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Chapter 12: S Corporations

True / False

1. Liabilities affect the owner’s basis differently in an S corporation than they do in a partnership.
1. 负债对 S 公司所有者基础的影响与合伙企业不同。

2. An S corporation cannot incur a tax liability at the corporation level.
2. S 公司不能在公司层面承担纳税义务。

3. Distributions of appreciated property by an S corporation are not taxable to the entity.
3. S 公司对增值财产的分配不对该实体征税。

4. A newly formed S corporation does not receive any tax benefit from a C corporation's  NOL incurred in its first election tax year.
4. 新成立的 S 公司不会从 C 公司在其第一个选举纳税年度产生的 NOL 中获得任何税收优惠。

5. S corporation status allows shareholders to realize tax benefits from corporate losses immediately (assuming sufficient stock basis).
5. S公司地位允许股东立即从公司亏损中实现税收优惠(假设有足够的股票基础)。

6. NOL carryforwards from C years can be used in an S corporation year against ordinary income.
6. C 年度的 NOL 结转可用于 S 公司年度的普通收入。

7. Tax-exempt income at the S corporation level flows through as taxable income to the shareholder.
7. S公司层面的免税收入作为应税收入流向股东。

8. A one-person LLC can be a shareholder of an S corporation.
8. 一人有限责任公司可以成为 S 公司的股东。

9. A corporation may alternate between S corporation and C corporation status each year depending on which results in more tax savings.
9. 公司每年可以在 S 公司和 C 公司身份之间交替,具体取决于这样可以节省更多税款。

10. An estate may be a shareholder of an S corporation.
10. 遗产可以是 S 公司的股东。

11. A former spouse is treated as being in the same family as the individual to whom they were married for purposes of determining the number of S corporation shareholders.
11. 前配偶在确定S公司股东人数时,被视为与结婚的个人属于同一家庭。

12. A corporation can revoke its S election as of a future date.
12. 公司可以在未来的某个日期撤销其 S 选举。

13. Most limited liability partnerships can own stock in an S corporation.
13. 大多数有限责任合伙企业可以拥有 S 公司的股票。

14. The AAA begins with a zero balance on the first day of an S corporation’s first tax year.
14. AAA 从 S 公司第一个纳税年度的第一天的零余额开始。

15. An S corporation's AAA can have a negative balance.
15. S 公司的 AAA 可以有负余额。

16. A distribution from the other adjustment account (OAA) is not taxable to an S shareholder.
16. 从其他调整账户 (OAA) 分配不对 S 股东征税。

17. An S election made before becoming a corporation is valid only beginning with the first 12-month tax year.
17. 在成为公司之前做出的 S 选择仅从第一个 12 个月的纳税年度开始有效。

18.  At least 51% of the shareholders must consent to an S election.
18. 至少 51% 的股东必须同意 S 选举。

19. Persons who were S shareholders during any part of the year before the election date but were not shareholders when the election was made also must consent to an S election.
19. 在选举日前一年的任何时间是 S 股东但在进行选举时不是股东的人也必须同意 S 选举。

20. The termination of an S election occurs on the day after a corporation ceases to be a qualifying S corporation.
20. S 选举的终止发生在公司不再是合格的 S 公司的第二天。

21. The passive investment income of an S corporation includes gains from the sale of securities.
21. S公司的被动投资收益包括出售证券的收益。

22. Tax-exempt income at the corporate level flows through as exempt income to S shareholders.
22. 公司层面的免税收入作为免税收入流向 S 股东。

23. The Section 179 expense deduction is a Schedule K item on the Form 1120S.
23. 第 179 节费用扣除是 1120S 表格上的附表 K 项目。

24. Depreciation recapture income is a Schedule K item on the Form 1120S.
24. 折旧回收收入是 1120S 表格上的附表 K 项目。

25. A per-day, per-share allocation of flow-through S corporation items must be used.
25. 必须使用流通 S 公司项目的每日、每股分配。

26. Any distribution of cash or other property by a corporation that does not exceed the balance of AAA with respect to S stock during a post-termination transition period of approximately one year, is applied against and reduces the basis of the S stock.
26. 在终止后大约一年的过渡期内,公司对 S 股票的任何现金或其他财产的分配不超过 AAA 余额,均适用于并减少 S 股票的基础。

