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Question;1346. CHAPTER;12?S CORPORATIONS Question MA #1-4 Match the term with the proper response.;There may be more than one responses for each term.AAAPassive investment;income (for passive investment income penalty tax)OAABuilt-in gains;taxCumulative total of undistributed non-separately and separately stated;items. Includes gross receipts derived from royalties, passive rents, dividends;interest, etc. Tax-free distribution. Penalty tax to stop an S corporation from;avoiding the corporate tax on disposition of appreciated property. Taxed as a;dividend. Items that affect stock basis but not AAA go here.;[a] 1. AAA;[b] 2. Passive investment;income (for passive investment income penalty tax);[c] 3. OAA;[d] 4. Built-in gains tax;here.;1347. CHAPTER;12?S CORPORATIONS Question CO #1;S corporation status avoids the ____________________ taxation and;limitations inherent in the regular corporate form.;1348. CHAPTER;12?S CORPORATIONS Question CO #2;For Federal income tax purposes, taxation of S corporations resembles that of;a(n) ____________________.;1349. CHAPTER;12?S CORPORATIONS Question CO #3;S corporation income is taxed at the ____________________ level and not at the;level.;1350. CHAPTER;12?S CORPORATIONS Question CO #4;An S corporation may have ____________________ class(es) of stock.;1351. CHAPTER;12?S CORPORATIONS Question CO #5;A(n) ____________________ alien cannot own stock in an S corporation.;1352. CHAPTER;12?S CORPORATIONS Question CO #6;An S corporation must own ____________________% of a subsidiary?s stock in;order to elect to treat the subsidiary as a QSSS.;1353. CHAPTER;12?S CORPORATIONS Question CO #7;Voting common stock and voting preferred stock (with a preference on dividends);would be treated as ____________________ class(es) of stock.;1354. CHAPTER;12?S CORPORATIONS Question CO #8;An S corporation is limited to ____________________ (how many?) shareholders.;1355. CHAPTER;12?S CORPORATIONS Question CO #9;To make a valid S election, the entity must file a properly completed Form;1356. CHAPTER;12?S CORPORATIONS Question CO #10;A qualifying S election requires the consent of ____________________ of the;corporate shareholders.;1357. CHAPTER;12?S CORPORATIONS Question CO #11;Consent to an S election must be in ____________________, and it must be;generally filed by the election ____________________.;1358. CHAPTER;12?S CORPORATIONS Question CO #12;Meeting the definition of a small business corporation is a;requirement for maintaining the S status.;1359. CHAPTER;12?S CORPORATIONS Question CO #13;If an S corporation has C corporate E & P and passive income in excess of;% of its gross receipts for;consecutive taxable years, the S election is terminated at the beginning of the;year.;1360. CHAPTER;12?S CORPORATIONS Question CO #14;Tax-exempt income is listed on Schedule ____________________ of Form 1120S.;1361. CHAPTER;12?S CORPORATIONS Question CO #15;Depreciation recapture income is a ____________________ computed amount.;1362. CHAPTER;12?S CORPORATIONS Question CO #16;An S corporation?s separately stated items generally are identical to those;separately stated by _________________________.;1363. CHAPTER;12?S CORPORATIONS Question CO #17;Separately stated items are listed on Schedule _________________________ of the;Form 1120S.;1364. CHAPTER;12?S CORPORATIONS Question CO #18;In the case of a complete termination of an S corporation interest, a;tax year may occur.;1365. CHAPTER;12?S CORPORATIONS Question CO #19;The amount of any distribution to an S corporation shareholder is equal to the;plus the fair market value of any other property;distributed..;1366. CHAPTER;12?S CORPORATIONS Question CO #20;Post-termination distributions by a former S corporation that are charged;against ____________________ do not get tax-free treatment.;1367. CHAPTER;12?S CORPORATIONS Question CO #21;Since loss property receives a ____________________ in basis without any loss;recognition, S corporation distributions of loss property should be;1368. CHAPTER;12?S CORPORATIONS Question CO #22;Realized gain is ____________________ by an S corporation on its distribution;of appreciated property.;1369. CHAPTER;12?S CORPORATIONS Question CO #23;Non-separately computed loss ____________________ a S shareholder?s stock;basis.;1370. CHAPTER;12?S CORPORATIONS Question CO #24;An S corporation recognizes a gain on any distribution of;property.;1371. CHAPTER;12?S CORPORATIONS Question CO #25;Distribution of _________________ property by an S corporation to a shareholder;generally should be avoided.;1372. CHAPTER;12?S CORPORATIONS Question CO #26;Depletion in excess of basis in property causes a(n);adjustment to an S shareholder?s basis.;1373. CHAPTER;12?S CORPORATIONS Question CO #27;Stock basis first is increased by income items, then ____________________ by;distributions, and finally decreased by ____________________.;1374. CHAPTER;12?S CORPORATIONS Question CO #28;If an S corporation shareholder?s basis in a loan to the entity has been;reduced, the shareholder recognizes gross income when the S corporation;the shareholder.;1375. CHAPTER;12?S CORPORATIONS Question CO #29;With respect to passive losses, there are three classes of income, losses, and;credits: ____________________, ____________________, and passive.;1376. CHAPTER;12?S CORPORATIONS Question CO #30;An S corporation?s LIFO recapture amount equals the excess of the inventory?s;value under ____________________ over the ____________________ value.

 

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