25 May Question 1. Which tax provision does not apply to an S corporation? a. DPAD.
Question
1. Which tax provision does not apply to an S corporation?
a. DPAD.
b. Section 1244 stock.
c. Penalty for failure to file.
d. 10% charitable contribution limitation.
e. Estimated tax payments.
2. Which of these tax provisions does notapply to an S corporation?
a. Section 1244 stock.
b. “Partial liquidation” stock redemption.
c. Taxfree “A” reorganization.
d. Section 1202 capital gain exclusion.
3. Grams, Inc., a calendar year S corporation is a manufacturer of widgets. Grams reports $20,000 DPGR and $15,000 of wages; its S corporation’s QPAI is $5,000. Janet owns a 40% interest in the S corporation. All expenses that reduce DPGR are from wages, and all wages paid relate to DPGR. How much QPAI and wages are allocated to Janet?
a. None.
b. b. $2,000 and $6,000.
c. c. $5,000 and $15,000.
d. d. $5,000 and $20,000.
4. When an S corporation liquidates, which of its tax attributes disappear?
a. AAA.
b. AEP.
c. Suspended losses.
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