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[{"id":410184,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:29","updated_at":"2018-03-17 04:33:39","questionName":"When a corporation having no current or accumulated earnings and profits makes a distribution to its shareholders, the distribution is always taxed as a capital gain. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":5,"explanation":"When a corporation with no accumulated or current earnings and profits makes a distribution to its stockholders, the distribution is first applied to reduce the basis of the stock to zero. Any excess is taxed as a capital gain.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410181,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:29","updated_at":"2018-03-17 04:33:39","questionName":"The earnings and profits of a corporation for a given year are generally determined by using the corporation's taxable income as a starting point. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":2,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410186,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:29","updated_at":"2018-03-17 04:33:39","questionName":"Redemptions in which the shareholder's percentage of ownership in the corporation is not materially affected are taxed as capital transactions. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":7,"explanation":"Redemptions taxed as capital transactions involve situations in which the percentage of ownership is materially affected.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410187,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:29","updated_at":"2018-03-17 04:33:39","questionName":"A corporation's redemption of its own stock will be treated as a capital transaction if the distribution is not essentially equivalent to a dividend. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":8,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410188,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:29","updated_at":"2018-03-17 04:33:39","questionName":"A redemption of stock that is substantially disproportionate will not be taxed as a dividend to its shareholders. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":9,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410190,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:30","updated_at":"2018-03-17 04:33:39","questionName":"One requirement for a substantially disproportionate redemption is that the redeemed shareholder's percentage of ownership or voting stock after the redemption must be less than 80 percent of his or her percentage ownership of voting stock before the redemption. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":11,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410180,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:29","updated_at":"2018-03-17 04:33:39","questionName":"A dividend includes a return of paid-in capital to a shareholder. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":1,"explanation":"A dividend does not include a return of capital. It is a taxable distribution to the extent of the corporation\u2019s current and accumulated earnings and profits.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410183,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:29","updated_at":"2018-03-17 04:33:39","questionName":"A distribution by a corporation can sometimes be taxable as a dividend even if the corporation has no current or accumulated earnings and profits. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":4,"explanation":"A distribution by a corporation that has no current or accumulated earnings and profits cannot be taxable as a dividend.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410189,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:30","updated_at":"2018-03-17 04:33:39","questionName":"One requirement for a substantially disproportionate redemption is that immediately after the redemption, the shareholder must own less than one-half of the total combined voting power of all classes of outstanding stock entitled to vote. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":10,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410191,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:30","updated_at":"2018-03-17 04:33:39","questionName":"Under the 80 percent test, the reduction in outstanding shares resulting from the redemption is ignored. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":12,"explanation":"The postredemption ratio under the 80 percent test must reflect the reduction in the total number of shares outstanding.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410193,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:30","updated_at":"2018-03-17 04:33:39","questionName":"A distribution in complete redemption of stock is taxed as a dividend. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":14,"explanation":"If a corporation redeems all the stock of a shareholder in a redemption that completely terminates the shareholder\u2019s interest in the corporation and the shareholder\u2019s family does not own stock in the same corporation, the redemption will be taxed as a sale or exchange.","question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410179,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:29","updated_at":"2018-03-17 04:33:39","questionName":"Generally, a distribution by a corporation to its shareholders with respect to the corporation's own stock is taxable as a dividend to the extent of the corporation's current and accumulated earnings and profits. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":0,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410192,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:30","updated_at":"2018-03-17 04:33:39","questionName":"Both the number of shares owned by the redeemed shareholder and the total number of shares outstanding will be affected by a redemption. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":13,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410185,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:29","updated_at":"2018-03-17 04:33:39","questionName":"A pro rata redemption among all shareholders of a corporation will not be taxed as a capital transaction. [2]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":6,"explanation":null,"question_score_id":null,"lang":null,"questionAudioPath":null},{"id":410182,"quiz_id":"20768","answer_id":null,"answerType_id":"0","created_at":"2018-03-17 04:33:29","updated_at":"2018-03-17 04:33:39","questionName":"\"Qualified\" dividends are currently taxed to individuals at a maximum rate of 25 percent. [1]","questionTimeSeconds":"0","questionTimeMinutes":"2","questionImagePath":null,"position":3,"explanation":"\u201cQualified\u201d dividends are currently taxed to individual taxpayers at a maximum rate of 20 percent (zero percent and 15 percent for lower-bracket taxpayers).","question_score_id":null,"lang":null,"questionAudioPath":null}]