1. Which 1 of the following is not true? a. Corporations do not have the Constitutional right of freedom of expression b. If a corporation liquidates, common shareholders have rights to a corporations assets before preferred shareholders c. IRC Sec 1361(a) (2) defines a C corp as a corporation which is not an S corp for such year. d. A and B are not true 2. Which 1 of the following is not true? a. Privately held C corporations are required to meet Security and Exchange Commission regulations b. Publicly traded C corporations can raise capital easier than privately held C corporations c. Publicly held C corporations are required to meet Security and Exchange Commission regulations d. Shares of privately held C corporations cannot be bought on the New York Stock Exchange 3. Which 1 of the following is not true about consolidated tax returns? a. A parent and subsidiary group is not legally required to file a consolidated tax return b. All members of a consolidated group must use the parent corps tax year c. In a consolidated tax return, 1 member of the consolidated group can offset its capital gain by another members capital loss d. All members of a consolidated group must use the parents method of accounting 4. In which 1 of the following is GM Corp not required to file a federal corporate income tax return? a. GM Corp stopped manufacturing vehicles and sold all of its assets b. GM Corp did not have taxable income in 2000 c. GM Corp stopped manufacturing vehicles and sold all of its assets except for 1 warehouse d. GM Corp had taxable income in 2010 5. Which 1 of the following is not true? a. Because an accrual and calendar year corporations board of directors approved a charitable donation on December 31, 2018 and the corporation paid it on April 15, 2019, the corporation can deduct the donation on its 2018 tax return b. US corporations are taxed by the US on both its domestic and foreign income c. Because an accrual and calendar year corporations board of directors approved a charitable donation on December 31, 2018 and the corporation paid it on June 1, 2019, the corporation cannot deduct the donation on its 2018 tax return d. If Omega Corp has a $100 NOL in 2018, it can use that NOL to offset its income in 2019 6. Which one of the following is not true about C corporations? a. Shareholders can use a C corporations losses to offset their own gains b. A foreign corporation can be a C corporation shareholder c. A business entity with only one shareholder can qualify as a C corporation d. C corporations can issue more than one class of stock