Which of the following is not a characteristics of a corporation?
Which of the following is not a characteristic of a corporation?
a. A corporation can own property in its name.
b. The financial loss that a stockholder may suffer from owning stock in a public company is limited.
c. Corporations are required to file federal income tax returns.
d. Cash dividends paid by a corporation are deductible as expenses by the corporation
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NEWS M Gmail Mingle Corporation is a calendar year, accrual method taxpayer, organized in 2010, that...
NEWS M Gmail Mingle Corporation is a calendar year, accrual method taxpayer, organized in 2010, that sells party products. Denise Rivers and her sister Shannon Jones own 100% of Mingle Corporation. All items were reported correctly for the current year financial statements. The attached spreadsheet shows the computation of financial statement net income for the current year. Mingle Corporation paid four timely estimates for federal income tax totaling $1,970,000. This was based on prior year federal income tax of $1,970,000....
Question 6 Which of the following are tax deductible expenses for a corporation? O dividend income...
Question 6 Which of the following are tax deductible expenses for a corporation? O dividend income O common stock dividends O land purchases O interest paid on debt O preferred stock dividends Question 7 1 pts
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ANSWER MUST BE CLEAR TO READ! thanks! Which of the following features characterizes a corporation? A...
ANSWER MUST BE CLEAR TO READ! thanks!
Which of the following features characterizes a corporation? A corporation, unlike a person, cannot own property or borrow money in its own name. The liability of the corporate shareholders is limited to the value of the stock they own. Ownership of a corporation resides with one person who is responsible for all debts incurred by the business. Business structures in which ownership and management are separate, as with corporations, are subject to principal-agent...
ion 31 Hon 31 Which of the following statements is true of a corporation? A Corporations...
ion 31 Hon 31 Which of the following statements is true of a corporation? A Corporations have a legal responsibility to pay dividends. Corporations pay income tax on corporate earnings, and shareholders pay personal income tax on corporated B. from sale of stock. c. The liabilities of a corporation can be paid by the personal assets of the shareholders. D. Shareholders are authorized to sign contracts or make business commitments on behal the corporations.
Florence Rossi is semi-retired and sits on the board of directors of several Canadian public corporations....
Florence Rossi is semi-retired and sits on the board of directors of several Canadian public corporations. A summary of her financial activity for 2020 is presented below: $24,200 15,700 Interest on long-term bonds Gain on sale of farmland (Florence acquired the farmland three years ago with the intention of subdividing it into building lots for resale but sold it in 2020 after losing a rezoning application) Director's fees from public corporations Gain on sale of public corporations shares Legal fees...
Deductions for a Corporation: Select the correct answer from the following: A. Fully deductible on the...
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NEWS M Gmail Mingle Corporation is a calendar year, accrual method taxpayer, organized in 2010, that sells party products. Denise Rivers and her sister Shannon Jones own 100% of Mingle Corporation. All items were reported correctly for the current year financial statements. The attached spreadsheet shows the computation of financial statement net income for the current year. Mingle Corporation paid four timely estimates for federal income tax totaling $1,970,000. This was based on prior year federal income tax of $1,970,000....
Question 6 Which of the following are tax deductible expenses for a corporation? O dividend income O common stock dividends O land purchases O interest paid on debt O preferred stock dividends Question 7 1 pts
Question 11 Money Corporation has the following income and expenses for the tax year: $200,000 700,000 20,000 Gross profit on sales: Expenses: Dividends received from less-than-20%-owned domestic corporations: What is Money's net operating loss? $490,000 $494,000 $220,000 $520,000 Joker Corporation owns 80% of Klue Corporation. Joker Corporation also owns 45% of Lion Corporation and 45% of Mark Corporation. Klue Corporation owns 40% of Lion Corporation and 10% of Mark Corporation. Which corporations are members of a controlled group? Joker and...
Which of the following statements describes the corporate characteristic termed limited liability? Your answer: O The liabilities of the corporation cannot be extended to the personal assets of the shareholder. Shares of stock can be readily bought and sold by investors on the open market. O Shareholders are not authorized to sign contracts or make business commitments on behalf of the corporation Corporations pay income tax on corporate earnings, and shareholders pay personal income tax on corporate dividends and gains...
ANSWER MUST BE CLEAR TO READ! thanks!
Which of the following features characterizes a corporation? A corporation, unlike a person, cannot own property or borrow money in its own name. The liability of the corporate shareholders is limited to the value of the stock they own. Ownership of a corporation resides with one person who is responsible for all debts incurred by the business. Business structures in which ownership and management are separate, as with corporations, are subject to principal-agent...
ion 31 Hon 31 Which of the following statements is true of a corporation? A Corporations have a legal responsibility to pay dividends. Corporations pay income tax on corporate earnings, and shareholders pay personal income tax on corporated B. from sale of stock. c. The liabilities of a corporation can be paid by the personal assets of the shareholders. D. Shareholders are authorized to sign contracts or make business commitments on behal the corporations.
Florence Rossi is semi-retired and sits on the board of directors of several Canadian public corporations. A summary of her financial activity for 2020 is presented below: $24,200 15,700 Interest on long-term bonds Gain on sale of farmland (Florence acquired the farmland three years ago with the intention of subdividing it into building lots for resale but sold it in 2020 after losing a rezoning application) Director's fees from public corporations Gain on sale of public corporations shares Legal fees...
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