1. In structuring the capitalization of a corporation, the tax law is neutral for the investor as to debt versus equity financing. True or False

2/In the current year, Plum Corporation, a computer manufacturer, donated 100 laptop computers to a local university (a qualified educational organization). The computers were constructed by Plum earlier this year, and the university will use the computers for research and research training. Plum's basis in the computers is $35,000, and their fair market value is $120,000. What is Plum's deduction for the contribution of the computers (ignoring the taxable income limitation)? a.$85,000 b.$77,500 c.$120,000 d.$35,000 e.$70,000

3/Regardless of any deficit in current E & P, distributions during the year are taxed as dividends to the extent of accumulated E & P. True OR False

4/ As a general rule, C corporations must use the cash method of accounting. However, under several exceptions to this rule (e.g., average annual gross receipts of $5 million or less for the most recent 3-year period), a C corporation can use the accrual method. True False

5/Blue Mart operates a large chain of retail stores. The company has four warehouses that are located in various parts of the country. The cost of operating the warehouses can be expensed immediately because it is a cost that is incurred even though the goods were not sold during the year. True or false

6/A personal service corporation with taxable income of $100,000 will have a tax liability of $22,250. True or false

7/ The tax treatment of corporate distributions at the shareholder level does not depend on a. Whether the distributed property is received by an individual or a corporation. b.The basis of stock in the hands of the shareholder. c.The character of the property is distributed. d.The earnings and profits of the corporation. e.None of these choices are correct.

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