Question 1

S corporations are treated as partnerships under state property laws.

Accepted Answer

A) True 
 B)False

Question 2

With respect to passive losses,there are three classes of income,losses,and credits: ____________________,____________________,and passive.
active,portfolio or
portfolio,active

Accepted Answer

active,por...

Question 3

Voting common stock and voting preferred stock (with a preference on dividends)would be treated as ____________________ class(es)of stock.
two

Accepted Answer

The answer of Voting common stock and voting preferred stock...

Question 4

The LIFO recapture tax is a variation of the passive investment income penalty tax.

Accepted Answer

A) True 
 B)False

Question 5

NOL carryovers from C years can be used in an S corporation year against ordinary income.

Accepted Answer

A) True 
 B)False

Question 6

Which,if any,of the following items has no effect on the stock basis of an S corporation shareholder?

Accepted Answer

A)  Operating income.
B)  Long-term capital gain.
C)  Cost of goods sold.
D)  Short-term capital loss.
E)  All of the above affect stock basis.F) B) and C)
G) A) and C)

Exam 12: S Corporations

The LIFO recapture tax is a variation of the passive investment income penalty tax.

Correct Answer
verified

Voting common stock and voting preferred stock (with a preference on dividends)would be treated as ____________________ class(es)of stock. two

Correct Answer
verified

Which,if any,of the following items has no effect on the stock basis of an S corporation shareholder?

Correct Answer
verified

NOL carryovers from C years can be used in an S corporation year against ordinary income.

Correct Answer
verified

With respect to passive losses,there are three classes of income,losses,and credits: ,,and passive. active,portfolio or portfolio,active

Correct Answer
verified
active,por...
View Answer

S corporations are treated as partnerships under state property laws.

Correct Answer
verified

Exam 12: S Corporations

The LIFO recapture tax is a variation of the passive investment income penalty tax.

Correct AnswerverifiedShow Answer

Voting common stock and voting preferred stock (with a preference on dividends)would be treated as ____________________ class(es)of stock. two

Correct AnswerverifiedShow Answer

Which,if any,of the following items has no effect on the stock basis of an S corporation shareholder?

Correct AnswerverifiedShow Answer

NOL carryovers from C years can be used in an S corporation year against ordinary income.

Correct AnswerverifiedShow Answer

With respect to passive losses,there are three classes of income,losses,and credits: ____________________,____________________,and passive. active,portfolio or portfolio,active

Correct Answerverifiedactive,por...View AnswerShow Answer

S corporations are treated as partnerships under state property laws.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

With respect to passive losses,there are three classes of income,losses,and credits: ,,and passive. active,portfolio or portfolio,active

Correct Answer
verified
active,por...
View Answer

Correct Answer
verified