Question 6

Generally, dividends are taxed twice -- once to the corporation and again to the shareholders

True

False

Question 7

A personal service corporation with taxable income of $100,000 will have a tax liability of $22,250.

True

False

Question 8

Section 351 States: No gain or loss shall be recognized if property is transferred to a corporation by one or more persons solely in exchange for stock in such corporation and immediately after the exchange such person or persons are in control (as defined in section 368(c)) of the corporation.

True

False