24 Which of the towing wes is generally "es" (sly to be a Pederal Income Tax paying anity? OC (Regular) Corporation O Trust Partnership Estate QUESTION 25 lola Corporation, an Accrual Basis calendar year corporation, was formed and began operations on July 1, 2021. The following Expenses were incurred during its first year of operations July 1, 2021-December 31, 2021) Expenses of Temporary Directors and Organizational Meetings-$2,600, State incorporation fee- 1800 Expenses of printing and sale of stock certificates $600; Legal services for drafting corporate charter and By Laws (not paid until January 2022) $3,400 (Total $7,400), if lola Corporation makes a timely election to amortize its qualifying Organizational Expenses, it may deduct a maximum for the tax year of 2021 $5,000 $5,060 O $6,800. $560. QUESTION 26 Which of the following is not a Corporate Characteristic for purposes of identifying if an entity is an Association for Federal income Tax purposes? O Centralized Management O Unlimited Liability Free Transferability Of Ownership Interest Associates. QUESTION 27 During 2000, Paula Corporation ja Calender Year taxpayers had an sarees Long Term Capital Lass fax years because of Capat Gains in the three (3) p 2021, a Cop Capital Gain of $15,000 As a result of these transactions, for 2021, Pa Corpora O Short-Term Capital Gain of $15,000 Long Term Capital Gain of 320,000 Short-Term Capital Gain of O Long-Term Capital Gain or $18,000. QUESTION 28 Geppert Corporation purchased Residential Real Estate at a cost of $250,000 Accelerated Depreciation in the amount of $164,000 had been cemently dimed on the property when the property was sold for $420,000 Straight-Line Depreciation would have been $120,000. On the sale, Geppert Corporation would recogni follows $44,000 Section 1250 Gain (Ordinary Income) and $290,000 Section 1231 Gain (Long-Term Capital Gain) O $334,000 Section 1250 Gain (Ordinary Income). O $334,000 Section 1231 Gain (Long-Term Capital Gain) O $68,000 Section 1250 Gain (Ordinary Income) and $266,000 Section 1231 Gain (Long-Term Capital Gain)