HS321: Chpt 18

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0 [{"id":410165,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:44","questionName":"One of the requirements for nonrecognition of gain on the formation of a new corporation is that the transfer of property must be solely in exchange for the corporation's own stock. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":10,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410166,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:44","questionName":"When a transferor to a new corporation receives stock plus cash, he or she will recognize gain to the extent of the lesser of the cash received or gain realized. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":11,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410155,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:43","questionName":"A corporation is a business organization that possesses certain legal characteristics, such as limited liability, centralized management, transferability of interest, and continuity of life. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":0,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410168,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:44","questionName":"When a shareholder in a new corporation lends money to it, the corporation will receive a deduction for the interest paid on the indebtedness to the shareholder, provided that it is a valid obligation and the corporation is not too thinly capitalized. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":13,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410157,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:43","questionName":"A corporation is not legally dissolved on the death, disability, incapacity, or withdrawal of any of its owners. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":2,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410156,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:43","questionName":"Limited liability means that it is only the officers of a corporation who are liable for the debts of the corporation. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":1,"explanation":"Limited liability means that a creditor of a corporation cannot proceed against the individual shareholders personally to satisfy a corporate debt.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410162,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:44","questionName":"An S corporation may not have more than 50 shareholders. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":7,"explanation":"An S corporation may have up to 100 shareholders.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410163,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:44","questionName":"An S corporation election is a means of allowing start-up losses of a company to be deducted on the individual returns of its shareholders. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":8,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410159,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:44","questionName":"One nontax advantage of corporate status is the ability to freely transfer ownership of the corporation. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":4,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410169,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:44","questionName":"The highest corporate tax rate is 46 percent. [4]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":14,"explanation":"Corporate taxable income over $100,000 up to and $335,000 is taxed at 39 percent. This is currently the highest corporate rate.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410160,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:44","questionName":"The tax advantages of corporate status include the ability to deduct the cost of certain nontaxable fringe benefits for employees. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":5,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410167,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:44","questionName":"The organizational expenses on the formation of a corporation are currently deductible in full. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":12,"explanation":" A maximum of $5,000 of these expenses is deductible in the corporation\u2019s first year. The balance must be amortized over a 180-month period beginning with the month in which the corporation begins business.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410158,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:44","questionName":"A corporation is a separate taxable entity, distinct and apart from its owners. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":3,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410164,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:44","questionName":"In all cases the incorporation of a partnership will result in current tax obligations to the partners on the transfer of their properties to the newly formed corporation. [3]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":9,"explanation":"On the contrary, there are many instances under the Internal Revenue Code where property of an existing business may be transferred to a newly formed corporation solely in exchange for the corporation\u2019s stock without recognition of gain.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410161,"quiz_id":"20767","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:21:32","updated_at":"2018-03-17 04:21:44","questionName":"A corporation that elects to be taxed as an S corporation will have all income and losses passed through to its shareholders in a way similar to the partnership form of business. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":6,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null}]
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One of the requirements for nonrecognition of gain on the formation of a new corporation is that the transfer of property must be solely in exchange for the corporation's own stock. [3]

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