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Quiz 3b - Available A339/539 Quiz 03b Distributions...

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Available: A339/539 Quiz 03b: Distributions & Dividends: 30 minutes    Points Possible  10  Points Earned  9  Points Missed  1  Points Ungraded  0  Score  90.0% 1. (T/F)  Dividends must be formally declared by the corporation's board of directors  before they will be treated as dividends for tax purposes. Response: FALSE Answer: FALSE  Points: 1 / 1 2. (T/F)  It is possible for a corporation to pay a taxable dividend even though there  is a deficit in accumulated earnings and profits. Response: TRUE Answer: TRUE  Points: 1 / 1 3. (T/F)  T received a distribution with respect to his stock of $50,000. The  corporation had neither accumulated nor current earnings and profits. T is  entitled to recover his basis before he reports any gain or income because of the  distribution. Response: TRUE Answer: TRUE  Points: 1 / 1 4.
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