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Chapter 05: Corporations Earnings and Profits and Dividend Distributions
第5章 企业盈利、利润及股利分配

True / False
对/错

1. Distributions by a corporation to its shareholders are presumed to be a dividend unless the parties can prove otherwise.
1. 公司向股东的分派被推定为股息,除非双方能证明并非如此。

2. A distribution from a corporation will be taxable to the recipient shareholders only to the extent of the corporation’s E & P.
2. 公司的分配仅在公司的 E & P 范围内对接受股东征税。

3. All distributions that are not dividends are a return of capital and decrease the shareholder’s basis.
3. 所有非股息的分配都是资本回报,会降低股东的基础。

4. All cash distributions received from a corporation with a positive balance in accumulated E & P at the beginning of the year will be taxed as dividend income.
4. 年初从累计勘探和生产余额为正的公司收到的所有现金分配将作为股息收入征税。

5. A distribution in excess of E & P is treated as capital gain by shareholders.
5. 超过E&P的分配被股东视为资本收益。

6. The terms “earnings and profits” and “retained earnings” are identical in meaning.
6. “收益和利润”与“留存收益”的含义相同。

7. To determine E & P, some (but not all) previously excluded income items are added back to taxable income.
7. 为了确定E&P,一些(但不是全部)以前排除的收入项目被加回应税所得额。

8. When computing E & P, taxable income is not adjusted for § 179 expense.
8. 在计算E&P时,应纳税所得额不针对§179费用进行调整。

9. When computing current E & P, taxable income must be adjusted for the deferred gain in a § 1031 like-kind exchange.
9. 在计算当期E&P时,应纳税所得额必须根据§1031同类交换中的递延收益进行调整。

10. An increase in the LIFO recapture amount must be added to taxable income to determine E & P.
10. 后进先出回收金额的增加必须添加到应税收入中,以确定 E & P。

11. Use of MACRS cost recovery when computing taxable income does not require an E & P adjustment.
11. 在计算应纳税所得额时,使用MACRS成本回收不需要进行E&P调整。

12. No E & P adjustment is required for regular tax gains under the installment method.
12. 分期付款法下的定期税收收益不需要进行E&P调整。

13. A corporation borrows money to purchase State of Texas bonds. The interest on the loan has no impact on either taxable income or current E & P.
13. 一家公司借钱购买德克萨斯州债券。贷款利息对应税收入或当期勘探与生产均无影响。

14. Federal income tax paid in the current year must be subtracted from taxable income to determine E & P.
14. 当年缴纳的联邦所得税必须从应纳税所得额中减去,以确定E&P。

15. To determine current E & P, taxable income must be increased for any dividends received deduction.
15. 为了确定当前的E&P,必须增加应税收入,以扣除任何股息。

16. Nondeductible meal expense must be subtracted from taxable income to determine current E & P.
16. 不可抵扣的餐费必须从应纳税所得额中减去,以确定当期的E&P。

17. The dividends received deduction has no impact on E & P.
17. 收到的股息扣除对E&P没有影响。

18. A realized gain from an involuntary conversion under § 1033 that is not recognized for income tax purposes has no effect on E & P.
18. 根据第1033条,非自愿转换的已实现收益未被确认为所得税目的,对E&P没有影响。

19. In the current year, Carnation Corporation has a § 179 expense of $20,000. As a result, in the current year, taxable income must be increased by $16,000 to determine current E & P.
19. 本年度,康乃馨公司有 § 179 费用为 20,000 美元。因此,在本年度,应税收入必须增加 16,000 美元才能确定当前的 E& P。

20. A deficit in current E & P is treated as occurring ratably during the year unless the taxpayer can show otherwise.
20. 除非纳税人能证明其他情况,否则当期E&P的赤字被视为在年度内按比例发生。

21. When current E & P has a deficit and accumulated E & P is positive, the two accounts are netted at the date of the distribution. If a positive balance results, the distribution is a dividend to the extent of the balance.
21. 当当期E&P出现赤字且累计E&P为正数时,两个账户在分配之日为净额。如果结果为正余额,则分配为余额范围内的股息。

22. When current E & P is positive and accumulated E & P has a deficit balance, the two accounts are netted for dividend determination purposes.
22. 当当期E&P为正数且累计E&P有赤字余额时,这两个账户将净额计入股息以确定。

