40. Which of the following corporations is an includible corporation for purposes of filing a consolidated tax return?
A) insurance companies
B) S corporations
C) car manufacturing corporation
D) foreign corporations
Solution:
car manufacturing corporation is an includible corporation for purposes of filing a consolidated tax return.
Hence option C is correct.
40. Which of the following corporations is an includible corporation for purposes of filing a consolidated...
39. Identify which of the following statements is false. A) In a Type C reorganization, the acquired corporation must distribute stock, securities, and other property it receives to its shareholders. B) A Type C reorganization is less flexible than a Type A reorganization because of the solely for-voting stock requirement of a Type C. C) To qualify as a Type C reorganization, the target corporation must be formally dissolved. D) In a Type C reorganization, shareholders of the acquiring corporation...
38. Navatek Cor avatek Corporation adopts a plan of reorganization and exchanges 1,500 shares of its voting and $75,000 in cash for Santos Corporation's assets having a $300,000 adjusted basis and a $375,000 FMV. Santos Corporation is subsequently liquidated. What is Navatek Corporation's basis in the assets acquired in the exchange? A) $225,000 B) $250,000 C) $300,000 D) $375,000 Page Ref: C: 7-16. (Slide 7-11). 39. Identify which of the following statements is false. A) In a Type C reorganization,...
38. Navatek Corporation adopts a plan of reorganization and exchanges 1,500 shal stock and $75,000 in cash for Santos Corporation's assets having a $300,00 rganization and exchanges 1,500 shares of its voting $375,000 FMV. Santos Corporation is subsequently liquidated. What is Navatek come Santos Corporation's assets having a $300,000 adjusted basis and a basis in the assets acquired in the exchange? A) $225,000 B) $250,000 C) $300,000 D) $375,000 Page Ref: C: 7-16. (Slide 7-11). 39. Identify which of the...
Thanks for your HELP!!! 43. Which of the following corporations is entitled to join in a consolidated tax return without making a special election? A) corporations exempt from tax under Sec. 501 B) real estate investment trusts C) foreign corporations D) closely held corporations 45. Which of the following events is an intercompany transaction? A) a capital contribution B) a parent corporation's sale of stock of a subsidiary corporation to a nonmember of the group C) dividend payment received from...
a) What are the requirements for corporations to file a consolidated tax return? b) What if any benefits are there to filing a consolidated ta return? c) Can a non-US corporation join in the filing of a consolidated tax return? d) How do you determine if a corporation has goodwill for tax purposes? e) Assume a corporation records goodwill of $18,000,000 in the current year for an acquisition made on June 30. How much if any of the goodwill is...
43. Which of the following corporations is entitled to join in a consolidated tax return without making a special election? A) corporations exempt from tax under Sec. 501 B) real estate investment trusts C) foreign corporations D) closely held corporations 44. Prisha and Ryia Corporations have filed consolidated tax returns for several calendar years At the close of business on September 30, Prisha Corporation sells all of the Riya Corporation stock. What portion of Prisha's and Riya's income for the...
42. Halperin Corporation owns stock of Leon Corporation. For Halperin and Leon to qualify for the filing of consolidated returms, at least what percentage of Halperin's total voting power and total value of stock must be directly owned by Leon? A) Total voting power 51% Total Value of stock S1% B) Total voting Total Value of power 51% stock 80% C) Total voting Total Value of stock power 80% 80% D) Total voting Total Value of stock 51% power S0%...
Thanks for your HELP!!! 41. Identify which of the following statements is true. A) Corporations that join in a consolidated return must adopt the same tax year as the parent corporation. B) Permission to discontinue the filing of consolidated tax returns is sometimes granted by the IRS. C) Additional administrative costs may be incurred when filing a consolidated tax return. D) All of the above are true. 42. Halperin Corporation owns stock of Leon Corporation. For Halperin and Leon to...
Which of the following is not a legitimate filing status for income tax purposes? a. Single b. Head of household c. Married filing jointly d. Widower Which of the following is not a business entity type used in the United States? a. C Corporation b. Family Limited Partnerships c. Family Proprietorship d. S Corporation Which of the following is an advantage of a sole proprietorship? a. Ease to sell business assets...
1, what are the requirements for corporations to file a consolidated tax return? 2, what if any benefits are there to filling a consolidated tax return? 3, can a non U.S. corporation join in the filing of a consolidated tax return? 4, how do you determine if a corporation has goodwill for tax purposes? 5 assume corporation records goodwill of $18,000,000 in the current year for an acquisition made on June 30. How much if any of the goodwill is...