1. Keckye Co. is a calendar year C corporation. When is Keckye's 2017 tax return due? a....
Question:
a. March 15, 2018
b. April 16, 2018
c. June 15, 2018
d. October 15, 2018
2. Keckye Co. is a C corporation with a fiscal year-end of September 30. When is Keckye's 2017 tax return due?
a. March 15, 2018
b. April 16, 2018
c. December 15, 2017
d. January 15, 2018
3. The following chart shows ownership percentages of Devon Corp. in X, Y and Z Corporations and dividends received by Devon from these corporations in 2017.
Devon's Ownership % Dividend Received
X Corp...........................15%..................................$100,000
Y Corp............................20%....................................120,000
Z Corp............................30%....................................200,000
Devon is a calendar year corporation and received no other dividends in 2017. What amount of dividend income must be included by Devon on its 2017 corporate tax return?
a. $126,000
b. $114,000
c. $94,000
d. $106,000
4. Crimson Corp. was organized as a calendar year corporation in January 2017, incurring $51,000 in qualified organizational expenses, and began business in March 2017. What is the maximum amount Crimson may deduct for organizational expenditures on its 2017 corporate tax return?
a. $4,000
b. $6,611
c. $6,350
d. $7,133
5. When preparing Schedule M-1 of Form 1120, which of the following must be added to net income per books in order to compute taxable income?
a. 100% of meals and entertainment expense
b. Municipal bond interest
c. Excess of tax vs. book depreciation
d. Accrued bad debt expense
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Related Book For 
South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts
ISBN: 1389
41st Edition
Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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