Which 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

The correct answer is: (C) Minors Financial, an unincorporated organization formed in 1995. Minors…

Answered: Which of the following entities is…

Which of the following entities is taxed as a C corporation and will file Form 1120, U.S. Corporation Income Tax Return?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 14MCQ

See similar textbooks

Similar questions

To qualify as a pass-through entity for U.S. corporate income tax, a REIT must be all of the following EXCEPT a.structured as a corporation, trust, or association. b.have transferable shares or certificates of interest. c.managed by a board of directors or trustees. d.jointly owned by less than 100 persons.
The S-corporation is a flow-through business entity under Subchapter S of the IRC. Go to the IRS websiteLinks to an external site. and search for a corporation's tax return (Form 1120) and an S-corporation tax return (Form 1120-S). Discuss one similarity or difference that you notice between the two returns. In that discussion, include why the similarity or difference exists.
Check my answer. Can a sole proprietor form as a single-member limited liability company (LLC)? If so, how would such an LLC be taxed? Under the check-the-box Regulations, an unincorporated entity with only one owner can file as an LLC and would be classified as a disregarded entity. LLC’s do not typically pay federal income taxes, but the LLC would need to report and pay employment and excise taxes.
Which of the following statements is true of corporations in 2021? Select one: a. Capital losses of a corporation may be deducted from ordinary income, subject to an annual limitation. b. A corporation may deduct organizational expenditures as they are incurred. c. If a corporation has a long-term capital loss that is carried back, it is treated as a short-term capital loss d. Income of all corporations is taxed in the same way that income of partnerships is taxed.
Provide a summary of how tax levies may be imposed on C or S Corporations. Provide a rationale for your responses.
For federal income tax purposes, what term refers to the business entity not being a separate entity from the owners? This type of entity is not taxed but the owner(s) must record the earnings from the business on his/her individual income tax return. Group of answer choices pass-through entity non-profit entity election entity mutual entity
* P5.3 (DC, RFC and NRFC) The following data were provided by Mine Corporation for 2021 taxable year: Gross sales - Philippines Cost of goods sold - Philippines Operating expenses Philippines Other income - Philippines Gross salės - USA P8,000,000 3,500,000 2,200,000 750,000 4,600,000 1,430,000 1,250,000 3,300,000 900,000 800,000 Cost of goods sold - USA Operating expenses USA Gross sales - Australia Cost of goods sold - Australia Operating expenses - Australia
Select the best answer. Which of the following statements is true for an S corporation? O O O O A. Each state taxes S corporations as if they were C corporations. B. An S corporation is a pass-through entity to shareholders. C. An S corporation's built-in gains are taxed to the shareholders. D. An S corporation's excess passive income is taxed to the shareholders. Submit Answers
Which of the following is true? Non-profit corporations are exempt from corporate income tax. Domestic corporations shall choose ether MCIT or RCIT. Whenever MCIT is payable, there is a Net Operating Loss Carry-Over. MCIT does not apply to foreign corporations.
1.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.
This answer is wrong . please give me the right answer.
WHAT ARE THE BASIC PRINCIPLES OF A SOUND TAX SYSTEM? HOW ARE THE GOVERNMENT SHOWS THAT SUCH BASIC PRINCIPLES WERE APPLIED IN THE CURRENT TAX SYSTEM WHAT ARE THE DIFFERENCES AND SIMILARITIES OF THE APPLICATION OF OPTIONAL STANDARD DEDUCTION BETWEEN CORPORATION AND INDIVIDUAL? WHAT IS SPECIAL ALLOWABLE ITEMIZED DEDUCTION? IS IT APPLICABLE TO RESIDENT FOREIGN CORPORATION? GIVE 1 EXAMPLE. WHAT IS NET OPERATING LOSS CARRY OVER? CAN IT BE APPLIED TO QUARTERLY INCOME TAX RETURN?