23. Regardless of any deficit in current E & P, distributions during the year are taxed as dividends to the extent of accumulated E & P.
23. 无论当期勘探与生产公司是否有任何赤字,当年的分派均以累计勘探与生产为限,作为股息征税。

24. Corporate distributions are presumed to be paid out of E & P and are treated as dividends unless the parties to the transaction can show otherwise.
24. 公司分红被推定为从勘探与生产中支付,并被视为股息,除非交易各方另有证明。

25. Dividends paid to shareholders who hold both long and short positions do not qualify for the reduced tax rate available to individuals in certain years.
25. 支付给同时持有多头和空头头寸的股东的股息不符合某些年份个人可享受的减税税率。

26. Dividends taxed as ordinary income are considered investment income for purposes of the investment interest expense limitation.
26. 作为普通收入征税的股息被视为投资利息支出限制的投资收入。

27. Certain dividends from foreign corporations can be qualified dividends for purposes of the preferential rate available to individuals.
27. 外国公司的某些股息可以作为合格的股息,以享受个人可享受的优惠利率。

28. During the year, Blue Corporation distributes land to its sole shareholder. If the fair market value of the land is less than its adjusted basis, Blue will not be able to recognize a loss on the distribution.
28. 在这一年中,Blue Corporation将土地分配给其唯一股东。如果土地的公允市场价值低于其调整后的基础,Blue将无法确认分配的损失。

29. In a property distribution, the amount of dividend income recognized by a shareholder is always reduced by the amount of liability assumed by a shareholder.
29. 在财产分配中,股东确认的股息收入金额总是减去股东承担的责任金额。

30. Property distributed by a corporation as a dividend is subject to a liability in excess of its basis. For purposes of determining gain on the distribution, the basis of the property is treated as being not less than the amount of liability.
30. 公司作为股息分配的财产应承担超过其基础的债务。为了确定分配收益的目的,财产的基础被视为不低于负债金额。

31. A corporation that distributes a property dividend must reduce its E & P by the adjusted basis of the property less any liability on the property.
31. 分配财产股息的公司必须将其 E & P 减去调整后的财产基础减去财产的任何负债。

32. Under certain circumstances, a distribution can generate (or add to) a deficit in E & P.
32. 在某些情况下,分配可以产生(或增加)E& P的赤字。

33. Constructive dividends do not need to satisfy the legal requirements for a dividend as set forth by applicable state law.
33. 推定股息不需要满足适用的州法律规定的股息法律要求。

34. Constructive dividends have no effect on a distributing corporation’s E & P.
34. 推定股息对分配公司的E&P没有影响。

35. If a stock dividend is taxable, the shareholder’s basis in the newly received shares is equal to the fair market value of the shares received in the distribution.
35. 如果股票股息应纳税,则股东对新收到的股票的基数等于在分配中获得的股票的公允市场价值。

36. A corporate shareholder who receives a constructive dividend cannot apply a dividends received deduction to the distribution.
36. 获得推定股息的公司股东不能将收到的股息扣除用于分配。

37. If a distribution of stock rights is taxable and their fair market value is less than 15 percent of the value of the old stock, then either a zero basis or a portion of the old stock basis may be assigned to the rights at the shareholder’s option.
37. 如果股票权利的分配是应纳税的,并且其公平市场价值低于旧股票价值的15%,则股东可以选择将零基础或旧股票基础的一部分分配给权利。

38. If there is sufficient E & P, a distribution of nonconvertible preferred stock to common shareholders is taxable.
38. 如果有足够的E&P,则向普通股股东分配不可转换优先股应纳税。

39. The rules used to determine the taxability of stock dividends also apply to distributions of stock rights.
39. 用于确定股票股息可征税性的规则也适用于股票权利的分配。

40. If stock rights are taxable, the recipient has income to the extent of the fair market value of the rights.
40. 如果股票权利应纳税,则接受者的收入不得超过权利的公平市场价值。

Multiple Choice
多选题

41. The tax treatment of corporate distributions at the shareholder level does not depend on:
41. 股东层面公司分配的税务处理不取决于:

42. Rose Corporation (a calendar year taxpayer) has taxable income of $300,000, and its financial records reflect the following for the year.
42. Rose Corporation(日历年纳税人)的应税收入为 300,000 美元,其财务记录反映了该年度的以下内容。

