Short Answer
Match the term with the proper response. There may be more than one responses for each term.
a.Includes gross receipts derived from royalties, passive rents, dividends, interest, etc.
b.Penalty tax to stop an S corporation from avoiding the corporate tax on disposition of appreciated property.
c.Cumulative total of undistributed non-separately stated items.
d.Tax-free distribution.
e.Generated under old S corporation rules (pre-1983).
f.Items that affect basis but not AAA go here.
g.Taxed as a dividend.
-PTI
Correct Answer:

Verified
Correct Answer:
Verified
Q34: An S corporation does not recognize a
Q43: For a new corporation,a premature S election
Q48: You are given the following facts about
Q52: Which of the following items are increases
Q54: Life insurance proceeds received and insurance premiums
Q57: AAA is the _ total of undistributed
Q58: Post-termination distributions that are charged against OAA
Q105: Explain the OAA concept.
Q108: The pro rata method assigns an equal
Q132: The debt basis always is adjusted back