ACCT 4242 Midterm 6 - Grade Details There are 4 pages in...

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Grade Details There are 4 pages in this exam: Page:   1 2 3 4 1. Question: (TCO 8) An S corporation must possess the following characteristics. Your Answer: No more than 100 shareholders. Corporation organized in the U.S. Only one class of stock. All of the above are required of an S corporation. CORREC T None of the above is required of an S corporation. Points Received: 4 of 4 Comments: 2. Question: (TCO 8) Which statement is incorrect? Your Answer: S corporations are treated as corporations under state law. S corporations for tax purposes are treated as partnerships. CORREC T Distributions of appreciated property are taxable to the S corporation. The accumulated earnings tax does not apply to an S corporation. None of the above. Points Received: 4 of 4 Comments: 3. Question: (TCO 8) What statement is correct with respect to an S corporation? Your Answer: There are now more LLCs than S corporation. S corporation status allows shareholders to realize tax benefits from corporate losses immediately. CORREC
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This note was uploaded on 04/22/2010 for the course ACCT ACCT424 taught by Professor Tracie during the Spring '10 term at DeVry Chicago O'Hare.

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ACCT 4242 Midterm 6 - Grade Details There are 4 pages in...

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