Question
a. Net operating losses provide a tax benefit through the ability to carry forward and offset future operating gains. are lost to the taxpayer as
a. Net operating losses
provide a tax benefit through the ability to carry forward and offset future operating gains.
are lost to the taxpayer as far as a tax benefit is concerned.
can be used to offset tax penalties.
have no tax implications.
b.
A separate tax on earnings which have not been paid out to shareholders is
the alternative minimum tax.
the accumulated earning tax.
the additional corporate environmental tax.
no longer in the Tax Code
c.
Which is true of a sole proprietorship?
It is taxed like a corporation.
It is taxed like a partnership.
It is included with the individual owners return and taxed at individual rates.
It must prepare its own separate return for calculation at special rates.
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