Question: hello , can you please help me answer those a question correctly, thank you. Saved Help Save & Exit Subn Keisha owns 100% of DEF
hello , can you please help me answer those a question correctly, thank you.















Saved Help Save & Exit Subn Keisha owns 100% of DEF Company and has a basis ofof $12,000. Keisha has a: $10,000 in its stock. DEF has earnings and profits of $9,000 and distributes a cash dividend to Keisha Multiple Choice Nontaxable distribution of $3,000 Nontaxable distribution of $1,000. OQ Dividend of $12,000OO Capital gain of $2,000. i'= Q. Search "@,' i 7 — e eE U 8 @ £ hd 5/16/2024 2Sunshine Company has book income of $250,000. It also has tax depreciation in excess of book depreciation of $30,000 and $10,000 of interest on tax-exempt bonds. Without regard to tax expense, what is Sunshine's taxable income?ppedMultiple ChoiceO$290,000.O$270,000.O$230,000.O$210,000. HelpSave &33If a corporation would like a Subchapter S election to be valid for the current year, a Form 2553 must be filed:SkippedMultiple ChoiceOIn the prior fiscal year.OBefore the 15th day of the third month of the current fiscal year.OBefore the 15" day of the third month of the current fiscal year or in the prior fiscal year.OBefore the 15" day of the fourth month of the current fiscal year. 34The general rule regarding income and expense items of a partnership and their classification is:SkippedMultiple ChoiceOAll income and expense items of a partnership that may be treated differently at the partner level must be "separately stated".OAll income and expense items of a partnership are treated as separately stated items.OAll income and expense items of a partnership are treated as capital income or losses.OAll income and expense items of a partnership are treated as ordinary income/expense items. AM 4 iSavedHelpSave & Ex35Patrick is age 30, single, and has AGI of $101,000. He would like to contribute to a Coverdell Education Savings Account (CESA) for his niece, Eileen. What isthe maximum CESA contribution Patrick can make for Eileen in 2023?SkippedMultiple ChoiceO$1,200O$0O$2,000O$1,500McGraw EXAM 4 iSaved36Regarding a full or partial rollover of assets from one retirement plan to another retirement plan:SkippedMultiple ChoiceOrollovers are normally taxable to the beneficiary.Oa tax-free rollover can be made from a traditional IRA to a Roth IRAOrollovers are permitted only in unusual circumstances.Oa tax-free rollover can be made from a traditional IRA to another traditional IRA.McGrawPrev36of 46Next 4 iSavedMiguel contributes land to a partnership with a basis of $12,000 and an FMV of $18,000. How much gain will Miguel recognize?ppedMultiple Choice$18,000.$0.O$6,000.O$12,000. 4 1SavedHelpSave & EMayim is a self-employed accountant with net earnings (profit) from the practice of $74,000. Mayim's self-employment taxes for the year are:Note: Round your answer to two decimal places.kippedMultiple ChoiceO$10,250.85.O$10,450.21O$10,455.87.O$11,322.00.McHillQ Search1080acer Hyman is age 34, single, and has AGI of $130,000. He would like to contribute to a Coverdell Education Savings Account (CESA) for his niece, Danielle.Danielle's father has already contributed $500 to a CESA in 2023. What is the maximum CESA contribution Hyman can make for Danielle in 2023?Multiple ChoiceO$500O$2,000O$0O$1,500McGrawHillQ Search OAndre formed a corporation and owns all the stock. He contributed property with an FMV of $10,000 and a basis of $7,000, and he received $1,000 cash fromthe corporation. Andre's taxable gain is:ppedMultiple ChoiceO$10,000.O$1,000.O$0O$3,000.McGrawHillQ Search11:17 PM5/16/2024080acerOS EXAM 4 1Saved41The payroll tax withholding system was established to help fund governmental operations.SkippedTrue or FalseTrueFalseMc Hyman is age 34, single, and has AGI of $130,000. He would like to contribute to a Coverdell Education Savings Account (CESA) for his niece, Danielle.Danielle's father has already contributed $500 to a CESA in 2023. What is the maximum CESA contribution Hyman can make for Danielle in 2023?Multiple ChoiceO$500O$2,000O$0O$1,500McGrawHillQ Searchacer For wages paid in 2023, an employer must send Copy A of each Form W-2 along with the W-3 transmittal form to the SSA no later than:SkippedMultiple ChoiceOMarch 1, 2024.OFebruary 28, 2024.OFebruary 1, 2024.OJanuary 31, 2024.McGraw
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
