ACCT 553 Week 5 Quiz
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Chapter 14 1 . Please explain how Charitable Contributions come into play in determining " Corporate " taxable income . ( 5 pts ) 2 . What happens to a loss on the Corporate Tax Return ( Form 1120 )? Does it pass through to the shareholders ? Is it available for future or past periods ? Please explain in detail . ( 5 pts .) 3 . Please describe the purpose of Sch3edules M-1 and M-3 . When is a Schedule M-3 required in lieu of a Schedule M-1 . ( 5 pts .) Chapter 17 4 . Please define and differentiate a Spin-off , Split-off , and Split-up . ( 5 pts .) ================================================
ACCT 553 Week 5 Quiz
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1 . ( TCO E ) For federal tax purposes , royalty income not derived in the ordinary course of a business is classified as : 2 . ( TCO F ) When comparing corporate and individual taxation , the following statements are true , except : 3 . ( TCO H ) Al and Amy file a joint return for the 2012 tax year . Their adjusted gross income is $ 80,000 . They had a net investment income of $ 8,000 . In 2012 , they had the following interest expenses :
Personal credit card interest : $ 4,000 Home mortgage interest : $ 8,000