Which of the following would be considered passive

96. Which of the following would be considered passive activity income?
A. Alaska Permanent Funds dividends.
B. State, local, and foreign income tax refunds.
C. Personal service income.
D. None of the above.
97. Copper Corporation had the following income and expenses during its calendar tax
year:
Income from operations $250,000
Expenses from operations 175,000
Qualifying dividends from domestic corporations (10% ownership) 15,000
What is Copper Corporation's dividends-received deduction for the year?
98. Who of the following may use farm income averaging, assuming farm income rules
are met?
in an S Corporation.

Corporation.
in a C Corporation.
trust.
99. Which of the following is not a credit against gross estate tax in determining net
estate tax?
100. All of the following events would cause an S Corporation to cease qualifying as an S
corporation except:
A. Having a total of 85 shareholders.
B. The transfer of its stock to a corporation
C. The transfer of its stock to a nonresident alien.
D. The election is revoked with the consent of shareholders that, at the time the
revocation is made, had 55% of the stock.