TB Individual Income ch. 20

TB Individual Income ch. 20 - CHAPTER 20 CORPORATIONS AND...

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CHAPTER 20 CORPORATIONS AND PARTNERSHIPS Instructor: The test items in both the print Test Bank and ExamView test-creation software are numbered by question type within each chapter. Thus, users of ExamView can more easily preview their selections using the printed Test Bank in the same numbering system. Learning Objective, Level of Difficulty, Estimated Time to Completion, and the AACSB’s and AICPA’s Core Competencie s for each test item are located within the item itself. Status: Q/P Question/ Present in Prior Problem Topic Edition Edition TRUE OR FALSE 1 Effect of state law on entity tax status Modified 1 2 Check-the-box Regulations: annual election New 3 Check-the-box Regulations: eligibility of sole Unchanged 3 proprietor incorporated under state law 4 Check-the-box Regulations: default by multiple Unchanged 4 owner entity 5 Corporations and partnerships compared: conduit New concept 6 Corporations and individuals compared: like-kind New exchanges 7 Income tax credits: individuals and corporations Unchanged 7 compared 8 Corporation income tax: phaseout of lower Unchanged 8 brackets 9 Corporations: availability of fiscal year New 10 Corporations and individuals compared: tax Unchanged 10 treatment of net short-term capital gains 11 Corporations and individuals compared: tax Modified 11 treatment of excess capital losses 12 Corporations: effective tax rate on net long-term Unchanged 12 capital gains 13 Charitable contribution carryover Unchanged 13 14 Appreciated inventory and charitable contributions Unchanged 14 15 Corporations: domestic production activities New deduction 16 Domestic production activities deduction: Unchanged 16 pass-through to shareholder 20-1
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20-2 2010 Annual Edition/Test Bank Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 17 Computing net operating losses of corporations Unchanged 17 18 Election to forego carryback of corporate net Unchanged 18 operating loss 19 Dividends received deduction: amount allowed as Unchanged 19 related to percentage of stock ownership 20 Dividends received deduction: effect of taxable Unchanged 20 income limitation 21 Organizational expenditures of corporations Unchanged 21 22 Organizational expenditures of corporations: Modified 22 amortization 23 Tax rates applicable to personal service Unchanged 23 corporations 24 Corporations and individuals compared: AMT rate Modified 24 25 Corporations: filing date Modified 25 26 Format of Schedule M-1 (Form 1120) New 27 Contribution to capital of a corporation by New nonshareholder 28 Transfers to controlled corporations and realized Unchanged 28 gain limitation 29 Transfers to controlled corporations: shareholder’s Unchanged 29 basis 30 Transfers to controlled corporations: corporation’s Unchanged 30 basis 31 Tax treatment of qualified dividends New 32 Unchanged 32 33 Corporate distributions: deficit in accumulated Unchanged 33 34 Tax effect on corporation of property dividend Unchanged
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TB Individual Income ch. 20 - CHAPTER 20 CORPORATIONS AND...

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