1. Which of the following is not generally a factor in business entity selection?

		Ease of formation
		Limited liability protection
		Nature of business
		Pass-through taxation

5 points

QUESTION 2

1. Individual proprietors report their business income and deductions on:

		Form 1065
		Form 1120S
		Schedule A
		Schedule C

5 points

QUESTION 3

1. The built-in gain tax is a corporate level tax that applies to:

		"S" Corporations that convert to limited liability companies
		"C" Corporations that convert to "S" Corporations
		"C" Corporations that convert to a partnership
		"S" Corporations that convert to "C" corporations

5 points

QUESTION 4

1. When preparing tax forms, how much of a corporation's net capital loss of $10,000 can be keyed into the software to directly offset ordinary income if there are 3 shareholders?

		$0
		$3,333
		$6,000
		$10,000