ACCT 424 Midterm Page 4 7

ACCT 424 Midterm Page 4 7 - 1. Question:

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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. CORRECT None of the above is  required of an S  corporation. Points Received: 4 of 4 Comments: 2. Question: (TCO 8) An S corporation is subject to which of the following taxes? Your Answer: Instructor Explanation: Points Received:
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Comments: 3. Question: (TCO 8) Which statement is incorrect? Your Answer: Points Received: 0 of 4 Comments: 4. Question: (TCO 8) Which, if any, of the following items  decreases  an S corporation’s AAA? Your Answer: Instructor Explanation: Options b. and d. have no effect on AAA, and option c. increases AAA.   Points Received: 0 of 4 Comments: 5. Question:
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ACCT 424 Midterm Page 4 7 - 1. Question:

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