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Q: What are the three characteristics of a liability, and why does a deferred tax liability of a…
A: The liability is classified as current and noncurrent. The liability that is paid within one year…
Q: In order for a corporation and shareholders to qualify for non-taxable treatment upon the formation…
A: An S corp or S organisation is a enterprise shape this is permitted below the tax code to byskip its…
Q: Chapter 11 - Question 3: (a) Contrast the federal income taxation of a corporation with that of a…
A: Income tax expense: The expenses which are related to the taxable income of the individuals and…
Q: 9. Under Section 22 (B) of the Tax Code, the term "corporation" does not include: Associations…
A: The tax code is the law presiding over the Philippines that guides tax compliance in the country.
Q: Which of the following is a false statement concerning corporations? Select one: a. The corporation…
A: Option A is the correct answer.
Q: which item must be separately stated on the corporation form 1120s
A: The objective of the question is to identify the items that need to be separately stated on the U.S.…
Q: For federal income tax purposes, what term refers to the business entity not being a separate entity…
A: A mutual entity is an entity that involves a private company or a public company. The shareholders…
Q: Match (by letter) the following terms with their definitions. Each letter is used only once.Terms…
A: Stockholders’ equity: The claims of owners on a company’s resources, after the liabilities are paid…
Q: One Person Corporation (OPC) special feature is __________________: (A)There must be a by-laws…
A: A One Person Company refers to a company which has only one shareholder. Following are some…
Q: Name the pieces of required information needed to file a limited liability company in the state of…
A: A limited liability company (LLC) is a type of legal entity used to organize a business. It combines…
Q: Which, if any, of the following can be eligible shareholders of an S corporation? a. A Roth…
A: An S Corporation is a special type of corporation which is established for the purpose of federal…
Q: can an LLC be a shareholder in an S corp? please provide proof
A: Investors are given shares of stock by a corporation, which signifies ownership in a company. One of…
Q: Question 9 of 10. Which of these corporations is eligible to make an S corporation election?…
A:
Q: Which of the following statements is true of corporations in 2021? Select one: a. Capital losses of…
A: ANSWER ;- Option (c) is correct If a corporation has a long-term capital loss that is carried back,…
Q: A business organized as a corporation a. is not a separate legal entity in most states. b. requires…
A: Business organizations are the entities that are formed for the purpose of running the business.…
Q: The following corporations are governed by the Revised Corporation Code, except: * A. Stock…
A: Corporation- A corporation is an organization registered under any corporation act which makes its…
Q: How is preferred stock valued and after-tax Earnings of a corporation ultimately belong to whom?
A: Preferred stock is the form of stock which might have any combination of the features not possessed…
Q: Any corporation not meeting the requirements for an S corporation is automatically a C corporation.
A: C corp operates as a conventional business structure in the United States, subject to corporate…
Q: Dividends received by a domestic corporation from shares in another domestic corporation are exempt…
A: True, dividends received by a domestic corporation from shares in another domestic corporation are…
Q: Differentiate: a) stock from non-stock corporation b) private from public corporation c) de jure…
A:
Q: 6. Generally, each share of record in a corporation is entitled to one vote on each issue being…
A: a. TrueGenerally, in most corporations, each share of stock is entitled to one vote on each issue…
Q: You must file an IRS form 2553 to tell the IRS that you want to be an S Corporation or in other…
A: Form 2553 is a legal form to be filed for tax benefits and taken separate corporate status.
Q: Like a statutory close corporation, a limited liability company: a) follows the same state laws that…
A: A limited liability company is the one which has limited liability and protection for the…
Q: all other shareholder qualify for Section 351, how to determine if Shareholder D, who contributes…
A: Immediately after the transfer, the contributing shareholders must be in control. Shareholders…
Q: Which of the following statements is true about a Subchapter S corporation? It is taxed like a…
A: There are mainly various types of organization under which an organization can run business. One of…
Q: 87. Which is not one of the basic shareholders' rights? O A. The right to participate in earnings.…
A: Since there are multiple questions, we will answer only the first question. If you want the…
Q: Which of the following is tax exempt on its income earned as such? Religious corporation…
A: Second option i.e. Non-stock, non-profit educational institution, is the correct answer.
Q: 1. List and describe the four corporate characteristics.
A: "Since you have asked multiple questions, we will solve the first question for you". If you want any…
Q: Which of th
A: This is a multiple-choice question in which we have to select the correct option
Q: The number of shares that a corporation’s incorporation documents allows it to sell is referred to…
A: Issued stock means the number of shares that have been issued by the company. Outstanding shares are…
Q: What is a shareholder's basis in S corporation stock received for services rendered? - The average…
A: Refer explanation for conclusion to correct answer In accounting terms, shareholders start with an…
Q: What are the tax advantages and disadvantages of converting a C Corporation into an LLC?
