Identify which of the following statements is false.
A) The AAA balance can be negative, but the shareholder's basis in the S corporation stock cannot be less than zero.
B) The AAA represents the cumulative income/loss recognized in post-1982 S corporation years.
C) Nonmoney property distributions made by an S corporation having accumulated E&P are treated differently when determining the corporate-level gain recognized under Sec. 311 than are property distributions made by an S corporation without accumulated E&P.
D) Tax-exempt income does not increase the AAA but increases the basis of the S corporation stock.
C) Nonmoney property distributions made by an S corporation having accumulated E&P are treated differently when determining the corporate-level gain recognized under Sec. 311 than are property distributions made by an S corporation without accumulated E&P.
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Which of the following facts would require a lessor to classify a lease as an operating lease?
A) Important uncertainties exist about unreimbursable costs yet to be incurred by the lessor. B) No bargain purchase option is provided for by the lease agreement. C) The lease term is 65% of the estimated economic life of the leased property. D) The sum of the minimum lease payments is 90% of the fair value of the leased property to the lessor.
The recent large increase in ________ has caused consumers to adjust their spending in other categories.
A. consumer confidence B. property values C. automobile prices D. interest rates E. gasoline prices
What information does a break-even analysis provide for a firm?
A. how much the company needs to sell to cover its expenses B. what market share the company needs to attain to surpass its competitors C. how much profit a firm needs to make before diversification can take place D. the length of time that it will take for a company to pay off all its debts E. a bottom-line estimate of the firm's profitability
The NAFTA provides MFN provisions for trade in services sectors
Indicate whether the statement is true or false