The lesser of the qualified production activities income for the year or the taxable income before the US production activities deduction times what gives you the US production activities deduction.
What is 9%.
100
True or False:
The Foreign Tax Credit comes after the General Business Credit.
What is FALSE
100
Two or more corporations owned directly or indirectly by the same shareholder or group of shareholders.
What is controlled group.
100
Fees paid to the state of incorporation.
What is an organizational expenditure.
100
If the corporations first tax period does not cover a full 12-month period.
What is a short tax period
200
The percent to be deducted of dividends received if the corporation owns 50% of the company.
What is 80%.
200
Regular tax liability of a company with a taxable income of $900,000.
What is $306,000 [113,900 + .34(900,000-335,000)]
200
The result of selling a capital asset.
What is Net Capital Gain or Loss
200
Costs for the survey of potential markets.
What is Start-up Expenditure
200
A corporation that reports income when it actually receives the income and reports expenses when it pays them.
What is the cash method.
300
True or False:
The NOL deduction comes after the Charitable Contribution deduction.
What is TRUE
300
A PSC tax rate.
What is 34%.
300
Walt owns 70% of South Corp. and 30% of North Corp. Gail owns 70% of North Corp. and 30% of South Corp.
What is Brother-Sister Controlled Group.
300
Legal expenses to draft corporation charter.
What is organizational expenditure.
300
A corporation must file Form 1128.
What is Annual Accounting Period.
400
The percent to be deducted of dividends received if the corporation owns 50% of a foreign company.
What is 0.
400
Taxable Income of $10,000.
What is $1500
400
The section that allows you to recapture depreciation.
What is Sec. 291.
400
The value of a property that is used when the property has been gifted to a charitable organization.
What is Fair Market Value (FMV).
400
A corporation uses the accrural method and the cash method together.
What is The Hybrid Method.
500
If a corporations deductions exceed its gross income.
What is Net Operating Loss (NOL).
500
Section 53
What is Minimum Tax Credit
500
True or False:
A controlled group can file a consolidated tax return one year and separate tax returns the next.
What is FALSE
500
The maximum amount of charitable contributions that a corporation can make.