Reference no: EM13327748

Question 1
Corporate capital losses can only be claimed against capital gains in the year of the loss plus the previous three years and five future years.

Select one:
True
False



Question 2
Which of the following information is necessary to determine a corporation's charitable contribution

Select one:

taxable income before the charitable contributions

any claimed dividend received deduction

the domestic production deduction

all of the above



Question 3

A corporation can elect to forego the three year capital loss carryback and only carry the loss forward for five years.

Select one:

True

False

Question 4
Dividend income earned by a large taxable income corporation is effectively taxed a rate lower than the individual 15% dividend tax rate.
Select one:

True

False

Question 5
A net long term capital gain of a corporation is subject to a maximum tax rate of 15%.
Select one:
True

False

Question 6
A personal holding company is a regular corporation which is BOTH closely held and derives a substantial portion of corporate income from passive sources.
Select one:
True
False