27. A capital loss allocated to a shareholder always reduces the Other Adjustments Account.
27. 分配给股东的资本损失总是会减少其他调整账户。

28. An item such as tax-exempt interest that appears in the Other Adjustments Account affects stock basis, but not AAA.
28. 其他调整账户中出现的免税利息等项目影响股票基础,但不影响 AAA。

29. An S corporation does not recognize a loss when distributing assets that are worth less than their basis.
29. S公司在分配价值低于其基础的资产时不确认损失。

30. When loss assets are distributed by an S corporation, a shareholder’s basis is equal to the asset’s fair market value.
30. 当亏损资产由S公司分配时,股东的基数等于资产的公允市场价值。

31. An S shareholder’s basis is increased by stock purchases and capital contributions.
31. S股东的基础通过股票购买和出资增加。

32. An S shareholder’s basis is decreased by distributions treated as being paid from AAA.
32. S 股东的基数因被视为从 AAA 支付的分配而减少。

33. An S corporation shareholder’s stock basis includes their direct investments plus a ratable share of any corporate liabilities.
33. S公司股东的股票基础包括其直接投资加上任何公司负债的应课税份额。

34. An S shareholder’s stock basis can be reduced below zero.
34. S股东的股票基础可以降低到零以下。

35. An S shareholder’s stock basis is reduced by flow-through losses before accounting for distributions.
35. S股股东的股票基础在考虑分配之前减去流转损失。

36. An S shareholder’s stock basis does not include a ratable share of S corporation liabilities.
36. S股股东的股票基础不包括S公司负债的应课税份额。

37. An S corporation can claim a deduction for its operating loss amounts.
37. S公司可以要求扣除其经营亏损金额。

38. The corporate-level tax on recognized built-in gains applies when an S corporation disposes of an asset in a taxable disposition within five years after the date on which the S election took effect.
38. 当 S 公司在 S 选择生效之日起五年内以应税处置方式处置资产时,对已确认的内置收益征收公司级税。

39. The LIFO recapture tax is a variation of the passive investment income penalty tax.
39. 后进先出回收税是被动投资收入罚税的变体。

40. The passive investment income of an S corporation includes net capital gains from the sale of stocks and securities.
40. S公司的被动投资收益包括出售股票和证券的净资本收益。

41. Compensation paid to employees by an S corporation generates a corporate-level FICA tax liability.
41. S公司向雇员支付的薪酬产生公司层面的FICA纳税义务。

42. The exclusion of gain on disposition of small business stock is not available on disposition of S corporation stock.
42. 在处置S公司股票时,不排除处置小企业股票的收益。

43. There are no advantages for an S corporation to issue § 1244 stock.
43. S 公司发行 § 1244 股票没有任何优势。

Multiple Choice

44. An S corporation is subject to the following tax(es).
44. S 公司需缴纳以下税款。

45. Which statement is incorrect?

46. An S corporation must possess which of the following characteristics?
46. S公司必须具备以下哪些特征?

47. Which entity is eligible to make the S election?
47. 哪个实体有资格进行 S 选举?

48. Identify a disadvantage of being an S corporation.
48. 确定成为 S 公司的缺点。

49. Which of the following, if any, can be eligible shareholders of an S corporation?
49. 以下哪项(如有)可成为S公司的合资格股东?

50. Which statement is incorrect with respect to filing an S election?
50. 关于提交 S 选举,哪项陈述不正确?

51. Which of the following, if any, are eligible shareholders of an S corporation?
51. 以下哪项(如有)是 S 公司的合资格股东?

52. Several individuals acquired assets on behalf of Skip Corporation on May 28, purchased assets on June 3 and began business on June 11. They subscribe to shares of stock, file articles of incorporation for Skip, and become shareholders on June 21. The S election must be filed no later than two and one-half months after:
52. 5月28日,一些人代表Skip Corporation收购了资产,6月3日购买了资产,6月11日开始营业。他们认购股票,为 Skip 提交公司章程,并于 6 月 21 日成为股东。S 选举必须在以下两个半月内提交:

53. The theoretical maximum number of actual shareholders in an S corporation is:
53. S公司实际股东的理论上限为:

54. Which statement is incorrect with respect to the number-of-shareholders test in filing an S election?
54. 在提交 S 选举时,关于股东人数测试,哪项陈述不正确?

55. A new S corporation shareholder can revoke the S election unilaterally, if they own how much of the existing S corporation’s stock?
55. 新的S公司股东可以单方面撤销S选举,如果他们拥有现有S公司的多少股份?

