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70. An S corporation's separately stated items must include all of the following except:*a. gross income from business operations.b. tax credits.c. investment income expense.d. charitable contributions.71. A shareholder's adjusted basis in stock is used to determine:
72. The accumulated adjustment account:73. Passive investment income:74. Which of the following statements about the built-in gains tax is true?a. The recognized gain is allocated pro rata to its shareholders,thereby imposing a tax on the gain at the shareholder-level.b. The built-in gains tax prevents an S corporation from escapingtax at the entity-level for unrealized gains from periods during its earlier years as a C corporation.c. Only amounts of appreciation generated during a corporation's existence as a C corporation are subject to the built-in gains tax.*d. All of the above.75. The LIFO recapture amount is the difference between:
76. A calendar year corporation wishes to elect to be taxed as an S corporation. What is the last day that the corporation can file an election to be effective for 2013?