Ch 11 Practice Questions

Ch 11 Practice Questions - Ch 11 The Corporate Taxpayer...

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Ch 11 The Corporate Taxpayer Practice questions 1. At least three corporations are required to form an affiliated group. True False 2. Eagle, Inc. made a contribution to the Boy Scouts of $25,000 during its current tax year. The corporation's taxable income before any charitable contribution deduction was $200,000. The corporation has a current charitable contribution deduction of $25,000. True False 3. The dividends-received deduction is equal to 80% of any dividends received by a corporate taxpayer. True False 4. The Schedule M-3 reconciliation requires less detailed information than the M-1 reconciliation. True False 5. The taxable income earned by a personal service corporation is taxed at a flat rate of 35%. True False 6. The domestic production activities deduction is a permanent book/tax difference. True False 7. AMT adjustments can only increase a corporation's alternative minimum taxable income. True False
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Ch 11 Practice Questions - Ch 11 The Corporate Taxpayer...

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