Question 1. As with partnerships, the income, deductions, and tax credits of a

1. As with partnerships, the income, deductions, and tax credits of an S corporation to the shareholders annually.

2. Some taxation rules apply to an S corporation.

3. The choice of a flow-through entity for a closely-held corporation often is between a(n) 
(a Federal tax entity) and a(n) (a state tax entity).

114. A two-or-more member ____________________ operates under ____________________ tax principles.

115.If any entity electing S status is currently a C corporation, NOL carryovers from prior years

be used in an S corporation year.

116.Voting common stock and voting preferred stock (with a preference on dividends) would be treated as

____________________ class(es) of stock.

117. An S corporation is limited to a theoretical maximum of shareholders.

118. There is no need formally to elect to treat members as a single shareholder.

119. Arizona is a(n) property state for purposes of the S corporation requirements.

120. husband and wife must consent to an S election if they own their stock jointly.

121. Shareholders owning a(n) of shares (voting and nonvoting) may

____________________ revoke an election.

122. A termination occurs on the day that a corporation to be an S corporation.

123.If an S corporation has C corporation E & P and passive investment income in excess of

____________________ % of its gross receipts for ____________________ consecutive taxable years, the S election is terminated at the beginning of the year.

124. Tax-exempt income is listed on Schedule of Form 1120S.

125. Depreciation recapture income is a computed amount.

126.An S corporation’s separately stated items generally are identical to those separately stated by

_________________________.

127. Separately stated items are listed on Schedule of the Form 1120S.

128. In the case of a complete termination of an S corporation interest, a tax year may occur.

129. The amount of any distribution to an S corporation shareholder is equal to the plus the fair market value of any other property distributed.

130. Post-termination distributions by a former S corporation that are charged against do not get tax-free treatment.

131. Since loss property receives a in basis without any loss recognition, S corporation distributions of loss property should be .

132. Realized gain is recognized by an S corporation on its distribution of property.

133. Non­separately computed loss a S shareholder’s stock basis.

134. An S corporation recognizes a on any distribution of appreciated property.

135. Distribution of loss property by an S corporation to a shareholder generally should be .

136. Depletion in excess of basis in property causes a(n) adjustment to an S shareholder’s

basis.

137. Stock basis first is increased by income items, then by distributions, and finally decreased by ____________________.

138. If an S corporation shareholder’s basis in a loan to the entity has been , the shareholder

recognizes gross income when the S corporation repays the shareholder.

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

____________________, and passive.

140.An S corporation’s LIFO recapture amount equals the excess of the inventory’s value under

____________________ over the ____________________ value.

141. The § 1202 exclusion of on the disposition of small business stock (is/is not)

available for S stock.

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