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Test Bank for Principles of Taxation for Business and Investment Planning 2025 Edition Evergreen Release by Sally Jones | Chapter 11 - 18$29.49
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Test Bank for Principles of Taxation for Business and Investment Planning 2025 Edition Evergreen Release by Sally Jones | Chapter 11 - 18
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Course
Taxation
Institution
Taxation
Test Bank for Principles of Taxation for Business and Investment Planning 2025 Edition Evergreen Release by Sally Jones | Chapter 11 - 18 are included in this document however complete chapters are given in Package deal.
11 The Corporate Taxpayer
12 The Choice of Business Entity
13 Jurisdi...
Chapter 11 - 2025
Complete Answers Included ✅
1. Award: 10.00 points Chap 1 - 10 are included too in Package Deal ✅
In terms of dispersal of ownership, corporations are classified as either closely held or publicly held.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 11-01 Identify the four primary legal
characteristics of corporations.
2. Award: 10.00 points
The corporate characteristic of limited liability is generally more important to the shareholders than the characteristic of centralized management.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 11-01 Identify the four primary legal
characteristics of corporations.
3. Award: 10.00 points
The stock of closely held corporations is typically restricted as to transferability by some type of buy-sell agreement and cannot be sold on the open market.
True
False
References
True / False Difficulty: 2 Medium Learning Objective: 11-01 Identify the four primary legal
characteristics of corporations.
,4. Award: 10.00 points
The federal tax law considers the member corporations of an affiliated group to be a single entity for federal tax purposes.
True
False
References
True / False Difficulty: 2 Medium Learning Objective: 11-01 Identify the four primary legal
characteristics of corporations.
5. Award: 10.00 points
At least three corporations are required to form an affiliated group.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 11-01 Identify the four primary legal
characteristics of corporations.
6. Award: 10.00 points
An affiliated group consists of a parent company that directly owns 80% of at least one subsidiary corporation plus all other subsidiaries that are 80% owned
within the group.
True
False
References
True / False Difficulty: 2 Medium Learning Objective: 11-01 Identify the four primary legal
characteristics of corporations.
7. Award: 10.00 points
The corporate characteristic of free transferability exists if the corporate stock is subject to a buy-sell agreement.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 11-01 Identify the four primary legal
characteristics of corporations.
,8. Award: 10.00 points
A nonprofit corporation may incur a federal income tax if it has unrelated business income.
True
False
References
True / False Difficulty: 2 Medium Learning Objective: 11-01 Identify the four primary legal
characteristics of corporations.
9. Award: 10.00 points
After 2017, a 1.4% excise tax applies to the net investment income of all colleges and universities.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 11-01 Identify the four primary legal
characteristics of corporations.
10. Award: 10.00 points
After 2017, a 37% excise tax applies to compensation in excess of $1 million paid to executives of tax-exempt organizations.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 11-01 Identify the four primary legal
characteristics of corporations.
11. Award: 10.00 points
After 2017, a 100% dividends-received deduction is permitted for any dividends received from a foreign corporation.
True
False
References
True / False Difficulty: 2 Medium Learning Objective: 11-02 Compute the corporate charitable
contribution and dividends-received deductions.
, 12. Award: 10.00 points
Eagle, Incorporated made a contribution to the United Way of $25,000 during its current tax year. The corporation's taxable income before any charitable
contribution deduction was $200,000. The corporation has a current charitable contribution deduction of $25,000.
True
False
References
True / False Difficulty: 2 Medium Learning Objective: 11-02 Compute the corporate charitable
contribution and dividends-received deductions.
13. Award: 10.00 points
Bisou Incorporated made a $48,200 contribution to charity this year. Only $39,000 of the contribution was deductible. Bisou can carry the $9,200
nondeductible contribution back three years and forward five years.
True
False
References
True / False Difficulty: 2 Medium Learning Objective: 11-02 Compute the corporate charitable
contribution and dividends-received deductions.
14. Award: 10.00 points
The four primary legal characteristics of a corporation are unlimited liability, limited life, free transferability of interests, and centralized management.
True
False
References
True / False Difficulty: 2 Medium Learning Objective: 11-01 Identify the four primary legal
characteristics of corporations.
15. Award: 10.00 points
A nondeductible charitable contribution is a permanent book/tax difference.
True
False
References
True / False Difficulty: 3 Hard Learning Objective: 11-02 Compute the corporate charitable
contribution and dividends-received deductions.
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