56. Which statement is incorrect with respect to an S shareholder’s consent?
56. 关于S股东的同意,哪项陈述不正确?

57. Which item does not appear on Schedule K of Form 1120S?
57. 1120S 表格附表 K 中没有出现哪些项目?

58. Which item is not included in an S corporation’s nonseparately computed income?
58. S公司非单独计算的收入不包括哪些项目?

59. Which item does not appear on Schedule K of Form 1120S?
59. 1120S 表格的附表 K 中没有出现哪些项目?

60. What method is used to allocate S corporation income or losses (unless an election to the contrary is made)?
60. S公司的收入或亏损采用什么方法分配(除非作出相反的选择)?

61. If an S corporation’s beginning balance in OAA is zero and the following transactions occur, what is the entity's ending OAA balance?
61. 如果 S 公司的 OAA 期初余额为零,并且发生了以下交易,则该实体的 OAA 期末余额是多少?

Depreciation recapture income


Payroll tax penalty


Tax-exempt interest income


Nontaxable life insurance proceeds


Life insurance premiums paid (nondeductible)


62. Which transaction affects the Other Adjustments Account on an S corporation’s Schedule M-2?
62. 哪项交易会影响 S 公司附表 M-2 上的其他调整账户?

63. Which of the following items, if any, decreases an S corporation’s AAA?
63. 以下哪项(如有)会降低 S 公司的 AAA?

64. During the year, Marcus, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. At the end of last year, his stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. It holds a zero balance in accumulated E & P. Which statement is correct?
64. 在这一年中,S日历年公司的唯一股东Marcus获得了16,000美元的分配。去年年底,他的股票基础是4,000美元。该公司在这一年中赚取了 11,000 美元的普通收入。它在累计E&P中保持零余额。哪种说法是正确的?

65. Amit, Inc., an S corporation, holds an AAA balance of $614,000 at the beginning of the tax year.
65. Amit, Inc. 是一家 S 公司,在纳税年度开始时持有 614,000 美元的 AAA 余额。

During the year, the following items occur. 

Operating income


Interest income


Dividend income


Municipal bond interest income


Long-term capital loss from sale of investment land


Section 179 depreciation deduction
第 179 节折旧扣除


Charitable contributions


Cash distributions


Amit’s ending AAA balance is:
Amit 的期末 AAA 余额为:

66. Kinney, Inc., an electing S corporation, holds $5,000 of AEP and $9,000 in AAA at the beginning of the calendar tax year. Kinney has two shareholders, Eric and Maria, each of whom owns 500 shares of Kinney’s stock. Kinney’s taxable income is $6,000 for the year. Kinney distributes $6,000 to each shareholder on February 1, and it distributes another $3,000 to each shareholder on September 1. How is Eric taxed on the distribution?
66. Kinney, Inc. 是一家选举 S 公司,在日历纳税年度开始时持有 5,000 美元的 AEP 和 9,000 美元的 AAA。Kinney 有两个股东,Eric 和 Maria,他们每个人都拥有 500 股 Kinney 的股票。Kinney 当年的应税收入为 6,000 美元。Kinney 于 2 月 1 日向每位股东分配 6,000 美元,并于 9 月 1 日向每位股东再分配 3,000 美元。埃里克如何对分配征税?

67. Fred is the sole shareholder of an S corporation in Fort Deposit, Alabama. At a time when his stock basis is $20,000, the corporation distributes appreciated property worth $100,000 (basis of $20,000). Fred’s taxable gain is:
67. Fred 是阿拉巴马州 Fort Deposit 一家 S 公司的唯一股东。当他的股票基础为 20,000 美元时,公司分配价值 100,000 美元(基础为 20,000 美元)的升值财产。弗雷德的应税收益为:

68. You are given the following facts about a solely owned S corporation. What is the shareholder’s ending stock basis?
68. 您将获得有关独资 S 公司的以下事实。股东的期末股票基础是什么?

Increase in AAA


Increase in OAA


Payroll tax penalty


Beginning stock basis


Stock purchases


Tax-exempt life insurance proceeds


Life insurance premiums paid (nondeductible)


69. Which of the following reduces a shareholder’s S corporation stock basis?
69. 以下哪项会减少股东的 S 公司股票基础?

70. You are given the following facts about a 50% owner of an S corporation. Compute her ending stock basis.
70. 您会得到以下关于 S 公司 50% 所有者的事实。计算她的期末库存基础。