MC-CorpIntro

MC-CorpIntro - MULTIPLE CHOICE QUESTIONS CORPORATION INTRO...

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MULTIPLE CHOICE QUESTIONS CORPORATION INTRO Based solely on the information provided, select the most appropriate answer for each of the following questions from the list provided. Unless otherwise stated, the corporations were incorporated in Canada, the shares are not listed on a prescribed stock exchange, and 2011 is the applicable taxation year. 1. The common shares of Corporation GHI are listed on the Toronto Stock Exchange. All of the outstanding common shares were acquired during 20XX by Diversified Ltd., a Canadian public company. Prior to the acquisition, all of the shares were owned by a group of individual Canadian residents. For the 20XX tax year, Corporation GHI is a: (a) public corporation (b) personal services business (c) Canadian-controlled private corporation (d) private corporation — but not a CCPC (e) none of the above 2. John Jones owns 50 per cent of the outstanding common shares of Corporation JKL. His brother, Jack Jones, owns the other 50 per cent of the shares. John lives in Toronto. Jack lives in and is a tax resident of Florida. Corporation JKL is a: (a) public corporation (b) personal services business (c) Canadian-controlled private corporation (d) private corporation — but not a CCPC (e) none of the above 3. Corporation MNO was incorporated in Manitoba in 1962. All of its shares are owned by Mega Manufacturing Inc., which was incorporated and operates in San Francisco. Corporation MNO is a: (a) public corporation (b) personal services business (c) Canadian-controlled private corporation (d) private corporation — but not a CCPC (e) none of the above
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4. The shares of Corporation PQR, which was incorporated in New York, are listed on the New York stock exchange. All are owned by residents of the United States. The board of directors meets in New York. Virtually all of the corporation’s operations are conducted in Canada. Corporation PQR is a: (a) public corporation
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MC-CorpIntro - MULTIPLE CHOICE QUESTIONS CORPORATION INTRO...

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