Chapter 14 1. Please explain how Charitable Contributions come into play in determining " Corporate " taxable income.( 5 pts) 2. What happens to a loss on the Corporate Tax Return( Form 1120)? Does it pass through to the shareholders? Is it available for future or past periods? Please explain in detail.( 5 pts.) 3. Please describe the purpose of Sch3edules M-1 and M-3. When is a Schedule M-3 required in lieu of a Schedule M-1.( 5 pts.) Chapter 17 4. Please define and differentiate a Spin-off, Split-off, and Split-up.( 5 pts.) ================================================== ACCT 553 Week 5 Quiz
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Chapter 14 1. Please explain how Charitable Contributions come into play in determining " Corporate " taxable income.( 5 pts) 2. What happens to a loss on the Corporate Tax Return( Form 1120)? Does it pass through to the shareholders? Is it available for future or past periods? Please explain in detail.( 5 pts.) 3. Please describe the purpose of Sch3edules M-1 and M-3. When is a Schedule M-3 required in lieu of a Schedule M-1.( 5 pts.) Chapter 17 4. Please define and differentiate a Spin-off, Split-off, and Split-up.( 5 pts.) ================================================== ACCT 553 Week 5 Quiz
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1.( TCO E) For federal tax purposes, royalty income not derived in the ordinary course of a business is classified as: 2.( TCO F) When comparing corporate and individual taxation, the following statements are true, except: 3.( TCO H) Al and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $ 80,000. They had a net investment income of $ 8,000. In 2012, they had the following interest expenses:
Personal credit card interest: $ 4,000 Home mortgage interest: $ 8,000