Identify which of the following statements is true.
A) The exchange of stock for services rendered is not a taxable transaction.
B) The repeal of Sec. 351 would result in more existing businesses being incorporated.
C) Section 351 was enacted to allow taxpayers to incorporate without incurring adverse tax consequences.
D) All of the above are false.
C) Section 351 was enacted to allow taxpayers to incorporate without incurring adverse tax consequences.
You might also like to view...
In the ATM model, if the nominal interest rate declines, then the
A. number of days between visits to the ATM and the quantity of money demanded both rise. B. number of days between visits to the ATM and the quantity of money demanded both fall. C. number of days between visits to the ATM rises and the quantity of money demanded falls. D. number of days between visits to the ATM falls and the quantity of money demanded rises.
Tests of controls for the occurrence assertion for purchases include all of the following except:
A. evaluating proper segregation of duties. B. testing a sample of vouchers for matching receiving reports. C. tracing a sample of vouchers to purchases journal. D. testing a sample of vouchers for an authorized purchase order.
How many categories are research designs classified into?
A) 4 B) 2 C) 3 D) 6 E) There is no specific number of research design categories.
The primary responsibility for enforcing air quality standards lies with:
A. international agencies. B. local governments. C. the federal government. D. the states.