Reference no: EM132930454

Questions -

Q1 - What is the difference between permanent and temporary book-tax differences? Please list one.

Q2 - What are the most common legal entities used for operating a business? How are these entities treated similarly and differently for state law purposes?

Q3 - Which Business Entities protect their owners from business liabilities? How are each of these entities taxed? What on earth is the check-the-box election all about?

Q4 - In very general terms, how is the alternative minimum tax system different from the regular income tax system? How is it similar?

Q5 - What is meant by the phrase "double taxation of corporate income"?  How did the U.S. try to rectify this problem?

Q6 - Assume a calendar-year corporation has a deficit in current E&P of ($100) and positive accumulated E&P of $100. Under this circumstance, a cash distribution of $100 to the corporation's sole shareholder on June 30 will not be treated as a dividend because total E&P at December 31 is $0. True or false? Explain.