Question 1

A per-day, per-share allocation of flow-through S corporation items must be used, unless the shareholder disposes of the entire interest in the entity.

Accepted Answer

A) True 
 B)False

Question 2

A new S corporation shareholder can revoke the S election unilaterally, if he/she owns how much of the existing S corporation's stock?

Accepted Answer

A) More than 50%. 
B) 50% or more. 
C) The election can be revoked only if all of the shareholders consent. 
D) The election cannot be revoked during the first year of the new shareholder's ownership. 
A) More than 50%. 
B) 50% or more. 
C) The election can be revoked only if all of the shareholders consent. 
D) The election cannot be revoked during the first year of the new shareholder's ownership.

Question 3

What statement is correct with respect to an S corporation?

Accepted Answer

A) There is no advantage to elect § 1244 stock. 
B) An S corporation can own up to 85% of an insurance company. 
C) A resident alien may be a shareholder. 
D) A voting trust arrangement is not available. 
E) None of the above statements is true. 
A) There is no advantage to elect § 1244 stock. 
B) An S corporation can own up to 85% of an insurance company. 
C) A resident alien may be a shareholder. 
D) A voting trust arrangement is not available. 
E) None of the above statements is true.

Question 4

An S corporation may not amortize its organization expenses.

Accepted Answer

A) True 
 B)False

Question 5

An S shareholder's stock basis does not include a ratable share of S corporation liabilities.

Accepted Answer

A) True 
 B)False

Question 6

Some ____________________and ​ taxation rules apply to an S corporation.

Accepted Answer

partnershi

Question 7

The corporate-level tax on recognized built-in gains applies in 2016 when an S corporation disposes of an asset in a taxable disposition within ten years after the date on which the S election took effect.

Accepted Answer

A) True 
 B)False

A per-day, per-share allocation of flow-through S corporation items must be used, unless the shareholder disposes of the entire interest in the entity.

A new S corporation shareholder can revoke the S election unilaterally, if he/she owns how much of the existing S corporation's stock?

What statement is correct with respect to an S corporation?

An S corporation may not amortize its organization expenses.

An S shareholder's stock basis does not include a ratable share of S corporation liabilities.

Some ____________________and taxation rules apply to an S corporation.

The corporate-level tax on recognized built-in gains applies in 2016 when an S corporation disposes of an asset in a taxable disposition within ten years after the date on which the S election took effect.

Understanding and Working With the Federal Tax Law

Corporations Introduction and Operating Rules

Corporations Special Situations

Corporations Organization and Capital Structure

Corporations Earnings Profits and Dividend Distributions

Corporations Redemptions and Liquidations

Corporations Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships Formation Operation and Basis

Partnerships Distributions Transfer of Interests and Terminations

Comparative Forms of Doing Business

Taxes on the Financial Statements

Exempt Entities

Multi-State Corporate Taxations

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters

Exam 12: S Corporations

A per-day, per-share allocation of flow-through S corporation items must be used, unless the shareholder disposes of the entire interest in the entity.

A new S corporation shareholder can revoke the S election unilaterally, if he/she owns how much of the existing S corporation's stock?

What statement is correct with respect to an S corporation?

An S corporation may not amortize its organization expenses.

An S shareholder's stock basis does not include a ratable share of S corporation liabilities.

Some ____________________and ​ taxation rules apply to an S corporation.

The corporate-level tax on recognized built-in gains applies in 2016 when an S corporation disposes of an asset in a taxable disposition within ten years after the date on which the S election took effect.

Understanding and Working With the Federal Tax Law

Corporations Introduction and Operating Rules

Corporations Special Situations

Corporations Organization and Capital Structure

Corporations Earnings Profits and Dividend Distributions

Corporations Redemptions and Liquidations

Corporations Reorganizations

Consolidated Tax Returns

Taxation of International Transactions

Partnerships Formation Operation and Basis

Partnerships Distributions Transfer of Interests and Terminations

Comparative Forms of Doing Business

Taxes on the Financial Statements

Exempt Entities

Multi-State Corporate Taxations

Tax Practice and Ethics

The Federal Gift and Estate Taxes

Family Tax Planning

Income Taxation of Trusts and Estates

Filters

Some ____________________and taxation rules apply to an S corporation.