S corporations.

If XYZ Corporation is a shareholder of BCD Corporation, how many times will BCD's before-tax income potentially be taxed? Has Congress provided any tax relief for this result? Explain.

All of the following persons are classified as employees under the federal income tax withholding law with the exception of a. the president of a corporation b. an officer of the federal government c. an elected official in the state government d. a first - line supervisor e. a partner

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Which of the following is most accurate regarding the formation of a US corporation? O Corporations are formed under the laws of a particular state. Corporations are formed under Federal law only. Corporations are formed without state or Federal action but are formed by contractual arrangement by the shareholders. Corporations are formed under Delaware law only by US Constitutional authority. O

to be a personal holding company, the corporation must have been formed or availed of for the purpose of avoiding tax on the shareholders. true or false

Which of the following statements is true related to the conversion of a regular corporation to a limited liability company taxed as a partnership? A. In the conversion of a C corporation to an LLC taxed as a partnership, the transfer of appreciated assets from the liquidating corporations is not taxed at the corporate level. B. The corporation can contribute it's assets and liabilities into the new LLC in exchange for ownership interests. The corporation then distributes the LLC interests to it's shareholders in liquidation of the shareholders corporate stock. C. If the corporation distributes it's assets and liabilities to it's shareholders in liquidation of the new corporation, the shareholders are restricted from contributing these assets into the new partnership. D. The existence of substantially appreciated intangibles and goodwill with little or no tax basis has no consequences when converting a C corporation to an LLC

Which of the following is wrong? The expenses of exempt corporations from exempt operations are deductible to its gross income from unrelated operations. University of the Philippines is exempt from income tax. A non-stock, non-profit institution organized for cultural purposes is exempt from income tax. None of the above

Which of the following can be eligible shareholders in an S Corporation? O Partnership. A Resident Alien. O Any Trust. O Corporations.

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