100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
Test Bank for Principles of Taxation for Business and Investment Planning 2025 Edition Evergreen Release by Sally Jones | Chapter 11 - 18$29.49
Add to cart
Test Bank for Principles of Taxation for Business and Investment Planning 2025 Edition Evergreen Release by Sally Jones | Chapter 11 - 18
17 views 0 purchase
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.
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 StepsSol. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $29.49. You're not tied to anything after your purchase.