A: GIVEN the tax advantages and disadvantages of converting a C Corporation into an LLC
Q: Select the best answer. Which of the following statements is true for an S corporation? OA. Each…
A: S corporations are a popular choice of business entity for small business owners because they…
Q: Entities paying more than what amount of Federal tax-exempt interest or interest-dividends that were…
A: Federal tax-exempt interest refers to the interest income that is not subject to federal income tax.…
Q: Read Section 1361 1. What are the 4 requirements? 2. What Form is used to elect S Corporation?
A: The question is given to explain the 4 requirements of Section 1361. S-corporation: The…
Q: S corporations.
A: C corporation for tax purposes means Double taxation in which shareholders are taxed seperately from…
Q: a. P Corporation owns all the stock of S and T Corporations. T owns all of U Corporation’s stock. T…
A: In accordance with the tax laws, an affiliated group refers to a group of corporations connected…
Q: Identify if statements are true for the corporate form of organization. Corporate income that is…
A:
Q: w are shares classified according to Section 6, 7 and 8 of REPUBLIC ACT No. 11232 an Act Providing…
A: SEC. 6. Classification of Shares. – The classification of share, their relating rights, advantages,…
Q: To qualify as a pass-through entity for U.S. corporate income tax, a REIT must be all of the…
A: REIT : Real-estate investment trust was established by congress to allow the individual investors…
Q: Explain the principle of corporate limited liability and outline the differences between private…
A: There are many different sorts of corporations, but the most common are private limited and public…
Q: To qualify for Subchapter S treatment under the Internal Revenue Code (IRC), a domestic corporation…
A: Subchapter S, sometimes known as an S Corporation, is a tax classification recognized by the…
Q: What if half of the voting stock is owned by another corporation which is not a close corporation,…
A: Voting stock: Percentage of stock that gives right to the holder to vote in the meetings is known as…
Q: Select the best term for each definition below.
A: Shareholders’ equity: Shareholders’ equity refers to the right the owner possesses over the…
Q: Which of the following is an advantage of ownership of a corporation over that of a sole…
A: The corporation pays tax on the amount distributed as dividend and therefore it is tax exempt in the…
Q: If the corporation intends to shorten its life, what is the remedy of the corporators? Amend the…
A: Corporation means a large company or groups of companies authorized to act as a single entity. Every…
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- Which of the following are correct statements concerning corporate dividends? a. Dividends are legal liability of a corporation to its shareholders b. Dividends paid by a corporation to another corporation receive preferential tax treatment (minimum 70% exclusion from taxable income) c. Dividends are generally paid to the shareholders before the payment of interests to the bondholders d. Dividends payments are considered tax deductible expense while interest payments are notHana has prepared the following list of statements about corporations. Identify each statement as true or false. 1. A corporation is an entity separate and distinct from its owners. 2. As a legal entity, a corporation may buy, own, and sell property: borrow money; and enter into legally binding contracts. 3. Shareholders have the right to vote, and to receive dividends on an annual basis. 4. The profit of a corporation is not taxed as a separate entity. 5. Creditors have a legal claim on the personal assets of the owners of a corporation if the corporation does not pay its debts. 6. Ina public company, the transfer of shares from one owner to another requires the approval of either the corporation or other shareholders. The board of directors of a corporation is elected by the shareholders. 7. 8. Corporations are subject to fewer provincial and federal regulations than partnerships or proprietorships. > >Why does a One Person Corporation shall not be required to have a minimum authorized capital stock?
- 5 What must be included in the name of all corporations - as required by all states?Which of the following accurately describes the tax implications of C corporations and their shareholders? a) Pass-through taxation b) Double taxation c) Tax-exempt status d) Reduced capital gains tax rateWhich of the following entities is taxed as a C corporation and will file Form 1120, U.S. Corporation Income Tax Return? (a) Kenneth, Inc., a pass-through entity taxed at the shareholder level. (b) Plushpuppies, Inc., which has made a valid subchapter S election. (c) Minors Financial, an unincorporated organization formed in 1995. Minors has been filing as a corporation since 1995. (d) Rescue Dogs, Inc., which has been recognized as a tax-exempt organization
- What is the best definition of an S Corporation? A. Type of nonprofit that is not required to pay certain types of taxes B. Private-public corporation that meets certain requirements for tax exemption C. Type of for-profit business that also has a social mission D. Type of corporation with pass-through taxation on incomekau.01.Details the tax liability of corporations to the IRS. 2.Identifies the similarities and differences in the tax liability of corporations, individuals, partnerships, and self-employed business owners in the United States.
- How do S Corporations report separately separately stated items?Is a non-profit corporation also required to submit annual reports to SEC?Shareholders in a corporation are obligated to pay income tax twice on one stream of income in a process called double taxation. Other than personal income taxes, which type of tax must shareholders pay? a) Self Employment Tax b) Corporate Dividend Tax c) Federal Income Tax d) Capital Gains Tax