1. Distributions by a
corporation to its shareholders are presumed to be a dividend unless the
parties can prove otherwise.
a. True
b. False
2. A distribution from a
corporation will be taxable to the recipient shareholders only to the extent of
the corporationâs E & P.
a. True
b. False
3. Distributions that
are not dividends are a return of capital and decrease the shareholderâs basis.
a. True
b. False
4. 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.
a. True
b. False
5. A distribution in
excess of E & P is treated as capital gain by shareholders.
a. True
b. False
6. The terms âearnings
and profitsâ and âretained earningsâ are identical in meaning.
a. True
b. False
7. To determine E &
P, some (but not all) previously excluded income items are added back to
taxable income.
a. True
b. False
8. When computing E
& P, taxable income is not adjusted for § 179 expense.
a. True
b. False
9. When computing
current E & P, taxable income must be adjusted for the deferred gain in a §
1031 likeÂkind exchange.
a. True
b. False
10.An increase in the
LIFO recapture amount must be added to taxable income to determine E & P.
a. True
b. False
11.Use of MACRS cost
recovery when computing taxable income does not require an E & P
adjustment.
a. True
b. False
12.No E & P
adjustment is required for regular tax gains under the installment method.
a. True
b. False
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.
a. True
b. False
14.Federal income tax
paid in the current year must be subtracted from taxable income to determine E
& P.
a. True
b. False
15.To determine current
E & P, taxable income must be increased for any domestic production
activities deduction.
a. True
b. False
16.Nondeductible meal
and entertainment expenses must be subtracted from taxable income to determine
current E & P.
a. True
b. False
17.The dividends
received deduction has no impact on E & P.
a. True
b. False
18.A realized gain from
an involuntary conversion under § 1033 that is not recognized for income tax
purposes has no effect on E & P.
a. True
b. False
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