Which of the following is most accurate regarding the formation of a US corporation?O Corporations are formed under the laws of a particular state.Corporations are formed under Federal law only.Corporations are formed without state or Federal action but are formed by contractual arrangement by theshareholders.Corporations are formed under Delaware law only by US Constitutional authority.O

A corporation is a legal entity that is separate from its owners (shareholders). It has its own…

Answered: Which of the following is most accurate…

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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Similar questions

Which statement is incorrect? a. S corporations are treated as corporations under state law. b. S corporations are treated as partnerships for Federal income tax purposes. c. Distributions of appreciated property are taxable to the S corporation. d. All of these choices are correct.
How does corporate governance differ in multinational corporations (MNC)? How does it differ from a US corporation? How is it similar
In appropriate situations the IRS may assert That the Corporation be disregarded as a sham or nominee That income reported by the Corporation belongs on the shareholder’s personal Form 1040 Schedule C under the assignment of income principles. Income is reallocated under §482 to unrelated organizations Tax benefits may be denied under §269 if control of a Corporation is acquired for a purpose of avoiding federal income tax. All of the above All of the above except C All of the above except D All of the above except C & D
Hana 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. > >
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 rate
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
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Explain the content of an article of incorporation of Section 13 in REPUBLIC ACT No. 11232 An Act Providing for the Revised Corporation Code of the Philippines.
Corporations taxed as S corporations offer the same legal protection to owners as corporations taxed as C corporations. True or false
True/False. In their Articles of Incorporation, corporations that want to maintain flexibility about future business ventures they might engage in often state a very generic corporate purpose (e.g., “engage in any activity that is lawful for domestic corporations”) or do not include a purpose at all if listing a purpose is optional.

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