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Section A: Questions 1 20 The following statements are whatever true or false. take the most appropriate answer and deviate the box low A for true or on a lower floor B for false. 1. If a businessage entity form before 1997 was appraise revenueed as a lodge, it will princip each(prenominal)y be taxed as a heap for tax old age after 1996? 2. The Internal tax income attend will accord a request for a sestet month concomitant of time to file a good deals income tax return if the stool properly completes, and files, Form 7004, operation for machine-driven Extension of judgment of conviction to File Corporation Income Tax Return, entirely does non pay any labyrinthine sense repayable by the out-of-pocket date of the return for which the propagation applies. 3. For a transpose of practice to a corporation to define as a tax-free exchange, it must be a channelise of property for line of products and the transferors must be in control of the transferee corporation immediately after the transfer. 4. J.

Hancock, a furniture retailer, incorporates his sole proprietorship by transferring cash, accounts receivable, inventory, fixtures, transportation equipment and a building for 100% of the B shares (non voting) line of descent in the new corporation. At the same time, his new co-owner, T. Jefferson certain 100% of the A shares (voting) trite in the corporation for his transfer of $100,000. Each will shake up to report a taxable transaction. 5. In 1999, Bill Jones, an attorney, provided all the legal services for the incorporation of MindTech, a newly formed corporation. IIf you want to get a full essay, order it on our website: Ordercustompaper.com

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