25 May Question 1. S corporations are treated as partnerships under state property laws.
Question
1. S corporations are treated as partnerships under state property laws.
a. True
b. False
2. Liabilities affect the owner’s basis differently in an S corporation than they do in a partnership.
a. True
b. False
3. An S corporation cannot incur a tax liability at the corporation level.
a. True
b. False
4. Distributions of appreciated property by an S corporation are not taxable to the entity.
a. True
b. False
5. Where the S corporation rules are silent, C corporation provisions apply.
a. True
b. False
6. A newly formed S corporation does not receive any tax benefit from an NOL incurred in its first tax year.
a. True
b. False
7. S corporation status allows shareholders to realize tax benefits from corporate losses immediately (assuming sufficient stock basis).
a. True
b. False
8. NOL carryovers from C years can be used in an S corporation year against ordinary income.
a. True
b. False
9. Tax-exempt income at the S corporation level flows through as taxable to the shareholder.
a. True
b. False
10.An estate may be a shareholder of an S corporation.
a. True
b. False
11.Most limited liability partnerships can own stock in an S corporation.
a. True
b. False
12.Most IRAs cannot own stock in an S corporation.
a. True
b. False
13.An S corporation cannot be a shareholder in another corporation.
a. True
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