test 1 bank - 62 The due dates for making estimated...

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62. The due dates for making estimated payments for a calendar year corporation are ____________, ____________, ____________, and ____________. Answer: 65. The last installment of estimated payments for a calendar year corporation is due on ____________. 15th day of the 12th month of its tax year A corporation's charitable contribution deduction is limited to 10% of taxable income before certain items. Answer: TrueFalse Question 42 Marks: 1.00 A corporation's taxable income before the dividends received deduction (DRD) is $40,000. Included in this amount is dividend income of $60,000 from another corporation in which the taxpayer owns 90 percent of its stock outstanding. The corporation's taxable income (loss) after the DRD is: Choose one answer. a. ($14,000). b. $40,000. c. ($8,000). d. ($20,000). e. none of the above Question 43 Marks: 1.00 A corporation donates property worth $8,000 to a public charity. If the corporation's adjusted basis in the property is $5,000 and its taxable income before the charitable contribution deduction is $100,000, its charitable contribution deduction is ____________. Answer: Question 44 Marks: 1.00
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The dividends received deduction cannot create a net operating loss. Answer: TrueFalse Question 45 Marks: 1.00 Corporations can deduct the first $5,000 of organizational costs incurred during the first year of operations. Answer:
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test 1 bank - 62 The due dates for making estimated...

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