In the "top two" run-off primary election, voters can only vote for candidates of the same party as the voter. the party affiliation of candidates is not listed on the ballot. voters rank candidates for each office in order of preference. candidates from all political parties are listed on the primary ballot

In the "top two" run-off primary election, voters can only vote for candidates of the same party as the voter. the party affiliation of candidates is not listed on the ballot. voters rank candidates for each office in order of preference. candidates from all political parties are listed on the primary ballot

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 21P

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Similar questions

Which statement is correct with respect to filing an S election? a. Form 2553 must be filed. b. All shareholders must consent. c. The election may be filed in the previous year. d. An extension of time is available for filing Form 2553. e. All of the above statements are correct.
When stockholders assign their right to vote to another party, this is called
What feature allows others (typically managers) to vote for shareholders who don't want to attend the annual meeting? Straight voting Cumulative voting Staggered voting Proxy voting
Which statement is incorrect with respect to the number-of-shareholders test in filing an S election? a. Husband Jaime and wife Maria count as one shareholder. b. Grandmother Adela and granddaughter Maria count as one shareholder. c. Husband Jaime and the estate of wife Maria count as one shareholder. d. Husband Jaime and ex-wife Isabel count as one shareholder. e. None of the above statements is incorrect.
Why did the IRS deny the political rival’s request to see the Carpenters tax return?
Tax return preparers should be aware of which of the following? A) Taxpayers who have more than one Form W-2 B) Taxpayers without a state driver's license C) Taxpayers with more than two dependents D) Taxpayers with a non-standard or altered Form W-2
Which of the following permits shareholders to multiply the number of their shares by the number of directors to be elected and to cast the resulting total of votes for one or more directors? Multiple Choice Preference voting Cumulative voting Ranked voting Approval voting
Any vacancy in the Board of Directors can be filled up by a vote of at least the majority of the remaining directors if still constituting a quorum, except when such vacancy is created by – by the death of a director. by the resignation of the director. by the director no longer being a registered stockholder to at least one share in the books of the corporation. by the expiration of term of the director. What corporate power does the board not determine but only exercise? Express power Implied power Power to invest into another corporation Power to enter into joint venture The pre-emptive rights of stockholders in a corporation are not statutory rights, but are ____________ and exist even when no specific grant or recognition of such right is provided for in statutory law. inherent rights common law rights provided by the Corporation Code implied rights A share held by a third person to be released only upon the performance of a condition or the happening of a certain event…
The first step in forming a sole proprietorship is filing out the appropriate paperwork and paying the necessary filing fees with the secretary of state in the state where the business will operate. True false S corporations and closed corporations' earnings are exempt from federal and state income taxes based on a commitment to reinvest in local communities. True false
Which of the following journal entries is recorded for the payment of employees' state income tax withholding? a. A debit to Employees' State Income Tax Received and a credit to Cash b. A debit to Employees' State Income Tax Payable and a credit to Cash c. A debit to Cash and a credit to Employees' State Income Tax Received d. A debit to Cash and a credit to Employees' State Income Tax Payable
Which of the following will disqualify a corporation from electing Subchapter S status? All shareholders are U.S. citizens except for 10% who are resident aliens. The election form is signed by 80% of the shareholders. The corporation has one class of stock. The corporation has 80 shareholder
From an employee perspective, how are ISOs treated differently from NQOs for tax purposes? In general, for a given number of options, which type of stock options should employees prefer?