SWFT Corp Partner Estates Trusts
42nd Edition
ISBN: 9780357161548
Author: Raabe
Publisher: Cengage
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A subsidiary corporation is liquidated under Section 332. Pursuant to its liquidation, the subsidiary distributed property to a minority shareholder. With respect to this distribution, what are the tax consequences to the subsidiary corporation and to the minority shareholder?
In order for a corporation and shareholders to qualify for non-taxable treatment upon the formation of a corporation (IRC Section 351), what are the three requirements?
when a new corporation is created from the old subsidiary under provisions of 338, the new corporation may
A. adopt any tax year that suits its purposes, limited only by the consolidated return rules.
B. Disregard anti-churning rules and use MACRS deprecation for all of the purchased property.
C. not have available any net operating loss carryovers from of the old subsidary.
D. Do all of the above.
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- Which statement is incorrect? a. S corporations are treated as corporations under state law. b. S corporations are treated as partnerships for Federal income tax purposes. c. Distributions of appreciated property are taxable to the S corporation. d. All of these choices are correct.arrow_forwardFor federal income tax purposes, what term refers to the business entity not being a separate entity from the owners? This type of entity is not taxed but the owner(s) must record the earnings from the business on his/her individual income tax return. Group of answer choices pass-through entity non-profit entity election entity mutual entityarrow_forwardAn S corporation is subject to the following tax(es). a.Corporate income tax. b.Built-in gains tax. c.Alternative minimum tax. d.None of these choices are correct.arrow_forward
- To qualify as a pass-through entity for U.S. corporate income tax, a REIT must be all of the following EXCEPT a.structured as a corporation, trust, or association. b.have transferable shares or certificates of interest. c.managed by a board of directors or trustees. d.jointly owned by less than 100 persons.arrow_forwardWhich statement is true? In computing the net taxable income of a corporation availing of the optional standard deduction, the OSD shall be deducted from the total sales or revenue. A corporate taxpayer is not qualified to avail of NOLCO as this is only applicable to individual taxpayers. The income of a business partnership shall be taxed with the regular corporate income tax and the share of each partner from the income of the partnership shall be subject to the regular income tax as well. Generally, government owned or controlled corporations are taxable.arrow_forwardWhich of the following statements regarding losses is true? A. A personal net operating loss may be carried back but not forward to other tax years. B. A sole proprietor may deduct business losses against any form of income. C. In a regular corporation, entity level losses are passed through to the shareholders. D. In a S corporation, entity level losses are fully deductible by the shareholder under any circumstance.arrow_forward
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