What form must be filed by C Corporations annually? - 1120
What is the due date for tax returns by C Corporations with calendar year ends? - March 15th
Bailey Corporation has taxable income of $100,000 before including charitable deductions. If Bailey
Corporation made charitable donations of $12,000 during 2015, how will this be handled if it is a C
Corporation? - Bailey will deduct part of the $12,000 and carry the unused deduction to 2016
Pissos Corporation has net capital losses of $34,000 in 2015. How will it be handled on their corporate
return? - They will do a carry back of 3 years and then a carry forward of 5 years
Which of the following would be included on the Schedule L for most corporations? - Balance sheet
Crumbacher Corporation began business on July 1, 2015. They incurred organizational costs of
$100,000. How much can they deduct in 2015? - $3,333
Rossell Corporation began business on July 1, 2015. They incurred $38,000 in start-up costs. How much
can they deduct for 2015? - $6,100
Which of the following is true regarding the selection of fiscal year end dates by newly formed C
Corporations? - C Corporations can select any fiscal year end
Which of the following is a deductible tax expense for corporations? - Travel expenses
Godown Corporation's Board of Directors met on January 3, 2016 to discuss the 2015 results. The board
was advised that the net income was $100,000. The board members voted to make a donation of
$17,000 to the Church of St. Turrentine and consider it part of their 2015 year. When the corporation
files its 2015 return, what amount should be used for charitable donations? - $0
, Maskey Corporation earned over $20 million in operating income during 2015 and is in a marginal 35%
tax bracket. In addition to the $20 million, Maskey received $100,000 in long term capital gains. How
much additional taxes will Maskey Corporation incur on capital gains? - $35,000
Crow Corporation is a very small C Corporation that operates a gas station. During 2015, Crow
Corporation had operating revenue of $100,000 and operating expenses of $90,000. They also received
$4,000 in dividends from Wal-Mart, Inc. What is the taxable income for Crow Corporation? - $11,200
James forms the Eastern Liberty and Justice Corporation. He will be the 100% owner. Initially, he put a
building into a corporation that he had a basis of $50,000. The building had a fair market value of
$72,000. How much gain must he immediately recognize on his personal return? - $0
Using the information from the previous problem, how much gain did the corporation recognize
immediately? - $0
Again, using the information from question 13, what is James' basis in the stock he received? - $50,000
Once again, using the information from question 13, what is the basis f the corporation in the building? -
$50,000
Catma Corporation has a Net Operating Loss in 2015. How should this be handled? - Catma will do a 2
year carry back and 20 year carry forward
Which of the following is reconciled on Schedule M-1 of a corporate tax return? - Book and Tax Income
White Corporation receives a $10,000 dividend from Massa Corporation. Massa Corporation is 100%
owned by White. How will this transaction affect White Corporation? - White will not incur any
additional taxes
Which of the following expenses must be computed differently for tax purposes as opposed to GAAP? -
Bad debts expense
Regarding accounting methods, which of the following statements is true? - Small corporations may
choose between cash basis and accrual accounting
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller oneclass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.48. You're not tied to anything after your purchase.