Federal income taxes paid
缴纳的联邦所得税

$110,000

Net operating loss carryforward deducted currently
当期结转净营业亏损

70,000

Gain recognized this year on an installment sale from a prior year
今年在上一年的分期付款销售中确认的收益

44,000

Depreciation deducted on tax return (ADS depreciation would have been $10,000)
纳税申报表上扣除的折旧(ADS 折旧为 10,000 美元)

40,000

Interest income on Iowa state bonds
爱荷华州国债的利息收入

8,000

Rose Corporation’s current E & P is:
Rose Corporation目前的E&P是:

43. Tern Corporation, a cash basis taxpayer, has taxable income of $500,000 for the current year. Tern elected $25,000 of § 179 expense. It also had a related-party loss of $20,000 and a realized (not recognized) gain from an involuntary conversion of $75,000. It paid Federal income tax of $150,000 and paid a nondeductible fine of $10,000. Tern’s current E & P is:
43. 燕鸥公司是一家以收付实现制为基础的纳税人,本年度的应税收入为 500,000 美元。Tern 选择了 25,000 美元的 § 179 费用。该公司还产生了20,000美元的关联方损失,以及75,000美元的非自愿转换带来的已实现(未确认)收益。它支付了 150,000 美元的联邦所得税,并支付了 10,000 美元的不可扣除罚款。Tern目前的E&P是:

44. Silver Corporation, a calendar year taxpayer, has taxable income of $550,000. Among its transactions for the year are the following:
44. Silver Corporation 是日历年的纳税人,应税收入为 550,000 美元。本年度的交易如下:

Collection of proceeds from insurance policy on life of corporate
从公司人寿保险单中收取收益

 

officer (in excess of cash surrender value)
高级职员(超过现金退保价值)

$82,500

Realized gain (not recognized) on an involuntary conversion
非自愿转换时的实际收益(未确认)

11,000

Nondeductible fines and penalties
不可扣除的罚款和处罚

44,000

Disregarding any provision for Federal income taxes, Silver Corporation’s current E & P is:
撇开任何联邦所得税的规定不谈,Silver Corporation目前的E&P是:

45. Which of the following statements is incorrect with respect to determining current E & P?
45. 在确定当前勘探和生产方面,以下哪项陈述不正确?

46. Aaron and Michele, equal shareholders in Cavalier Corporation, receive $25,000 each in distributions on December 31 of the current year. During the current year, Cavalier sold an appreciated asset for $60,000 (basis of $15,000). Payment for the sale of the asset will be made as follows: 50% next year and 50% in the following year with interest payable at a rate of 6 percent. Before considering the effect of the asset sale, Cavalier’s current-year E & P is $40,000 and it has no accumulated E & P. How much of Aaron’s distribution will be taxed as a dividend?
46. Aaron 和 Michele 是 Cavalier Corporation 的平等股东,在当年 12 月 31 日各获得 25,000 美元的分配。在本年度,Cavalier 以 60,000 美元(按 15,000 美元计算)的价格出售了增值资产。出售资产的付款将按以下方式支付:明年支付50%,下年支付50%,利息按6%支付。在考虑资产出售的影响之前,Cavalier的当年E&P为40,000美元,并且没有累积的E&P。Aaron 的分配中有多少将作为股息征税?

47. Tracy and Jerome, equal shareholders in Macaw Corporation, receive $600,000 each in distributions on December 31 of the current year. Macaw’s current-year taxable income is $1,000,000 and it has no accumulated E & P. Last year, Macaw sold an appreciated asset for $1,200,000 (basis of $400,000). Payment for one-half of the sale of the asset was made this year. How much of Tracy’s distribution will be taxed as a dividend?
47. Tracy 和 Jerome 是金刚鹦鹉公司的平等股东,在当年 12 月 31 日各获得 600,000 美元的分配。金刚鹦鹉当年的应税收入为1,000,000美元,没有累计E&P。去年,金刚鹦鹉以 1,200,000 美元(按 400,000 美元计算)的价格出售了一项升值资产。今年支付了资产出售的一半款项。特雷西的分配中有多少将作为股息征税?

48. Falcon Corporation ended its first year of operations with taxable income of $250,000. At the time of Falcon’s formation, it incurred $50,000 of organizational expenses. In calculating its taxable income for the year, Falcon claimed an $8,000 deduction for the organizational expenses. What is Falcon’s current E & P?
48. 猎鹰公司以250,000美元的应税收入结束了第一年的运营。在方垦成立之初,它产生了50,000美元的组织费用。在计算当年的应纳税收入时,方垦申请扣除8,000美元的组织费用。方垦目前的勘探与生产是什么?

