Taxation of Business Entities, Chapter 3 Study Questions

May 26th, 2016
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The Corporate Income Tax

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TAXATION OF BUSINESS ENTITIES, CHAPTER 3 QUIZANSWERS ARE HIGHLIGHTED1. What is the advantage of a special apportionment plan for the benefits of the 15%, 25%,and 34% tax rates to members of a controlled group?A.It allocates amounts to the 15%, 25%, and 34% tax rate brackets equally among all the corporations inthe group.B.It avoids wasting the benefit of the 15%, 25%, and 34% lower marginal tax rates that results fromassigning a ratable share of each bracket to a group member with little or no taxable income.C.It allocates all taxable income from the group to the loss members or the members who have the leasttaxable income.D.It maximizes the benefit of the 15%, 25%, and 34% lower marginal tax rates by assigning a ratable shareof each bracket to a group member with little or no taxable income.2. Port Corporation wants to change its tax year from a calendar year to a fiscal year endingJune 30. Port is a C corporation owned by 100 shareholders, none of whom own morethan 5% of the stock. Can Port change its tax year? If so, how can it accomplish thechange?A.Yes, Port may change its annual accounting period. All corporations desiring a change in accountingperiod must file a Form 1128 for approval from the IRS.B.Yes, Port may change its annual accounting period by filing a Form 1128, but only if it meets certainconditions, including the following: the change in accounting period does not cause a substantialdistortion of income, and the corporation is not a

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