Green Corporation is a C corporation. Gary owns all of the stock. During the current year Green Corporation earned taxable income of $1,000,000 and paid a $450,000 dividend to Gary. Which of the following statements iscorrect?

A) Only Green Corporation will pay taxes. Gary will not pay any taxes due to his holdings in Green Corporation.

B) Green Corporation's income will flow through to Gary's tax return, and he will pay the taxes on the $1,000,000 of corporate income.

C) Green Corporation will pay corporate income tax on its earnings, and Gary will pay individual income tax on the dividends.

D) Green Corporation will not pay any taxes, but Gary will pay taxes on the dividend received.

8.Which of the following steps, related to a tax bill, occurs first?

A) consideration by the Joint Conference Committee

B) consideration by the House Ways and Means Committee

C) consideration by the Senate

D) signature or veto by the President of the United States

9. The child credit is for taxpayers with dependent children under the age of

A) 14.

B) 17.

C) 19.

D) 24.

15.Alimony (for 2020) is

A) deductible by the payor and included in income by the payee.

B) deductible by both the payor and the payee.

C) not deductible by the payor and not included in income by the payee.

D) none of the above..

20.Andi purchased an annuity for $144,000 that will pay her $1,500 per month for twenty years. What amount should Andi include in her income each year?

A) $0

B) $8,400

C) $10,800

D) $18,000