ACC 317 Strayer Test Bank - NEW 2015 Version
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ACC 317 Strayer Test Bank
CHAPTER 17--CORPORATIONS: INTRODUCTION AND OPERATING RULES
CHAPTER 18--CORPORATIONS: ORGANIZATION AND CAPITAL STRUCTURE
CHAPTER 19-- CORPORATIONS: DISTRIBUTIONS NOT IN COMPLETE LIQUIDATION
CHAPTER 20--CORPORATIONS: DISTRIBUTIONS IN COMPLETE LIQUIDATION AND AN OVERVIEW OF REORGANIZATIONS
CHAPTER 21—PARTNERSHIPS
CHAPTER 22--S CORPORATIONS
CHAPTER 23--EXEMPT ENTITIES
CHAPTER 24--MULTISTATE CORPORATE TAXATION
CHAPTER 25--TAXATION OF INTERNATIONAL TRANSACTIONS
CHAPTER 26--TAX PRACTICE AND ETHICS
CHAPTER 27 --THE FEDERAL GIFT AND ESTATE TAXES
CHAPTER 28--INCOME TAXATION OF TRUSTS AND ESTATES
CHAPTER 17--CORPORATIONS: INTRODUCTION AND OPERATING RULES
1. Tomas owns a sole proprietorship, and Lucy is the sole shareholder of a C corporation. In the current year both businesses make a net profit of $60,000. Neither business distributes any funds to the owners in the year. For the current year, Tomas must report $60,000 of income on his individual tax return, but Lucy is not required to report any income from the corporation on her individual tax return.
True False
2. Rose is a 50% partner in Wren Partnership. During the...