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Exam 22: S Corporations

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Question 61

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Separately stated items are listed on Schedule _________________________ of the Form 1120S.

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Question 62

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Shareholders owning a(n) ____________________ of shares (voting and nonvoting) may ____________________ revoke an S election.

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majority,v...

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Question 63

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Oxen Corporation incurs the following transactions. ​ Oxen maintains a valid S election and does not distribute any assets (cash or property) to its sole shareholder,Megan.As a result,Megan must recognize:

Alomar,a cash basis S corporation in Orlando,Florida,holds the following assets and liabilities on January 1,2016,the date the S election is made. ​ During the year,Alomar collects the accounts receivable and pays the accounts payable.The land is sold for $3 million,and the taxable income for the year is $590,000.Calculate any built-in gains tax.

The § 1202 exclusion of _________________ on the disposition of small business stock (is/is not) _________________ available for S stock.

An S shareholder who dies during the S corporation tax year must report his or her share of the pro rata income (loss) items up to the date of death,on the final individual tax return.

The passive investment income of an S corporation includes net capital gains from the sale of stocks and securities.

If an S corporation's beginning balance in OAA is zero,and the following transactions occur,what is the ending OAA balance? ​

Several individuals acquire assets on behalf of Skip Corporation on May 28,purchased assets on June 3 and began business on June 11.They subscribe to shares of stock,file articles of incorporation for Skip,and become shareholders on June 21.The S election must be filed no later than 2 1/2 months after:

Depreciation recapture income is a ____________________ computed amount.

Which statement is incorrect with respect to filing an S election?

​A corporation may alternate between S corporation and C corporation status each year,depending on which results in more tax savings.

Distributions of appreciated property by an S corporation are not taxable to the entity.

Voting common stock and voting preferred stock (with a preference on dividends) would be treated as ____________________ class(es) of stock.

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.

Only 51% of the shareholders must consent to an S election.

The choice of a flow-through entity for a closely-held corporation often is between a(n) ____________________ (a Federal tax entity) and a(n) ____________________ (a state tax entity).

All tax preference items flow through the S corporation,to be included in the shareholders' AMT calculations.

A two-or-more member ____________________ operates under ____________________ tax principles.

An S corporation recognizes a ____________________ on any distribution of appreciated property.