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Category > Accounting Posted 28 Aug 2023 My Price 11.00

BUS 378 CBE1-Federal Taxation II Quiz 2

Question 1 (1 point)

 
 
 
 
 
 
 
 
 

C Corporations are currently subjected to a top corporate tax rate of 35%.

 
Question 1 options:
 

Question 2 (1 point)

 
 
 
 
 
 
 
 
 

C Corporation's deductible charitable contributions for the specific tax year may not exceed what % of it's charitable contribution limit modified taxable income?

 
Question 2 options:

10%

12%

8%

No limit

 

Question 3 (1 point)

 
 
 
 
 
 
 
 
 

C Corporation's deductible charitable contributions for the specific tax year may not exceed what % of it's charitable contribution limit modified taxable income?

 
Question 3 options:

carry back 3 years and forward 5 years

Indefinitely

carry back 2 years and forward 20 years

20 years

 

Question 4 (1 point)

 
 
 
 
 
 
 
 
 

A Net Operating Loss can offset up to 70% of taxable income.

 
Question 4 options:
 

Question 5 (1 point)

 
 
 
 
 
 
 
 
 

Dividends received from other corporations are taxed as ordinary income. C Corporations are allowed a Dividends Received Deduction (DRD) that reduce the actual taxes paid on the dividend if they are a domestic corporation. What would the DRD be for a corporation owning 35% stock in the corporation paying the dividend?

 
Question 5 options:

0%

50%

65%

100%

 

Question 6 (1 point)

 
 
 
 
 
 
 
 
 

Some very common differences between Book (GAAP) and Tax (IRS) are interest received from municipal bonds, death benefits from life insurance on key employees, business meal expenses, fines and penalties, bad debts, and entertainment expenses.

 
Question 6 options:
 

Question 7 (1 point)

 
 
 
 
 
 
 
 
 

Form 1120 Schedule M-10 is used to reconcile Book Income (GAAP) to Tax Income (IRS)?

 
Question 7 options:
 

Question 8 (1 point)

 
 
 
 
 
 
 
 
 

C Corporations must use the accrual method of accounting when their average gross receipts exceed

 
Question 8 options:

$25M over the prior 3 years

$35M over the prior 3 years

$55M over the prior 3 years

$15M over the prior 3 years

 

Question 9 (1 point)

 
 
 
 
 
 
 
 
 

Although a corporation may report a temporary book-tax difference for an item of income or deduction for a given year, over the long term the total amount of income or deduction it reports with respect to that item will be the same for both book and tax purposes.

 
Question 9 options:
 

Question 10 (1 point)

 
 
 
 
 
 
 
 
 

For book (financial reporting/GAAP) purposes, UMPI, Inc. reported $15,000 of income from municipal bonds in 2018. It also expensed $12,000 of environmental pollution fines paid to the EPA the same year. What is the total book-tax difference associated with these items? 

 
Question 10 options:

$3,000

$12,000

$15, 000

$27,000

 

Question 11 (1 point)

 
 

 
 
 
 
 
 
 

In 2018, UMPI Inc. received $350,000 in dividends from Husson Inc. UMPI's taxable income is $300,000 before recognizing the dividends received deduction  and $20,000 charitable contribution deduction. What is UMPI's DRD assuming it owns 15% of the Husson Inc. stock?

 
Question 11 options:

$140,000

$175,000

$227,500

$350,000

Answers

(118)
Status NEW Posted 28 Aug 2023 04:08 PM My Price 11.00

BUS----------- 37-----------8 C-----------BE1------------Fe-----------der-----------al -----------Tax-----------ati-----------on -----------II -----------Qui-----------z 2-----------

Attachments

file 1693241782-BUS 378 CBE1-Federal Taxation II Quiz 2.docx preview (612 words )
Q-----------ues-----------tio-----------n 1----------- (-----------1 p-----------oin-----------t) -----------  ----------- C----------- Co-----------rpo-----------rat-----------ion-----------s a-----------re -----------cur-----------ren-----------tly----------- su-----------bje-----------cte-----------d t-----------o a----------- to-----------p c-----------orp-----------ora-----------te -----------tax----------- ra-----------te -----------of -----------35%-----------. -----------Que-----------sti-----------on -----------1 o-----------pti-----------ons-----------: -----------Tru-----------e -----------Fal-----------se ----------- Qu-----------est-----------ion----------- 2-----------(1----------- po-----------int-----------) -----------  ----------- C -----------Cor-----------por-----------ati-----------on'-----------s d-----------edu-----------cti-----------ble----------- ch-----------ari-----------tab-----------le -----------con-----------tri-----------but-----------ion-----------s f-----------or -----------the----------- sp-----------eci-----------fic----------- ta-----------x y-----------ear----------- ma-----------y n-----------ot -----------exc-----------eed----------- wh-----------at -----------% o-----------f i-----------t's----------- ch-----------ari-----------tab-----------le -----------con-----------tri-----------but-----------ion----------- li-----------mit----------- mo-----------dif-----------ied----------- ta-----------xab-----------le -----------inc-----------ome-----------? -----------Que-----------sti-----------on -----------2 o-----------pti-----------ons-----------: -----------10%----------- 1-----------2% ----------- 8%----------- N-----------o l-----------imi-----------t -----------Que-----------sti-----------on -----------3 -----------(1 -----------poi-----------nt)----------- ----------- -----------C C-----------orp-----------ora-----------tio-----------n's----------- de-----------duc-----------tib-----------le -----------cha-----------rit-----------abl-----------e
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