Task #1 - Corporation:1. Define corporation2. What do you mean by the term "corporation is anartificial being"?3. Discuss the concept of "piercing of corporate veil".4. What are the probative factors of identity which couldjustify the application of the doctrine of piercing thecorporate veil?5. Differentiate stock and non-stock corporation.6. Differentiate de jure corporation and de factocorporation7. Differentiate corporators and incorporators8. Differentiate stockholders and members9. Differentiate board of directors and board of trustees10. Differentiate between common stock and preferredstock.11. Differential par value shares and no par value shares.12. Enumerate the limitation of no par value shares13. Define the followinga. share in escrowb. convertible sharec. redeemable shared. founder's sharee. promotional sharef. treasury sharesg. retained earningsh. watered stocks

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Answered: Task #1 - Corporation: 1. Define…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 17MCQ

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Which of the following characteristics distinguish a corporation from other forms of businesses? I. Centralization of management II. Continuity of life III. Free transferability of ownership interests IV. Limited liability V. Profit motive Oa. Statements I, II, IV, and V are correct. Ob. Statements IV and V are correct. Oc. Statements I, II, III, and IV are correct., Od. All are distinguishing characteristics. Oe. Only statement III is correct.
Write T if the statement is correct and F if the statement is incorrect. On the space provided, briefly explain using the concepts discussed why your answer to a statement is T or F. 2. A corporation can be an incorporator in another corporation.
Which of the following is a characteristic of a corporation?a. No income taxb. Limited liability of stockholdersc. Mutual agencyd. Both b and c
True or false, why. 1. Shareholders can transact business on behalf of the corporation.
Who is liable for a corporation's debts and obligations? OA. the limited partners OB. the general partners OC. the corporation OD. the registered agent OE. the shareholders
true or false.a. The policy-making body in a corporation is called the board of directors
How does the principal-agent problem affect the corporation? Explain by points
A corporation is recognized as a "person." A. B. True False A publicly held corporation is a private corporation. A. True B. False The primary document needed to incorporate a business is the articles of incorporation. B. A. True False
Which of the following is the primary element that distinguishes accounting for corporations from accounting for partnerships? a. The corporation draws a sharper distinction in accounting for sources of capital. b. The entity theory relates primarily to the other forms of business organization. c. In a corporation, retained earnings may be reduced only by the declaration of dividends. d. Generally accepted accounting principles apply to corporations but have relatively little applicability to other forms of business organizations.
QUESTION 10 Which of the following is an organizational disadvantage of a corporation? A. Taxable entity B. Separate legal entity C. Relative ease of ownership transfer D. Limited liability of owners
What are agency problems, and why do they exist within a corporation? Discuss how agency conflicts affect the goal of maximizing shareholder value.
Which of the following is not true of a corporation? Oa. It may enter into binding legal contracts in its own name. Ob. It may sue and be sued. c. The acts of its owners bind the corporation. Od. It may buy, own, and sell property.

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Task #1 - Corporation: 1. Define corporation