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25) Witte Corporation reported the following results for the current year: 25) Taxable income before the dividends-received deduction and before the charitable contributions deduction Dividends-received deduction Charitable contributions (non-cash) $160,000 10,000 30,000 What is the amount of the charitable contribution carryover to next year? A) $30,000 B) $0 C) $16,000 D) $14,000 26) 26) Individuals Gayle and Marcus form GM Corporation. Gayle transfers land and a building with a $750,000 adjusted basis and a $830,000 FMV in exchange for 50% of the stock of the GM Corporation worth $800,000 and a $30,000 note. Marcus transfers cash of $830,000 for 50% of the stock worth $800,000 and a note of the GM Corporation valued at $30,000. The basis of the land and building to GM Corporation is A) $830,000. B) $860,000. C) $780,000. D) $750,000 27) 27) Identify which of the following statements is true. A) Corporate capital loss carrybacks can offset corporate ordinary income earned in previous years. B) A corporate capital loss can be carried back three years, and then can be carried forward five years. C) At the election of a corporation, a net capital loss carryback can be forgone and carried forward only. D) All are false. 28) 28) Which of the following statements is correct regarding a corporation's obligation to make quarterly estimated tax payments? A) The total required estimated payments are generally the lesser of 90% of the corporation's tax liability for the current year or 100% of the tax shown on the preceding year's return. B) The total required estimated payments are generally the lesser of 100% of the corporation's tax liability for the current year or 100% of the tax shown on the preceding year's return. C) The total required estimated payments are generally the lesser of 90% of the corporation's tax liability for the current year or 110% of the tax shown on the preceding year's return. D) The total required estimated payments are generally the lesser of 100% of the corporation's tax liability for the current year or 110% of the tax shown on the preceding year's return. 29) 29) Daniel transfers land with a $92,000 adjusted basis and a $100,000 FMV to a corporation in a Sec. 351 transfer. Immediately after the transfer, Daniel owns 100% of the corporation's stock with a FMV of $15,000. In addition, $85,000 of business-related liabilities are assumed by the corporation with respect to the transfer. No other property is transferred. Daniel's basis in the stock is A) $8,000 B) $100,000. C) $7,000. D) $0. 30) 30) A new corporation is formed on January 2, 2021. In order to have the Selection effective as of the first day of the first tax year, the Form 2553 must be filed no later than A) March 15, 2021. B) the properly extended due date for the 2021 tax return. C) January 2, 2021. D) the original due date for the 2021 tax return