Quiz 1b - minutes Available A339/539 Quiz 01b Special...

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    Available: A339/539 Quiz 01b, Special deductions, AMT, controlled group, §291 (60  minutes)    Points Possible  10  Points Earned  6  Points Missed  4  Points Ungraded  0  Score  60.0% 1. X Corporation has $100,000 of gross income, excluding any dividend income. X  has $85,000 in ordinary trade or business deductions. X also makes $2,000 of  charitable contributions in the current year. X’s taxable income is:   A.  $15,000 B.  $14,500 C.  $13,000 D.  $13,500 E.  None of the above. Response: D Answer: D Points: 1 / 1 2. X Corporation has $100,000 of gross income, excluding any dividend income. X  has $85,000 in ordinary trade or business deductions. X also receives $20,000  of dividends, from a domestic corporation in which X owns 22% of the stock, in  the current year. X’s gross income is:   A.  $120,000 B.  $19,000 C.  $91,000 D.  $85,000 E.  None of the above. Response: A Answer: A Points: 1 / 1 3. X Corporation has $100,000 of gross income, excluding any dividend income. X  has $85,000 in ordinary trade or business deductions. X also receives $20,000  of dividends, from a domestic corporation in which X owns 22% of the stock, in  the current year. X’s taxable income is:
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Quiz 1b - minutes Available A339/539 Quiz 01b Special...

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