Thursday, May 2, 2024
Specific Property Gifts

4.14.1 Basic Quiz -- Sub S Taxation
S corporations and C corporations only differ in the number of shareholders they can have.
     True      False
C corporations are the most common type of corporation.
     True      False
S corporations may have up to two classes of stock.
     True      False
All types of trusts may own S corporation stock.
     True      False
S corporations are subject to "pass through" taxation like partnerships.
     True      False
A gift of S corporation stock to charity is deductible at fair market value.
     True      False
An S corporation's basis in its assets is called upside-down basis.
     True      False
An S corporation shareholder's basis in his or her S corporation stock is called outside basis.
     True      False
A gift of corporate assets by an S corporation will generate an increase in the outside basis of its shareholders.
     True      False
S corporations may have no more than 100 shareholders.
     True      False



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