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Eamings accumulated for purposes of making loans to suppliers are considered to be for the reasonable needs of the business. O True O False

Eamings accumulated for purposes of making loans to suppliers are considered to be for the reasonable needs of the business. O True O False

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Eamings accumulated for purposes of making loans to suppliers are considered to be for the reasonable needs of the business. True O False QUESTION 32 The Internal Revenue Service may impose both the Accumulated Earnings Tax (Section 531) and the Personal Holding Company Tax (Section 541) on a corporation in the same tax year. O False True QUESTION 33 Earnings accumulated for Self-Insurance purposes are considered to be for the Reasonable Needs of the business for purposes of the Accumulated Eamings Tax (Section 531). O True O False
Transcribed Image Text:Eamings accumulated for purposes of making loans to suppliers are considered to be for the reasonable needs of the business. True O False QUESTION 32 The Internal Revenue Service may impose both the Accumulated Earnings Tax (Section 531) and the Personal Holding Company Tax (Section 541) on a corporation in the same tax year. O False True QUESTION 33 Earnings accumulated for Self-Insurance purposes are considered to be for the Reasonable Needs of the business for purposes of the Accumulated Eamings Tax (Section 531). O True O False
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