Chapter 21 s corporations | Business & Finance homework help

Chapter 21 S Restrainttifications
TRUE-FALSE QUESTIONS—CHAPTER 21
1. To restrict as an S restrainttification there is no space to the compute of distributeholders.
2. A restrainttification with further than 50 distributeholders integralure referable attributable attributable attributable restrict restraint the S choice.
3. Ace Trucking Co., Inc. is chartered in Michigan. It has 100 distributes of niggardly accumulation and 200 distributes of preferred accumulation ungathered which are held by three people who also speed in Michigan. The restrainttification owns no subsidiaries. This restrainttification qualifies restraint the S choice.
4. A restrainttification with couple collocatees of accumulation canreferable attributable restrict underneathneath Subchapter S restraint the choice referable attributable attributable attributable to be tributeed.
5. If a restrainttification fails to perform a judicious S choice, an extension of space to perform the choice may be granted.
6. A flourish year restrainttification that meets real fitnesss and wishes referable attributable attributable attributable to be tributeed as a restrainttification restraint 2013 must perform an S choice by March 15, 2013.
7. An S restrainttification canreferable attributable be topic to an pay tribute.
8. An chosening S restrainttification is entitled to the dividends accepted abatement.
9. A distributeholder’s accumulation plea in an S restrainttification is extensiond by his or her distribute of the restrainttification’s partially systematic and non-partially computed items of pay.
10. If a distributeholder of an S restrainttification has a tribute year incongruous from that of the restrainttification, he or she must narration any disposals of popular year’s tributeable pay in the year he or she really receives the disposal.
11. Any incorporated office can chosen to be tributeed as an S restrainttification.
12. Since S restrainttifications are restrainttifications, they are topic to the accumulated hues tribute, separate tenure association tribute, and opinion minimum tribute.
13. A restrainttification canreferable attributable chosen S foothold if it has as a distributeholder a restrainttification or society.
14. A restrainttification that wants to chosen and keep S restrainttification foothold can at no space possess 100 distributeholders.
15. Integral members of the similar nativity are treated as undivided distributeholder in an S restrainttification.
16. A restrainttification canreferable attributable restrict as an S restrainttification if it has further than undivided collocate of accumulation.
17. A restrainttification worthy to be an S restrainttification is automatically treated as such by the IRS.
18. A restrainttification’s S foothold can simply be terminated by having integral distributeholders declare-void the S choice.
19. Once filed, an S restrainttification canreferable attributable recal a annulment.
MULTIPLE CHOICE QUESTIONS—CHAPTER 21
20. Who pays tribute on the pay of an S restrainttification?
a. The S restrainttification
b. The distributeholders
c. The customers
d. There is no tribute imposed on S restrainttification pay
21. What is the climax compute of distributeholders that an S restrainttification may possess?
a. 10
b. 25
c. 35
d. 100
e. Nundivided of the over
22. Which of the subjoined is referable attributable attributable attributable an worthy distributeholder restraint an S restrainttification?
a. Nonresident strange
b. Qualified Subchapter S Trust
c. An possessions
d. Nundivided of the over
23. Which mold of accumulation integralure disrestrict a restrainttification from beseeming an S restrainttification?
a. Undivided collocate of accumulation save with incongruous voting hues
b. A undeviating debit machine
c. Accumulation which has aim in dividends
d. Nundivided of the over
24. Which restrainttification integralure restrict restraint S restrainttification foothold?
a. Restrainttification owning a assistant
b. DISC restrainttification
c. Possession restrainttification
d. Nundivided of the over
25. Which tribute year is referable attributable attributable attributable integralowed an S restrainttification?
a. Flourish year
b. Fiscal year established by office aim
c. Fiscal year that is the similar as integral the ceemost owners
d. Nundivided of the over
26. What is Gerald Germain’s plea in an S restrainttification gorgeous he is the unmarried distributeholder and his chief recital has a estimate of $15,000, the restrainttification has $5,000 in liabilities, $2,000 in previously tributeed pay, and $1,000 in accumulated hues and reappears?
a. $23,000
b. $22,000
c. $18,000
d. $17,000
e. Nundivided of the over
e. Office principle securitys
27 Passive bombardment pay involves integral except:
a. Interest
b. Sales or exchanges of accumulation or securities
c. Rents
d. Interest on adequate acquittal sales of estate held restraint sale to customers
28. S restrainttification municipal flatten choices involve integral except:
a. S choice and/or fluctuate of recitaling system
b. Choice extinguished of the installment sales supply
c. Abatement and retake of real mining question prices
d. Inventory valuation
29. Which of the subjoined is referable attributable attributable attributable a partially systematic item in the pay proof of an S restrainttification?
a. Long-term chief find
b. Benign contributions
c. Interest pay
d. Section 179 price
e. General office security
30. Which of the subjoined would referable attributable attributable attributable extension the plea of a distributeholder’s accumulation in an S restrainttification:
a. Integral partially systematic pay items of the S restrainttification, including tribute-exempt pay.
b. Any nonpartially systematic pay of the S restrainttification.
c. Chief finds tribute paid by the distributeholder.
d. The equality of abatements restraint depletion that is further than the plea of the estate entity depleted.
31. On 1-1-X1, Mr. Vear purchased 50 percent of S Restrainttification Z’s simply collocate of accumulation ungathered restraint $100,000. On 12-1-X1, he purchased the other 50 percent of its accumulation. Restraint 20X1, Z Restrainttification had a completeure detached mislaying of $255,500. How greatly of the mislaying can Mr. Vear subtract on his special pay tribute reappear restraint 20X1?
a. $138,600
b. $200,000
c. $234,208
d. $255,500
32. Advantages of an S restrainttification involve:
a. spaceed obligation.
b. individual flatten of tributeation.
c. referable attributable attributable attributable topic to the separate tenure association tribute.
d. Integral of the over.
e. Nundivided of the over.
33. Which of the subjoined is referable attributable attributable attributable a fitness of a “smintegral office restrainttification?”
a. It must be a domiciliary restrainttification.
b. It can never possess further than 100 distributeholders.
c. It must correction the retention system of recitaling.
d. It can simply possess undivided collocate of accumulation.
34. Integral of the subjoined are easy distributeholders of an S restrainttification except:
a. possessionss.
b. worthy trusts.
c. nonresident stranges.
d. real tribute-exempt organizations.
35. An S restrainttification’s partially systematic items must involve integral of the subjoined except:
a. unseemly pay from office operations.
b. tribute securitys.
c. bombardment pay price.
d. benign contributions

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