R3

Question 1

True/False: Section 179 expenses and charitable contributions are considered separately stated items.

Answer 1

TRUE

Question 2

True/False: Both Personal Holding Companies and Personal Service Corporations include 100% of dividends received from unrelated corporations?

Answer 2

TRUE

Question 3

DRD percentage when ownership is 0% to < 20%

Answer 3

50%

Question 4

DRD percentage when ownership is 20% to < 80%

Answer 4

65%

Question 5

DRD percentage when ownership is > 80%=

Answer 5

100%

Question 6

Company losses are allowed up to the ______.

Answer 6

STOCK BASIS

Question 7

Do distributions affect the stock basis in S corps?

Answer 7

YES

Question 8

Who can the accumulated earnings tax be imposed on?

Answer 8

REGULAR CORPORATIONS NOT CLASSIFIED AS PERSONAL HOLDING COMPANIES

Question 9

True/False: fees to issue corporate stock are organizational costs.

Answer 9

FASLE THEY ARE NOT AND AHOULD HE CAPITALIZED IN THE YEAR THEY OCCURED

Question 10

Are capital losses included when calculating the basis in a S corp?

Answer 10

YES

Question 11

What is the maximum charitable contribution amount for corporations?

Answer 11

10%

Question 12

How long must a corporation own stock to receive the DRD?

Answer 12

45 Days