Answer: C, D

Question No. 3

There are some allowable methods for determining the basis of property received in exchange for other property. Which of the following is/are out those methods?

AIncome basis of tax on the property

BIf a taxpayer receives property for services, then the original basis of the property when it is received is its original price

CThe basis is the fair market value of the property exchanged for it, increased by any payments made or decreased by any payments received, when the two properties are of unequal value

DThe basis is the fair market value of the property when its is received

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Correct Answer: C, D

Question No. 4

Various transactional and taxation events may occur that change the taxpayer's original basis in the property. These events usually ___________the original basis.

AIncrease

BDecrease

CIncrease or decrease

DIt depends

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Correct Answer: C

Question No. 5

No deduction is allowed for any charitable contribution of ________ or more unless the taxpayer substantiates the contribution by a contemporaneous written acknowledge from the donee organization of the contribution.

A$300

B$400

C$350

D$250

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Correct Answer: D

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