True / False
对/错

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
多选题

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?
45.哪种说法不正确？

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？

​

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. 
在这一年中，会发生以下项目。

​

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？

​

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。

​

71. Samantha owned 1,000 shares in Evita, Inc., an S corporation, that uses the calendar year. On October 11, Samantha sells all of her Evita stock. Her stock basis at the beginning of the tax year was $60,000. Evita's ordinary income for the year was $22,000 through the date of sale, and Samantha receives a distribution of $35,000 on May 3rd. Her stock basis at the time of the sale is:
71. Samantha 拥有 S 公司 Evita， Inc. 的 1,000 股股票，该公司使用日历年。10 月 11 日，萨曼莎卖掉了她所有的 Evita 股票。她在纳税年度开始时的股票基础是 60,000 美元。截至销售之日，Evita 今年的普通收入为 22,000 美元，Samantha 在 5 月 3 日收到 35,000 美元的分配。她在出售时的股票基础是：

72. You are given the following facts about a 40% owner of an S corporation. Calculate her ending stock basis.
72. 您会得到以下关于 S 公司 40% 所有者的事实。计算她的期末存货基础。

​

73. Oxen Corporation incurs the following transactions.
73. Oxen Corporation 发生以下交易。

​

Oxen maintains a valid S election and does not distribute any assets (cash or property) to its sole shareholder, Megan. As a result, Megan must recognize (ignore 20% QBI deduction):
Oxen 保持有效的 S 选择，并且不向其唯一股东 Megan 分配任何资产（现金或财产）。因此，梅根必须承认（忽略 20% 的 QBI 扣除）：

74. On January 1, Bobby and Alice equally own all of the stock of an electing S corporation called Prairie Dirt Delight. The entity incurs a $60,000 loss for the year. On the 200th day of the year (not a leap year), Bobby sells his one-half of the stock to his son, Saul. How much of the $60,000 loss, if any, is allocated to Bobby?
74. 1 月 1 日，Bobby 和 Alice 平分拥有一家名为 Prairie Dirt Delight 的选举 S 公司的所有股票。该实体今年亏损 60,000 美元。在一年中的第200天（不是闰年），鲍比将他一半的股票卖给了他的儿子扫罗。60,000 美元的损失（如果有的话）中有多少分配给了鲍比？

75. A cash basis calendar year C corporation reports $100,000 of accounts receivable on the date of its conversion to S status on February 10. By the end of the year, $60,000 of these receivables have been collected. Calculate any built-in gains tax, assuming that there is sufficient taxable income.
75. 以现金为基础的日历年C公司在2月10日转为S状态之日报告的应收账款为100,000美元。到年底，已经收回了60 000美元的应收账款。计算任何内置利得税，假设有足够的应税收入。

76. Mock Corporation converts to S corporation status in 2024. Mock used the LIFO inventory method in 2023 and had a LIFO inventory of $435,000 (FIFO value of $550,000) on the date of the S election. How much tax must be added to Mock’s 2023 corporate tax liability?
76. Mock Corporation 将于 2024 年转换为 S 公司状态。Mock 在 2023 年使用了后进先出库存方法，在 S 选举之日的后进先出库存为 435,000 美元（FIFO 价值为 550,000 美元）。Mock 的 2023 年公司税义务必须增加多少税款？

77.  A calendar year C corporation reports a $41,000 NOL in 2023, but it elects S status for 2024 and generates an NOL of $30,000 in that year. At all times during 2024, the stock of the corporation was owned by the same 10 shareholders, each of whom owned 10% of the stock. Kris, one of the 10 shareholders, holds an S stock basis of $2,300 at the beginning of 2024. How much of the 2024 loss, if any, can she deduct?
77. 一个日历年的 C 公司在 2023 年报告的 NOL 为 41,000 美元，但它在 2024 年选择了 S 状态，并在该年产生了 30,000 美元的 NOL。在 2024 年的任何时候，该公司的股票都由相同的 10 名股东拥有，每人拥有 10% 的股票。Kris 是 10 名股东之一，截至 2024 年初持有 2,300 澳元的 S 股基础。她可以扣除 2024 年的损失（如果有的话）多少？

