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1. If a C corporation has a net loss for the year, that loss cannot be used by the shareholder, and that loss is lost.

1. If a C corporation has a net loss for the year, that loss cannot be used by the shareholder, and that loss is lost.

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True

False

2. There must be a realization event, such as a sale or exchange, before gain or loss is realized.

Group of answer choices

True

False

3. Which is not true of the requirements to be considered a qualifying child dependent?

Group of answer choices

a. The child must meet the relationship and age test

b. Child must not have provided more than half of his own support

c. Dependent may not file a tax return

d. Must have the same principal residence as the taxpayer claiming the dependent (excluding temporary absences)

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