In terms of justification and effect, § 351 (transfers to a controlled corporation) and § 1031 (like-kind exchanges) are much alike. Explain.

Q: Whiich item must be separate stated on the corporation 1120 s

A: The U.S. Internal Revenue Service (IRS) Form 1120-S is used by S corporations to report their…

Q: A corporation is a separate entity for accounting purposes but not for legal purposes. True False

A: SOLUTION- SEPARATE LEGAL ENTITY CONCEPT- UNDER IT , A COMPANY WILL BECOME A BODY CORPORATE THAT…

Q: For the purposes the Incorporation of the Company, explain what is the Promoter duties.

A: Incorporation of company means beginning or initial level of startup of company. Promoters of…

Q: In case of sale of all or substantially all of the corporate property, is the appraisal right given…

A:

Q: Distinguish between public and private corporate debt.

A: Debt is the amount of loan that is borrowed and it is repaid along with the interest.

Q: Is there a need to regulate mergers? Explain

A: A contract under which two organizations unite to become a new organization is known as a merger.…

Q: Other than corporations, are there other legal business entities that offer liability protection?…

A: The business can be done through different type of entities. The type of entities will be decided by…

Q: What is controlling financial interest? How did the FASB define this in FIN 46(R)

A: Controlling financial interest is nothing but to exercise control over another financial entity by…

Q: How does a benefit corporation’s charter differ from that ofa typical U.S. corporation?

A: Corporate structure that extends directors' fiduciary obligations to incorporate different interests…

Q: rite T if the statement is correct and F if the statement is incorrect. On the space provided,…

A: solution concept incorporator in a corporation Incorporator means the shareholders who incorporate…

Q: Statement 1: Income of the government from proprietary functions is taxable. Statement 2: Income of…

A: Here given the details of income generation from government owned and controlled organisation and…

Q: Define benefit corporation (B-Corp)

A: Benefit corporation:  A benefit corporation is a kind of for-profit corporate organizations,…

Q: In governmental accounting, what is the difference between an acquisition and a merger? What…

A: The government uses a different way to report their financial statements than the private sector…

Q: Any corporation not meeting the requirements for an S corporation is automatically a C corporation.

A: C corp operates as a conventional business structure in the United States, subject to corporate…

Q: Which of the following statements is true when assessing whether potential voting rights contribute…

A: 1) When assessing whether or not possible voting rights assist control? All facts and situations…

Q: 1. The following are the attributes of a corporation, except * A. It is an artificial being. B. It…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What will be the liability of the corporation as to themselves and to third person in case of merger…

A: The following concept deals with the liability of the corporation to its third parties and other…

Q: Recipients of a distributions under IRC Section 302(b)(3) are eligible for capital gain treatment…

A: IRC section 302(b)(3), applied to the corporation for redeeming the value of stock state that the…

Q: two rules that a corporation should be aware of that occur on an acquisition of control.

A: Acquisition of control could be defined as the transfer of control to an individual or a group of…

Q: What two IRS Code Sections generally applies to dividends? Give Code Section When are dividends…

A: “Since you have asked multiple questions, we will solve the first question for you. If youwant any…

Q: What is the principle under the Corporation Law that allows the court to identify the erring…

A: Corporation means a large company and group of companies authorized to act as a single entity.

Q: The Operating Agreement in an LLC has more or less the same function as Bylaws in a Corporation...…

A: The answer is TRUE

Q: What is the control requirement of § 351? Describe the effect of the following in satisfying this…

A: Sec. 351 allows a tax-free incorporation transfer if: a. The property must be transferred to a…

Q: When may a corporation sell, lease, exchange, mortgage, or pledge all or substantially all of its…

A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The UCC does not cover:.   a. investment securities.     b. sales of copyrights.     c. sales of…

A: UCC stands for Uniform commercial code refers to the rules that are formed for commercial and…

Q: What is not-for-profit corporation?

A: Nonprofit organization: It basically comes under a non-profit motive organization like banking…

Q: Which of the following is most accurate regarding the formation of a US corporation? O Corporations…

A: A corporation is a legal entity that is separate from its owners (shareholders). It has its own…

Q: 19) An S Corporation can never utilize an NOL incurred from when it was a C Corporation. a) True b)…

A: An S corp or S enterprise is an enterprise shape this is permitted below the tax code to by skip its…

Q: Which of the following is needed for a fiduciary relationship to exist?

A: A fiduciary relationship exists when one person or entity holds the assets of another person or…

Q: s cannot contravene, much less overrid

A: The answer has been mentioned below.

Q: Which of the following does not make it easier for corporation to raise capital? a) limited…

A: OPtion explanation a) Shareholders of corporation have limited liability b) Corporation…

Q: The entity concepts

A: In accounting, a business or a corporation and its homeowners square measure treated as to one by…

Q: Explain what a variable interest entity is, what a major beneficiary is, and what elements are…

A: A variable interest company can be any legitimate corporate form (VIE). It might be a trust, a…

Q: Help! True or false In case of conflict between the by-laws and the corporation code, the code shall…

A: solution concept By laws By laws means the laws an rules framed by the corporation for its…

Q: Which statement is incorrect? a. S corporations are treated as corporations under state law. b. S…

A: S corporation is type of corporation where the formation is of corporation but there is pass through…

Q: Which of the following does not make it easier for corporation to raise capital? a) limited…

A: Corporation has a separate legal entity and they can raise funds from the public as per the…