True or False Corporations are required to file a tax return annually regardless of their taxable income.
Q: a. b. C. d. e. Tax liability
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True or False
Corporations are required to file a tax return annually regardless of their taxable income.
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- 19. Stanton Inc. is a calendar year, cash basis taxpayer. Stanton Inc. decides to change to the accrual method of accounting for the current year. Net income for this year under the accrual basis was $600,000 before any adjustments. On December 31 of last year, the balances in accounts receivable and accounts payable were $35,000 and $42,000, respectively. What is Stanton's current year "adjusted" net income? What are Stanton's reporting options?B7.Which of the following statements is false? Select one: O A. In general, individual taxpayers are required to file a tax return only if their gross income exceeds the standard deduction OB. The penalty for failure to file is more severe than the penalty for failure to pay OC. Taxpayers may file a tax return even when they are not required to do so to obtain a refund of income taxes withheld OD. Individual tax returns are always due on April 15 for calendar-year individuals
- If a taxpayer chooses to have his dividends automatically reinvested in the corporation's stock, they are not reported on the tax return nor taxed because he did not receive the money. Choose one a. True answer. b. False Which of the following items is generally not taxable on a Federal return? Choose one a. Income from illegal activity answer. b. Inheritance c. Fees received for jury duty d. Tips under $20 a month e. None of theseTrue or False.Corporations are taxed on the income they earn, and shareholders are taxed on the dividends they receive. What provisions in the tax law reduce this "double tax" burden? (Assume the year is 2018.) C O A. Dividends received by individuals are taxed at lower rates than other income. There is no tax on dividends received by individuals in the 10% tax bracket. Dividends received by individuals in the 12% through 35% brackets are taxed at 15% while individuals in the 37% tax bracket are taxed at 20%. In addition, eligible corporations can elect to be treated much like partnerships. The income of these so-called "S corporations" is reported by shareholders, and is not taxed to the corporation. In addition, corporations receiving dividends from other corporations are eligible to claim a dividend-received deduction that varies between 50% and 100% of the dividends received depending on the percentage of stock owned. There are no provisions in the tax law to reduce the "double tax" burden.…
- Indicate which of the following statements on the taxation of income from real estate under Personal Income Tax is correct: Income from real estate will be allocated to the general taxable base. Should this income be negative, it can be offset exclusively against capital gains in the savings taxable base. A 60% tax reduction on the net income is granted in any case. Income from real estate will be allocated to the savings taxable base. Which of the following types of income MUST NOT be allocated to the savings taxable base? Dividends from a quoted company O The payment of a public subsidy linked to the constitution of a start-up corporation project Income from the redemption of units in a collective investment undertaking Income from the transfer of a bondAn S corporation’s only transaction for the year was the receipt of $10,000 in tax-exempt interest. How would a $6,000 distribution be taxed to the sole shareholder if the S corporation has an accumulated adjustments account of a negative $6,500 at the beginning of the year?ABC SAOG is a taxable entity in Oman. The business incurred General expense of OMR 12,500 during the tax year 2019 was charged on the Profit & Loss Account. Investigation records shows that OMR 5,000 of the above expenses are not related to the purpose of producing the gross income. The tax treatment for the tax year 2019 is a. Non-deductible expenditure of OMR 7,500 b. Deductible expenditure of OMR 5,000 c. Non-deductible expenditure of OMR 5,000 d. Non-deductible expenditure of OMR 12,500
- A-17. A taxpayer (civilian) was transferred by his employer from Miami to Los Angeles in 2022 and received $19,000 as reimbursement for his moving expenses. Generally speaking, which tax treatment does this reimbursement receive? (Best option) o The taxpayer receives the moving expense reimbursement entirely tax-free. The moving expense reimbursement is not taxable to the taxpayer. The reimbursement payment made by the taxpayer's employer is taxable. The reimbursement payment is considered a non-charitable gift and subject to gift taxes.The Young Child Tax Credit is available to taxpayers who qualify for the California Earned Income Tax Credit and who have at least one qualifying child who is younger than what age? Six years old as of the last day of the taxable year. Seven years old as of the last day of the taxable year. Sixteen years old as of the last day of the taxable year. Seventeen years old as of the last day of the taxable year.Assuming a 35% statutory tax rate applies to all years involved, which of the following situations will give rise to reporting a deferred tax liability on the balance sheet?I. A revenue is recognized for financial reporting purposes but not for tax purposes.II. An expense is deferred for financial reporting purposes but not for tax purposes.III. An expense is deferred for tax purposes but not for financial reporting purposes.IV. A revenue is deferred for tax purposes but not for financial reporting purposes. Group of answer choices items I and II only items II and III only item II only items I and IV only
