1.) A corporation with $165,000 of taxable income has an effective income tax rate of:

A. 25%

B. 39%

C. 34%

D. 29%

3.) A controlled group of corporations:

A. Must be related via ownership

B. Must consist of 3 or more corporations

C. Must have a parent subsidiary relationship

D. Circumvent the lower tax brackets for corporations

4.) A controlled group apportionment schedule:

A. Is filed to apportion ownership among various controlled corporations

B. Is filed using the latest year end of the corporation in the group

C. Is not necessary if the corporation are in agreement as to the apportionment

D. Is required for controlled corporations to document certain shared tax benefits

5.) Once filed, the apportionment schedule:

A. Is unalterable

B. May be changed as each subsequent corporation's return in the group is filed

C. May be changed at any time

D. May be changed for any corporation

6.) In computing corporate taxable income, you may not consider:

A. The corporate Exemption of $24,000

B. Deductions Peculiar to Corporations

C. Deductions Statutorily Granted or Limited to Corporations

7.) The Dividends Received Deduction is:

A. Limited to the Dividends Paid by the Corporation

B. Based upon the outstanding stock of the invested company

C. Is available for all Dividends received

D. Varies according to where the Paying Corporation is domiciled.