Exam_3_practice_questions - Tax 4001 Fall 2010 Exam 3...

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Tax 4001 Fall 2010 Exam 3 Practice Questions Judd 1. Which of the following (a-c) is not correct with respect to limited liability companies? a. An advantage of an LLC when compared to a C corporation is the ability to pass tax attributes through to the owners. b. A disadvantage of a partnership when compared with an LLC is the inability of all the owners to have limited liability. c. An LLC has greater flexibility than does an S Corporation in terms of the number of owners, type of owners, special allocation opportunities and capital structure. d. All of the above (a-c) are correct. e. None of the above (a-c) is correct. 2. Maize Corporation had net operating income of $450,000 during the current year. In addition, Maize owns 50% of the stock in Blue Corporation and Blue Corporation paid Maize a dividend of $150,000. Maize has no other items of income and expense for the year. Compute Maize Corporation’s taxable income. 3. Kristy and Karla are equal partners in K&K Partnership.
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Exam_3_practice_questions - Tax 4001 Fall 2010 Exam 3...

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