49. During the current year, Hawk Corporation sold equipment for $600,000 (adjusted basis of $360,000). The equipment was purchased a few years ago for $760,000 and $400,000 in MACRS deductions have been claimed. ADS depreciation would have been $300,000. As a result of the sale, the adjustment to taxable income needed to determine current E & P is:
49. 本年度,Hawk Corporation 以 600,000 美元的价格出售设备(调整后按 360,000 美元计算)。该设备是几年前以 760,000 美元的价格购买的,并申请了 400,000 美元的 MACRS 扣除额。ADS 折旧为 300,000 美元。出售后,确定当前E&P所需的应税收入调整为:

50. On January 2, 2023, Orange Corporation purchased equipment for $300,000 with an ADS recovery period of 10 years and a MACRS useful life of 7 years. Section 179 was not elected. MACRS depreciation properly claimed on the asset, including depreciation in the year of sale, totaled $79,605. The equipment was sold on July 1, 2024, for $290,000. As a result of the sale, the adjustment to taxable income needed to arrive at current E & P is:
50. 2023 年 1 月 2 日,Orange Corporation 以 300,000 美元的价格购买了设备,ADS 回收期为 10 年,MACRS 使用寿命为 7 年。第179条没有当选。该资产的MACRS适当要求折旧,包括销售年度的折旧,共计79,605美元。该设备于 2024 年 7 月 1 日以 290,000 美元的价格售出。出售的结果是,达到当前E&P所需的应税收入调整为:

51. Tungsten Corporation, a calendar year cash basis taxpayer, made estimated tax payments of $800 each quarter in 2023, for a total of $3,200. Tungsten filed its 2023 tax return in 2024 and the return showed a tax liability $4,200. When it filed its tax return in 2024, Tungsten paid an additional $1,000 in Federal income taxes. How does the additional payment of $1,000 impact Tungsten’s E & P?
51. 钨业公司是以现金为基础的历年纳税人,在 2023 年每季度缴纳的预估税款为 800 美元,总额为 3,200 美元。Tungsten 于 2024 年提交了 2023 年的纳税申报表,纳税申报表显示纳税义务为 4,200 美元。在 2024 年提交纳税申报表时,Tungsten 额外缴纳了 1,000 美元的联邦所得税。1,000美元的额外付款对钨的E&P有何影响?

52. Inka and Eva each own one-half of the stock in Parakeet Corporation, a calendar year taxpayer. Cash distributions from Parakeet are $350,000 to Inka on April 1 and $150,000 to Eva on May 1. If Parakeet’s current E & P is $60,000, how much is allocated to Eva’s distribution?
52. Inka 和 Eva 各自拥有 Parakeet Corporation 的一半股份,这是日历年的纳税人。4 月 1 日,长尾小鹦鹉向 Inka 分配了 350,000 美元,5 月 1 日向 Eva 分配了 150,000 美元。如果 Parakeet 目前的 E & P 是 60,000 美元,那么分配给 Eva 的分配多少?

53. Cedar Corporation is a calendar year taxpayer formed in 2019. Cedar’s E & P before distributions for each of the past five years is listed below.
53. Cedar Corporation 是 2019 年成立的日历年纳税人。下面列出了Cedar过去五年每年的E&P分配前。

2023

$28,000

2022

$40,000

2021

$39,000

2020

$68,000

2019

$16,000

Cedar Corporation made the following distributions in the previous five years.
Cedar Corporation在过去五年中进行了以下分配。

2022

Land (basis of $70,000, fair market value of $80,000)
土地(70,000美元,公允市场价值80,000美元)

2019

$20,000 cash
$20,000 现金

Cedar’s accumulated E & P as of January 1, 2024 is:
截至 2024 年 1 月 1 日,Cedar 的累计 E & P 为:

54. Maria and Christopher each own 50% of Cockatoo Corporation, a calendar year taxpayer. Distributions from Cockatoo are $750,000 to Maria on April 1 and $250,000 to Christopher on May 1. Cockatoo’s current E & P is $300,000 and its accumulated E & P is $600,000. How much of the accumulated E & P is allocated to Christopher’s distribution?
54. Maria 和 Christopher 各自拥有 Cockatoo Corporation 50% 的股份,Cockatoo Corporation 是日历年的纳税人。4 月 1 日,Cockatoo 向 Maria 分配了 750,000 美元,5 月 1 日向 Christopher 分配了 250,000 美元。Cockatoo目前的E&P为300,000美元,其累计E&P为600,000美元。累积的E&P中有多少分配给Christopher的分配?

