Types of Entities
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| S corporations have more restrictive ownership requirements than other entities? | show 🗑
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| show | True
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| Shareholders of C corporations receiving property distributions must recognize dividend income equal to the fair market of the distributed property if the distributing corp has sufficient earnings and profits | show 🗑
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| The deduction for qualified business income applies to owners of flow-through entity owners. | show 🗑
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| The C corporation tax rate is significantly lower than the top individual marginal tax rate. | show 🗑
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| Owners who work for entities taxed as a partnership receive guaranteed payments as compensation. The guaranteed payments are not self-employment income | show 🗑
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| If a C corporation incurs a net operating loss in 2018 it may carry the loss back two years and forward 20 years to offset income in those years. | show 🗑
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| The deduction for qualified business income applies to business income to an owner from all but | show 🗑
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| show | It may not carry the NOL back but can carry forward loss indefinitely
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| show | A from AGI deduction that is not an itemized deduction
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| When an employee/shareholder receives a business income allocation from a S corp what taxes apply to the business income allocation? | show 🗑
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| show | C Corp
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| A C corp's losses must be used at the entity level. That is | show 🗑
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| show | partnership
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| What is the maximum number of unrelated shareholders a C corp, S corp and maximum number of partners a partnership can have | show 🗑
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| On which tax form do LLC's with more than one owner generally report their income and losses? | show 🗑
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| show | Articles of organization
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| show | Corporation
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| Which of the following legal entities file documents with the state to be formally recognized by the state? | show 🗑
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| What describes the marginal tax rate | show 🗑
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| Corporations with annual average gross receipts exceeding $25 million over the prior three years are required to use the accrual method | show 🗑
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| A corporation may not use the cash method of accounting in the second year if it reported more than $25 million in gross receipts in the first year. | show 🗑
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| Any Book tax difference that requires an add-back to book income to compute taxable income is an unfavorable book-tax | show 🗑
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| Income that is included in book income , but excluded from | show 🗑
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| For a corporation , goodwill created in an asset acquisition generally? | show 🗑
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| show | In the year incurred.
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