25 May Question 1. The passive investment income of an S corporation includes net capital gain
Question
1. The passive investment income of an S corporation includes net capital gains from the sale of stocks and securities.
a. True
b. False
2. Compensation for services rendered to an S corporation is subject to FICA taxes.
a. True
b. False
3. The § 1202 exclusion of gain is not available on disposition of S corporation stock.
a. True
b. False
4. It is not beneficial for an S corporation to issue § 1244 stock.
a. True
b. False
5. An S corporation is subject to the following tax.
a. Corporate income tax (§ 11).
b. Built-in gains tax.
c. Alternative minimum tax.
d. None of the above apply to S corporations.
6. Which statement is incorrect?
a. S corporations are treated as corporations under state law.
b. S corporations are treated as partnerships for Federal income tax purposes.
c. Distributions of appreciated property are taxable to the S corporation.
d. None of the above statements is incorrect.
7. An S corporation must possess which of the following characteristics?
a. Not more than one hundred shareholders.
b. Corporation organized in the U.S.
c. Only one class of stock.
d. All of the above are required of an S corporation.
e. None of the above are required of an S corporation.
8. Which corporation is eligible to make the S election?
a. Non-U.S. corporation.
b. Limited liability company.
c. Insurance company.
d. U.S. bank.
e. None of the above can select S status.
9. Which could constitute a second class of stock?
a. Treasury stock.
b. Phantom stock.
c. Unexercised stock options.
d. Warrants.
e. None of the above.
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