FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 22: S Corporations

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 61

Short Answer

Review LaterAdd Note

Review Later

The choice of a flow-through entity for a closely-held corporation often is between a(n) ____________________ (a Federal tax entity) and a(n) ____________________ (a state tax entity).

Correct Answer

verified

S corporat...

View Answer

Show Answer

Question 62

Short Answer

Review LaterAdd Note

Review Later

The § 1202 exclusion of _________________ on the disposition of small business stock (is/is not) _________________ available for S stock.

Correct Answer

verified

Show Answer

Question 63

True/False

Review LaterAdd Note

A per-day,per-share allocation of flow-through S corporation items must be used,unless the shareholder disposes of the entire interest in the entity.

An S corporation recognizes a ____________________ on any distribution of appreciated property.

Only 51% of the shareholders must consent to an S election.

All tax preference items flow through the S corporation,to be included in the shareholders' AMT calculations.

Separately stated items are listed on Schedule _________________________ of the Form 1120S.

Oxen Corporation incurs the following transactions. ​ Oxen maintains a valid S election and does not distribute any assets (cash or property) to its sole shareholder,Megan.As a result,Megan must recognize:

Which statement is incorrect with respect to filing an S election?

Distributions of appreciated property by an S corporation are not taxable to the entity.

Alomar,a cash basis S corporation in Orlando,Florida,holds the following assets and liabilities on January 1,2016,the date the S election is made. ​ During the year,Alomar collects the accounts receivable and pays the accounts payable.The land is sold for $3 million,and the taxable income for the year is $590,000.Calculate any built-in gains tax.

Shareholders owning a(n) ____________________ of shares (voting and nonvoting) may ____________________ revoke an S election.

​A corporation may alternate between S corporation and C corporation status each year,depending on which results in more tax savings.

If an S corporation's beginning balance in OAA is zero,and the following transactions occur,what is the ending OAA balance? ​

The passive investment income of an S corporation includes net capital gains from the sale of stocks and securities.

Voting common stock and voting preferred stock (with a preference on dividends) would be treated as ____________________ class(es) of stock.

Several individuals acquire assets on behalf of Skip Corporation on May 28,purchased assets on June 3 and began business on June 11.They subscribe to shares of stock,file articles of incorporation for Skip,and become shareholders on June 21.The S election must be filed no later than 2 1/2 months after:

Depreciation recapture income is a ____________________ computed amount.

A two-or-more member ____________________ operates under ____________________ tax principles.

An S shareholder who dies during the S corporation tax year must report his or her share of the pro rata income (loss) items up to the date of death,on the final individual tax return.