5 4.55 Alpha Corporation has net income before the charitable contribution deduction, dividends received deduction, and net operating loss of $50,000. Alpha made charitable donations of $100,000, had a dividends received deduction of $30,000, and a net operating loss carryforward coming into the year of $40,000. How much charitable deduction can be taken on its tax return. $0 $5.000 $50,000 None of the other answers is correct. Question 6 4.55 pts Which of the following statements about a section 351 transaction is true? Shareholders may prefer paying tax on a corporate Antribution of property as opposed to utilizing section 351. e cntribution of None of the other answers is correct. Loss may be recognized to the extent of boot received. Shareholders man elect whether to apply section 351 nonrecognition Question 7 4.55 pts While representing a client in an IRS tax examination, Jolene, a CPA, discovers income that the client fraudulently failed to be report on his tax return that is under audit. The client refuses to correct the error. Which of the following statements is true? Jolene is legally required to report the error to the IRS. Jolene may continue to represent the client, even though she knows of his fraudulent actions. Jolene is required to withdraw from representing the client. Jolene should report the error to the IRS. As a representative of the client, Jolene may lie to the IRS when it is necessary to protect the client's interests. Which of the following constitutes tax evasion? A corporation's decision to hire a CPA to find tax saving techniques in order to lower its amount of tax liability. O A corporations decision to report charitable deductions paid in cash beyond the amount contributed A corporation's decision to invest in tax-exempt state bonds instead of a taxable investment account, All of the other answers are correct. A corporations decision to move manufacturing operations to Mexico due to a cheaper workforce and lower taxes. MacBook Pro Q " $ 4 3 07 & 7 6 ( 9 8 0 E R T Y U 0 D F G H J L C V