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Schedule J. O Schedule C. Schedule B. Mark for follow up Question 2 of 50. Which...
The highest tax rate for corporations for 2018 is: O 21%. 34% O O 38% 39%...
The highest tax rate for corporations for 2018 is: O 21%. 34% O O 38% 39% Mark for follow up Question 4 of 50. Harvey started a business with the following characteristics: all shareholders have limited liability, the entity is not subject to corporate tax, and income and expenses are passed through to shareholders. What type of entity did Harvey create? O C corporation O Sole proprietorship O S corporation O Partnership
Mark for follow up Question 4 of 50 A corporation's business income is taxed in the...
Mark for follow up Question 4 of 50 A corporation's business income is taxed in the following way: O The net income earned by the corporation is taxed to the entity Only the board of directors pay tax on the income earned O All corporation n income is passed through to the individual shareholders. The the income. O The income is not taxed at the entity level, and only distributions are taxed t Mark for follow up Question 4 of...
C corporations are not pass through entities like S corporations or LLC's. C corporations are subject...
C corporations are not pass through entities like S corporations or LLC's. C corporations are subject to the double taxation concept on corporate earnings. This is where corporate earnings are taxed at both the entity level and a second time when the earnings are distributed to shareholders in the form of dividends. Let's discuss this double taxation for a moment and put some numbers to it. Let's say that a C corporation has $1,000,000 in taxable income. Under the new...
A corporation could be subject to additional tax if which of the following are true, mark...
A corporation could be subject to additional tax if which of the following are true, mark all that apply. a. Personal holding company tax for being a corporation with few owners and more than 50% of the corporation Income is investment type income. Excessive earnings are retained in the corporation and not appropriately distributed to shareholders. b. c. Alternative minimum tax to ensure corporations pay their fair share. Net investment tax for large corporations. d. e. Corporations are only assessed...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes qualified dividends? O Dividend distributions that are considered a return of capital. o Ordinary dividends that are subject to the same maximum tax rate that applies to O Dividends that may be used to purchase additional shares in a corporation. O Dividends that are distributed when a corporation issues an additional amount o current shares owned by the taxpayer. Mark for follow up «...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include:...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include: Depreciation, amortization, and depletion. Government penalties paid, political expenses, and 50% of deductible meals. Political expenses, depreciation, and 50% of deductible meals. 50% of meals and 100% of entertainment, depletion, and government penalties paid Mark for follow up Question 33 of 75. On a partner's Schedule K-1, Item L: lers basis in the partnership Mark for follow up Question 34 of 75. All of...
Justin case Mark for follow up Question 30 of 75, Which of these is NOT a...
Justin case
Mark for follow up Question 30 of 75, Which of these is NOT a potential trigger for calculating the Additional Child Tax Credi O The taxpayer's modified adjusted gross income exceeds$ O The taxpayer has a balance due on their return. O The taxpayer has three or more qualifying children. Due to tax liability limits, the taxpayer did not receive the maximum Child Tax Credit for which they were eigt、 □ Mark for follow up
report half of the income in 2017 and hall in 2018 □Mark for follow up Question...
report half of the income in 2017 and hall in 2018 □Mark for follow up Question 11 of 75 O $10,000 O $5,000 。$3,000 O $1,000 □Mark for folow up 曰 Question 12 of 75. Which of the following situations involving an exchange of business property exemplifies a fully nontaxable exchange? O Miranda traded a commercial refrigerator plus $5,000 for Patricia's commercial refrigerator O Lois exchanged a commercial sewing machine for Edwina's commercial sewing machine plus $5,000 in cash. O...
Mark for follow up Question 32 of 75. On a partner's Schedule K-1, Item L: O...
Mark for follow up Question 32 of 75. On a partner's Schedule K-1, Item L: O is required when Schedule B, line 4 is checked "yes." Is completed only when the partnership uses GAAP accounting. Shows any increase in the partner's account. Reports the partner's basis in the partnership. Mark for follow up 00 Question 33 of 75. On May 15, Issac contributed $5,500 for a 10% interest in the general partnership, Mac's Tools. The partnership took out a loan...
