Acct 424 midterm2 - 1 Question(TCO 8 Which if any of the following can be eligible shareholders of an S corporation Your Answer A resident alien

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Unformatted text preview: 1. Question: (TCO 8) Which, if any, of the following can be eligible shareholders of an S corporation? Your Answer: A resident alien. CORRECT ANSWER Partnership. A foreign corporation. A nonqualifying trust. None of the above can own stock. INCORRECT Instructor Explanation: Points Received: 0 of 4 Comments: 2. Question: (TCO 8) Which corporation is eligible to make the S election? Your Answer: Points Received: 0 of 4 Comments: 3. Question: (TCO 8) What statement is correct with respect to an S corporation? Your Answer: Points Received: 4 of 4 Comments: 4. Question: (TCO 8) Which item is not separately stated on an S corporation’s Schedule K? Your Answer: Instructor Explanation: Points Received: 0 of 4 Comments: 5. Question: (TCO 8) During 20x2, Houston Nutt, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 20x1, his stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. It has no accumulated E & P. Which statement is correct?...
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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 424 midterm2 - 1 Question(TCO 8 Which if any of the following can be eligible shareholders of an S corporation Your Answer A resident alien

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