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chapter 4 tax quiz

chapter 4 tax quiz - An advantage to operating a business...

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An advantage to operating a business as an S corporation is that the shareholder has no gross income from the S corporation unless the shareholder makes a withdrawal during the tax year. Student Response Value Correct Answer Feedback 1. False 100% 2. True General Feedback: A shareholder is required to recognize his or her share of S corporation income even if it is not distributed to the shareholder. Score: 2/2 Comments: COMPREHENSIVE VOLUME CHAPTER 4—GROSS INCOME: CONCEPTS AND INCLUSIONS Question MC #38 Under the terms of a divorce agreement, Lanny was to pay his wife Joyce $2,000 per month in alimony and $500 per month in child support. For a twelve-month period, Lanny can deduct from gross income (and Joyce must include in gross income): Student Response Value Correct Answer Feedback 1. $0. 2. $6,000. 3. $24,000. 100% 4. $30,000. 5. None of the above. General Feedback: The $500 per month for child support is not deductible by Lanny. Score: 2/2 Comments: COMPREHENSIVE VOLUME CHAPTER 4—GROSS
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INCOME: CONCEPTS AND INCLUSIONS Question TF #1
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