78. Pepper, Inc., an S corporation, holds a $1 million balance in accumulated E&P.  It reports sales revenues of $400,000, taxable interest of $380,000, operating expenses of $250,000, and deductions attributable to the interest income of $140,000. What is Pepper’s passive income penalty tax payable, if any?
78. Pepper， Inc. 是一家 S 公司，在累计 E&P 中持有 100 万美元的余额。 它报告的销售收入为 400,000 美元，应税利息为 380,000 美元，运营费用为 250,000 美元，利息收入应扣除额为 140,000 美元。Pepper 的被动所得税（如果有）是多少？

79. If the beginning balance in OAA is zero and the following transactions occur, what is the ending OAA balance?
79. 如果OAA的期初余额为零，并且发生了以下交易，则OAA的期末余额是多少？

Depreciation recapture income                                               $21,000
折旧回收收入 $21,000

Payroll tax penalty                                                                      4,200
工资税罚款 4,200

Tax-exempt interest                                                                    5,700
免税利息 5,700

Nontaxable life insurance proceeds                                            3,900
非应税人寿保险收益 3,900

Insurance premiums paid (nondeductible)                                  2,900
已缴保险费（不可扣除） 2,900

Charitable contributions                                                            17,000
慈善捐款 17,000

80. At the beginning of the year, the AAA of Rose, Inc. shows a balance of $682,000. During the year, the following items occur. Compute the end-of-year AAA balance.
80. 年初，Rose， Inc. 的 AAA 显示余额为 682,000 美元。在这一年中，会发生以下项目。计算年终 AAA 余额。

​

Operating income                                                         $452,000
营业收入 $452,000

Interest income                                                                   6,550
利息收入 6,550

Dividend income                                                              14,050
股息收益 14,050

Municipal bond interest income                                       12,000
市政债券利息收入 12,000

Short-term capital loss from sale of building                     7,400
出售建筑物的短期资本损失 7,400

Section 179 expense                                                           6,500
第 179 节费用 6,500

Charitable contributions                                                   19,000
慈善捐款 19,000

Cash distributions                                                             57,000
现金分配 57,000

Depreciation recapture                                                       3,500
折旧回收 3,500

​

81. This year, Jiang, the sole shareholder of a calendar year S corporation, received a distribution of $17,000. On December 31 of the prior year, his stock basis was $3,000. The corporation earned $12,000 ordinary income during the year. It has a zero balance in accumulated E&P. Which statement is correct? Ignore the 20% QBI deduction.
81. 今年，江作为日历年S公司的唯一股东，获得了17,000美元的分配。去年 12 月 31 日，他的股票基础为 3,000 美元。该公司在这一年中赚取了 12,000 美元的普通收入。它在累计勘探和生产方面的余额为零。哪种说法是正确的？忽略 20% 的 QBI 扣除。

82. Which of the following items, if any, has no effect on the stock basis of an S corporation shareholder?
82. 下列哪项（如有）对S公司股东的股票基础没有影响？

83. Lemon Corporation incurs the following transactions.
83. 柠檬公司发生以下交易。

​

Net income from operations                                           $110,000
运营净收入 110,000 美元

Interest income from saving account                                    5,000
储蓄账户利息收入 5,000

Long-term capital gain from sale of securities                     9,000
出售证券的长期资本收益 9,000

Short-term capital loss from sale of securities                     4,000
出售证券造成的短期资本损失 4,000

​

Lemon maintains a valid S election and does not distribute any dividends to its shareholder,
Lemon 保持有效的 S 选择，不向其股东分配任何股息，

Nina. As a result, which of the following must Nina recognize?  Ignore the 20% QBI deduction.
尼娜。因此，妮娜必须识别以下哪一项？忽略 20% 的 QBI 扣除。

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84. Lent Corporation converts to S corporation status in 2023.  Lent had been using the LIFO inventory method and held a LIFO inventory value of $510,000 (FIFO value of $650,000). How much tax , if any, is added for these items for the final C corporation year?
84. Lent Corporation 将于 2023 年转换为 S 公司地位。 Lent一直使用后进先出存货方法，持有后进先出存货价值为510,000美元（先进先出价值为650,000美元）。在C公司的最后一个年度，这些项目增加了多少税（如果有的话）？

