Which of the following statements regarding alternative business forms is true?
A. Some states treat S corporations as taxable corporations for purposes of corporate franchise taxes.
B. If an S corporation's election terminates, the corporation is forced to liquidate.
C. Generally, the transfer of property to a new partnership in exchange for a partnership interest is a taxable event.
D. The owners of a new business should be indifferent between operating as an S corporation and a partnership.
Answer: A
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An increase in the money supply is an example of a(n) ____ policy.
A. countercyclical B. procyclical C. contractionary D. expansionary
An oral will can also be referred to as:
A) a pour-over will. B) a nuncupative will. C) a joint will. D) a codicil.
Holo Company reported the following financial numbers for one of its divisions for the year; average total assets of $5,800,000; sales of $5,375,000; cost of goods sold of $3,225,000; and operating expenses of $1,147,000. Compute the division's return on investment:
A. 21.3%. B. 17.3%. C. 14.7%. D. 18.6%. E. 10.4%.
Petty rented an apartment in a building owned by Clark. Jason was coming to visit Petty. Jason slipped and fell down the outside steps, which had not been cleared of ice and snow. Who is liable for Jason's injuries?