Answer the following statements true (T) or false (F)
1. The S corporation rules were enacted to allow small corporations to enjoy the nontax advantages of the corporate form of business without being subject to the tax disadvantage of double taxation.
2. Up to six generations of a family are considered as one shareholder for purposes of the 100-shareholder limit.
3. Corporations and partnerships can be S corporation shareholders.
4. A testamentary trust can be an S shareholder for two years, beginning on the date the stock transfers to the trust.
1. TRUE
2. TRUE
3. FALSE
4. TRUE
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An accountant who violates the federal securities acts may be subjected to an administrative hearing before the Federal Trade Commission (FTC).
Answer the following statement true (T) or false (F)
Managerial accounting information includes all of the following except:
A. financial statements prepared in accordance with generally accepted accounting principles. B. budgets. C. cost reports. D. performance evaluations, for example budget-to-actual reports.
Deposits of federal withholdings, Social Security taxes and Medicare taxes may be made using Form 8109
Indicate whether the statement is true or false
When referencing SQL attributes, the attribute information always reflects the information from the most recent SQL statement processed.
Answer the following statement true (T) or false (F)