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Section A: Questions 1 20 The following statements atomic number 18 either original or false. Select the most captivate answer and change the box low A for true or under B for false. 1. If a business entity organise before 1997 was tax revenueed as a lodge, it will chiefly be taxed as a heap for tax long time subsequently 1996? 2. The Internal Revenue attend will afford a request for a sestet month wing of time to file a alliances income tax extend if the corporation properly completes, and files, Form 7004, Application for machine-driven Extension of eon to File Corporation Income Tax Return, but does non pay any balance repayable by the due date of the return for which the extension applies. 3. For a transpose of place to a corporation to qualify as a tax-free exchange, it must be a transfer 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, acid equipment and a building for c% of the B shares (non voting) parenthood in the new corporation. At the same time, his new co-owner, T. Jefferson certain 100% of the A shares (voting) stock in the corporation for his transfer of $100,000. for each one will have to report a assessable transaction. 5. In 1999, Bill Jones, an attorney, provided all the legal services for the internalization of MindTech, a newly formed corporation. IIf you want to get a adequate ess ay, order it on our website: OrderCustomPaper.com

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