Answer the following statements true (T) or false (F)
1. Corporate distributions that exceed earnings and profits are always capital gains.
2. Corporations may always use retained earnings as a substitute for earnings and profits.
3. When computing E&P, Section 179 property must be expensed ratably over a five-year period, starting with the month in which it is expensed for Sec. 179 purposes.
4. A shareholder's basis in property distributed as a dividend is its fair market value.
1. FALSE
2. FALSE
3. TRUE
4. TRUE
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Alex recently began working for a new manager who motivates him to work for the good of the company instead of for himself. Alex's manager is an example of a(n) ________ leader.
a. motivational b. inspirational c. transformational d. psychological
In calculating the net cash provided by or used in operations using the indirect method, which of the following items would be added to net income?
A. A decrease in Salaries and Wages Payable. B. An increase in long-lived assets. C. An increase in Accounts Receivable. D. A decrease in Prepaid Rent.
Jack, an office supply salesperson, recently called on a customer who was trying to select photos to include in a catalog. The customer wanted to look at the 10 photos side-by-side for comparison, but his easel was too small and the cinderblock walls in the office would not hold tacks or tape. The customer explained that the situation was a regular issue for him. Jack obtained a roll of cork and a can of cork glue to convert an office wall into a giant bulletin board. In this instance, Jack acted as a(n):
A. tactical partner. B. creative problem solver. C. low-involvement decision maker. D. exchange creator. E. transactional partner.
The Whistleblower Protection Act offers protection to the vast majority of federal executive-branch employees
Indicate whether the statement is true or false