Mark for follow up Question 34 of 50. Saran, age 54, separated from service with her...
Mark for follow up Question 34 of 50. Saran, age 54, separated from service with her former employer in 2018. She took a nonperiodic distribution from her 401(k) plan. Saran's distribution O Cannot be rolled over into another qualified plan. O is a normal distribution. O is not subject to the early distribution penalty because Saran is separated from service. O is subject to the early distribution penalty. Mark for follow up
The highest tax rate for corporations for 2018 is: O 21%. 34% O O 38% 39% Mark for follow up Question 4 of 50. Harvey started a business with the following characteristics: all shareholders have limited liability, the entity is not subject to corporate tax, and income and expenses are passed through to shareholders. What type of entity did Harvey create? O C corporation O Sole proprietorship O S corporation O Partnership
Mark for follow up Question 4 of 50 A corporation's business income is taxed in the following way: O The net income earned by the corporation is taxed to the entity Only the board of directors pay tax on the income earned O All corporation n income is passed through to the individual shareholders. The the income. O The income is not taxed at the entity level, and only distributions are taxed t Mark for follow up Question 4 of...
A corporation could be subject to additional tax if which of the following are true, mark all that apply. a. Personal holding company tax for being a corporation with few owners and more than 50% of the corporation Income is investment type income. Excessive earnings are retained in the corporation and not appropriately distributed to shareholders. b. c. Alternative minimum tax to ensure corporations pay their fair share. Net investment tax for large corporations. d. e. Corporations are only assessed...
O 10% Mark for follow up Question 24 of 75. Which of the following best describes qualified dividends? O Dividend distributions that are considered a return of capital. o Ordinary dividends that are subject to the same maximum tax rate that applies to O Dividends that may be used to purchase additional shares in a corporation. O Dividends that are distributed when a corporation issues an additional amount o current shares owned by the taxpayer. Mark for follow up «...
Mark for follow up Question 32 of 75. Permanent adjustments on Schedule M-1 (Form 1065) include: Depreciation, amortization, and depletion. Government penalties paid, political expenses, and 50% of deductible meals. Political expenses, depreciation, and 50% of deductible meals. 50% of meals and 100% of entertainment, depletion, and government penalties paid Mark for follow up Question 33 of 75. On a partner's Schedule K-1, Item L: lers basis in the partnership Mark for follow up Question 34 of 75. All of...
Justin case
Mark for follow up Question 30 of 75, Which of these is NOT a potential trigger for calculating the Additional Child Tax Credi O The taxpayer's modified adjusted gross income exceeds$ O The taxpayer has a balance due on their return. O The taxpayer has three or more qualifying children. Due to tax liability limits, the taxpayer did not receive the maximum Child Tax Credit for which they were eigt、 □ Mark for follow up
report half of the income in 2017 and hall in 2018 □Mark for follow up Question 11 of 75 O $10,000 O $5,000 。$3,000 O $1,000 □Mark for folow up 曰 Question 12 of 75. Which of the following situations involving an exchange of business property exemplifies a fully nontaxable exchange? O Miranda traded a commercial refrigerator plus $5,000 for Patricia's commercial refrigerator O Lois exchanged a commercial sewing machine for Edwina's commercial sewing machine plus $5,000 in cash. O...
Mark for follow up Question 32 of 75. On a partner's Schedule K-1, Item L: O is required when Schedule B, line 4 is checked "yes." Is completed only when the partnership uses GAAP accounting. Shows any increase in the partner's account. Reports the partner's basis in the partnership. Mark for follow up 00 Question 33 of 75. On May 15, Issac contributed $5,500 for a 10% interest in the general partnership, Mac's Tools. The partnership took out a loan...
Mark for follow up Question 34 of 50. Saran, age 54, separated from service with her former employer in 2018. She took a nonperiodic distribution from her 401(k) plan. Saran's distribution O Cannot be rolled over into another qualified plan. O is a normal distribution. O is not subject to the early distribution penalty because Saran is separated from service. O is subject to the early distribution penalty. Mark for follow up
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