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ACC 317 Week 6 Quiz 2

This pack of ACC 317 Week 6 Quiz 2 contains the answers on:

1. Distributions by a corporation to its shareholders are presumed to be a dividend unless the parties can prove otherwise.a. Trueb. False2. A distribution from a corporation will be taxable to the recipient shareholders only to the extent of the corporationsE & P.a. Trueb. False3. Distributions that are not dividends are a return of capital and decrease the shareholders basis.a. Trueb. False4. Cash distributions received from a corporation with a positive balance in accumulated E & P at the beginning of the year will be taxed as dividend income.a. Trueb. False5. A distribution in excess of E & P is treated as capital gain by shareholders.a. Trueb. False6. The terms earnings and profits and retained earnings are identical in meaning.a. Trueb. False7. To determine E & P, some (but not all) previously excluded income items are added back to taxable income.a. Trueb. False8. When computing E & P, taxable income is not adjusted for 179 expense.a. Trueb. False9. When computing current E & P, taxable income must be adjusted for the deferred gain in a 1031 like kindexchange.a. Trueb. False10. An increase in the LIFO recapture amount must be added to taxable income to determine E & P.a. Trueb. False11. Use of MACRS cost recovery when computing taxable income does not require an E & P adjustment.a. Trueb. False12. No E & P adjustment is required for regular tax gains under the installment method.a. Trueb. False13. A corporation borrows money to purchase State of Texas bonds. The interest on the loan has no impact on either taxable income or current E & P.a. Trueb. False14. Federal income tax paid in the current year must be subtracted from taxable income to determine E & P.a. Trueb. False15. To determine current E & P, taxable income must be increased for any domestic production activities deduction.a. Trueb. False

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