Completion

85. As with partnerships, the income, deductions, and tax credits of an S corporation ____________________ to the shareholders annually.
85. 与合伙企业一样，S 公司的收入、扣除额和税收抵免每年____________________给股东。

86. Some ____________________and ​                      taxation rules apply to an S corporation.
86. 一些____________________and税收规则适用于S公司。

87. The choice of a flow-through entity for a closely held corporation often is between a(n) ____________________ (a Federal tax entity) and a(n) ____________________ (a state tax entity).
87. 封闭式公司的流通实体的选择通常在（n）____________________（联邦税务实体）和（n）____________________（州税务实体）之间。

88. If any entity electing S status is currently a C corporation, NOL carryovers from prior years generally____________________ (can/cannot) be used in an S corporation year.
88. 如果任何选择S级身份的实体目前是C级公司，则以前年度的NOL结转generally____________________（可以/不能）用于S公司年度。

89. An S corporation is limited to a theoretical maximum of ____________________ shareholders.
89. S公司理论上最多只能有____________________名股东。

90. Shareholders owning a(n) ____________________ of shares (voting and nonvoting) may ____________________ revoke an S election.
90. 拥有（n）____________________股份（有表决权和无表决权）的股东____________________撤销S选举。

91. If an S corporation has C corporation E & P and passive investment income in excess of ____________________ % of its gross receipts for ____________________ consecutive taxable years, the S election is terminated at the beginning of the ____________________ year.
91. 如果 S 公司连续 ____________________ 纳税年度拥有 C 公司 E & P 且被动投资收入超过其总收入的 ____________________%，则 S 选择在____________________年初终止。

92. Depreciation recapture income is a ____________________ (separately, nonseparately) computed amount.
92. 折旧回收收入是____________________（单独、非单独）计算的金额。

93. An S corporation’s separately stated items generally are identical to those reported by _________________________.
93. S公司单独列报的项目一般与_________________________报告的项目相同。

94. Separately stated items are listed on Schedule _________________________ of the Form 1120S.
94. 1120S表格附表_________________________列出了单独说明的项目。

95. In the case of a complete termination of an S corporation interest, a ____________________ tax year may occur.
95. 在S公司权益完全终止的情况下，可能会出现____________________纳税年度。

96. Since loss property receives a ____________________ in basis without any loss recognition, S corporation distributions of loss property generally should be ____________________.
96. 由于损失财产在没有任何损失确认的情况下获得____________________，因此 S 公司对损失财产的分配通常应____________________。

97. Nonseparately computed loss ____________________ (increases, reduces) an S shareholder’s stock basis.
97. 非单独计算的损失____________________（增加、减少）S股东的股票基础。

98. An S corporation recognizes a ____________________ on any distribution of appreciated property.
98. S公司承认对升值财产的任何分配的____________________。

99. Stock basis first is increased by income items, then ____________________ by distributions, and finally decreased by ____________________.
99.股票基础首先由收入项目增加，然后通过分配____________________，最后由____________________减少。

100. An S corporation’s LIFO recapture amount equals the excess of the inventory’s value under ____________________ over the ____________________ value.
100. S公司的后进先出回收金额等于____________________项下存货价值超过____________________价值。

101. The exclusion of _________________ on the disposition of small business stock (is/is not) _________________ available for S stock.
101. 排除关于处置小企业股票（是/不是）的__________________________________适用于 S 股票。

Subjective Short Answer
主观简答题

102. Estella, Inc., a calendar year S corporation, incurred the following items during the tax year.
102. Estella， Inc. 是一家日历年 S 公司，在纳税年度内发生了以下项目。

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Calculate Estella’s nonseparately computed income.
计算艾丝黛拉的非单独计算收入。

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103. Towne, Inc., a calendar year S corporation, holds AAA of $627,050 at the beginning of the tax year. During the year, the following items occur.
103. Towne， Inc. 是一家日历年 S 公司，在纳税年度开始时持有 627,050 美元的 AAA。在这一年中，会发生以下项目。

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Calculate Towne’s ending AAA balance.
计算 Towne 的期末 AAA 余额。