Personal Service Corporations (PSCs) have certain special characteristics. Which of the following describes a PSC?
I. A PSC is not permitted to reduce any of its income from portfolio investments with a passive activity loss.
II. The owner-employees aggregately own more than 95% of the corporate stock.
III. The performance of personal services by owner-employees is the principal activity.
IV
PSCs are subject to a flat income tax of 35% of taxable income.
a. Only statement I is correct
b. Only statement III is correct.
c. Only statements III and IV are correct.
d. Only statements II, III, and IV are correct.
e. Statements I, II, III, and IV are correct.
e
You might also like to view...
________ is some list of all the members of the population
A) Sample estimate B) Sample directory C) Sample frame D) Population directory E) all of the above
In February 2009, the ________ passed the rule requiring all large domestic publicly traded firms to begin formatting their financial statements using XBRL.
A. International Accounting Standards Board. B. American Institute of Certified Public Accountants. C. Financial Accounting Standards Board. D. Securities and Exchange Commission.
Which of the following statements about sales jobs is most likely false?
A. Salespeople represent their companies to the outside world. B. Salespeople spend little or no company funds for entertainment. C. Sales jobs require salespeople to exhibit more tact than other professions do. D. Many salespeople work with little or no supervision. E. Many sales jobs require considerable traveling and time spent away from family.
The BCG matrix approach is problematic in that it ________
A) focuses on planning for the future at the cost of ignoring the present B) focuses solely on current businesses and provides little scope for future planning C) tends to undermine the importance of market growth rate as a measure of market attractiveness D) tends to undermine the importance of relative market share as a measure of company strength in the market E) fails to classify SBUs