55. Robin Corporation, a calendar year taxpayer, has a deficit in current E & P of $200,000 and a $580,000 positive balance in accumulated E & P. If Robin determines that a $700,000 distribution to its shareholders is appropriate at some point during the year, what is the maximum amount of the distribution that could potentially be treated as a dividend?
55. 罗宾公司(Robin Corporation)是一家日历年的纳税人,其当期勘探与生产赤字为200,000美元,累计勘探与生产为580,000美元。如果 Robin 确定在一年中的某个时候向其股东分配 700,000 美元是合适的,那么可能被视为股息的最高分配金额是多少?

56. Pheasant Corporation, a calendar year taxpayer, has $400,000 of current E & P and a deficit in accumulated E & P of $180,000. If Pheasant pays a $600,000 distribution to its shareholders on July 1, how much dividend income do the shareholders report?
56. Pheasant Corporation,一个日历年的纳税人,有400,000美元的当前E&P和180,000美元的累计E&P赤字。如果 Pheasant 在 7 月 1 日向其股东支付 600,000 美元的股息,股东报告的股息收入是多少?

57. Jasmine is the sole shareholder of Condor Corporation. She sold her stock to Melissa on October 31 for $150,000. Jasmine’s basis in Condor stock was $50,000 at the start of the year. Condor distributed land to Jasmine immediately before the sale. Condor’s basis in the land was $20,000 (fair market value of $25,000). On December 31, Melissa received a $75,000 cash distribution from Condor. During the year, Condor has $20,000 of current E & P and its accumulated E & P balance on January 1 is $10,000. Which of the following statements is true?
57. Jasmine是Condor Corporation的唯一股东。她于 10 月 31 日以 150,000 美元的价格将股票卖给了梅丽莎。今年年初,Jasmine在Condor股票中的基础是50,000美元。Condor在出售前立即将土地分配给Jasmine。Condor在这块土地上的基础是20,000美元(公平市场价值为25,000美元)。12 月 31 日,Melissa 收到了 Condor 的 75,000 美元现金分配。在这一年中,Condor拥有20,000美元的当前E&P,其1月1日的累计E&P余额为10,000美元。以下哪项说法是正确的?

58. Blue Corporation has a deficit in accumulated E & P of $300,000 and has current E & P of $225,000. On July 1, Blue distributes $250,000 to its sole shareholder, Sam, who has a basis in his stock of $52,500. As a result of the distribution, Sam has:
58. Blue Corporation 的累计 E & P 赤字为 300,000 美元,目前的 E & P 为 225,000 美元。7 月 1 日,Blue 向其唯一股东 Sam 分配了 250,000 美元,Sam 的股票基础为 52,500 美元。作为分发的结果,Sam 拥有:

59. Renee, the sole shareholder of Indigo Corporation, sold her stock to Chad on July 1 for $180,000. Renee’s stock basis at the beginning of the year was $120,000. Indigo made a $60,000 cash distribution to Renee immediately before the sale and Chad received a $120,000 cash distribution from Indigo on November 1. As of the beginning of the current year, Indigo had $26,000 in accumulated E & P and current E & P (before distributions) was $90,000. Which of the following statements is correct?
59. Indigo Corporation 的唯一股东 Renee 于 7 月 1 日以 180,000 美元的价格将其股票出售给乍得。Renee年初的股票基础为120,000美元。Indigo 在出售前立即向 Renee 分配了 60,000 澳元的现金,Chad 于 11 月 1 日从 Indigo 获得了 120,000 澳元的现金分配。截至今年年初,Indigo 的累计 E & P 为 26,000 美元,当前的 E&P(分配前)为 90,000 美元。以下哪项说法是正确的?

60. Tangelo Corporation has an August 31 year-end. Tangelo had $50,000 in accumulated E & P at the beginning of its 2024 fiscal year (September 1, 2023) and during the year, it incurred a $75,000 operating loss. It also distributed $65,000 to its sole shareholder, Cass, on November 30, 2023