24, 25, 26

e voluntary revoke the corporations Corporation the corporation will be treated for tax purposes as 16. If the shareholders of an scor es effective in the sixth month of the a regular corporation for the whole tax year 17. The accumulated earningsta prevents Corporation shareholders from avoiding to pay taxes on dividends received in excess of the corporation's retained earnes 18. A corporation may elect to take a tax credit for devedendis paid instead of claiming a dividend- received deduction 19. A corporation must reconcile the differences between net income as shown on the company's accounting books and the taxable income as shown on the tax return 20. The tax consequences to shareholders from the operations of an corporation are equivalent to the tax consequences to partners from the operations of their partnership 21. 5 corporations pay taxes at a higher rate than do regular corporations F_22. Corporations are subject to the alternative minimum tax 23. Corporations are granted favorable tax treatment for short-term capital losses II. MULTIPLE CHOICE QUESTIONS (60 Points) _24. Adam and Eve file their tax returns using the married filing jointly status. Their AGlis $500,000. They have two children, ages 11 and 7. How much child tax credit can Adam and Eve claim for their two children? A $0 B. $1,000 -C. $2,000 D. $4,000 E. None of the above. The answer is 25. Sarah is divorced and files a single tax return claiming her two children, ages 7 and 9, as dependents. Her adjusted gross income for 2018 is $250,000. Sarah's child tax credit for 2018 is: A. $0 - B. $2,500 C. $4,000 D. $1,500 E. None of the above. The answer is 26. Which of the following is not a requirement to claim an earned income credit? A. Social Security number B. At least one child claimed as a dependent C. Having earned income within specified limits D. US citizenship or legal resident status E None of the above