29 Jun uestion The “double taxation” of corporate income refers to the fact that corporate income is taxed at both the entity-level and the shareholder-level.
uestion
The “double taxation” of corporate income refers to the fact that corporate income is taxed at both the entity-level and the shareholder-level.
Question 1 options:
a) True
b) False
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Question 2 (6 points)
A distribution from a corporation to a shareholder will always be treated as a dividend for tax purposes.
Question 2 options:
a) True
b) False
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Question 3 (6 points)
A corporation’s “earnings and profits” account is equal to the company’s “retained earnings” account on its balance sheet.
Question 3 options:
a) True
b) False
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Question 4 (6 points)
A distribution from a corporation to a shareholder will only be treated as a dividend for tax purposes if the distribution is paid out of current or accumulated earnings and profits.
Question 4 options:
a) True
b) False
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Question 5 (6 points)
The term “earnings and profits” is well-defined in the Internal Revenue Code.
Question 5 options:
a) True
b) False
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Question 6 (6 points)
Income earned by flow-through entities is usually taxed once at the entity level.
Question 6 options:
a) True
b) False
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Question 7 (6 points)
Partnerships tax rules incorporate both the entity and aggregate approaches.
Question 7 options:
a) True
b) False
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Question 8 (6 points)
The term “outside basis” refers to the partnership’s basis in its assets; whereas, the term “inside basis” refers an individual partner’s basis in her partnership interest.
Question 8 options:
a) True
b) False
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Question 9 (6 points)
A partnership can elect to amortize organization and startup costs; however, syndication costs are not deductible.
Question 9 options:
a) True
b) False
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