Which of the following items retain their character when they are passed through to shareholders of an S corporation?          Wages paid Accelerated depreciation Net long-term capital gains Advertising expense All of the above retain their character when passed through

While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as [A] Business Entity Concept [B] Conservatism [C] Expenditure Concept [D] Money Measurment Concept

which of the following is a control right? shareholders right to elect the members of the board of directors and to receive the remaining liquidated value of assets  shareholders rights to receive the remaining liquidated value of assets  shareholders right to elect the members of the board of directors bondholders right to receive interest payments

True or False: An S Corporation recognizes gain on the distribution of appreciated property to its shareholders which is then reported to its shareholders on Schedule K-1.

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18. Current Attempt in Progress         Taxable income of a corporation differs from pretax financial income because of   PermanentDifferences TemporaryDifferences Yes No Yes Yes   No No No Yes

The term to describe taxable income before the qualified business income deduction and less dividends and capital gains:   Qualified business income   Modified taxable income   Qualified trade or business   Specified service business

Which activities changes equity but does not affect a corporation's assets and liabilities?

Which financial instrument represents ownership in a corporation and entitles the holder to a share of the companys profits? a. Bond b. Preferred Stock c. Common Stock d. Debenture

Please proivide tax implications at both the Corporate and Shareholder level for each response. Add IRC to support each answer.