corporation status allows shareholders to realize tax benefits from corporate losses immediately (assuming sufficient stock basis). a. True b. False

 , a. True b. False    2. S corporation status allows shareholders to realize tax benefits from corporate losses immediately (assuming sufficient stock basis). a. True b. False        3. An estate may be a shareholder of an S corporation. a. True b. False    4. An S corporation cannot be a shareholder in another corporation. a. True b. False    5. If a resident alien shareholder moves outside the U.S., the S election is terminated. a. True b. False    6. An S election is made on the shareholder’s Form 2553. a. True b. False    7. An S election made before becoming a corporation is valid only beginning with the first 12-month tax year. a. True b. False        a. True b. False   a. True b. False   a. True b. False   a. True b. False   a. True b. False   a. True b. False   a. True b. False   15. In general, the purpose of ASC 740 (SFAS 109) is to compute and disclose the taxes payable by a business entity to state, local, Federal, and foreign governments, for the current year and all future years. a. True b. False      a. True b. False   17. All organizations that are exempt from Federal income tax are exempt under § 501(c)(3). a. True b. False    18. An exempt entity in no circumstance is subject to Federal income tax. a. True b. False      19. Most states begin the computation of corporate taxable income with an amount from the Federal income tax return. a. True b. False          a. True b. False   a. True b. False   a. True b. False   a. True b. False   a. True b. False   a. True b. False   a. True b. False   a. True b. False   a. True b. False   a. True b. False   a. True b. False

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