Corporations Question 1 of 75. Which of the following statements is true regarding C corporation dividend distributions? O The dividend distributions are taxed at the entity level O The dividend distributions are taxed at the individual shareholder level only O The dividend distributions are not taxed because the income was already taxed at the entity level O The dividend distributions are taxed first at the time they are calculated at the entity level and then also taxed at the individual shareholder level. Mark for follow up Question 2 of 75. Mush Fitness finished the year with $62,675 in gross receipts and sales. During the year, customers of Mush Fitness were refunded a total of $550. The total compensation expense for their officers was $40,000. The company also paid their facility's annual rent of $11,000. What is the total income reported on the Form 1120S, line 67 $11,125 O $12.225 $62,125 $62.675 Mark for follow up Question 3 of 75. The highest tax rate for corporations for 2018 is 21%. 34%. 38%. 39%. Mark for follow up Question 4 of 75. Which of the following statements regarding C corporations is true? OA C corporation is a separate enty for tax purposes OShareholders have limited liability. O Shareholders are taxed only when the corporation distributes earnings and profts O Alllof the above statements are correct Mark for follow up