11 if a corporation owns less than 20 of the stock of the distributing corporation t 4312716

11 if a corporation owns less than 20 of the stock of the distributing corporation t 4312716

11) If a corporation owns less than 20% of the stock of the distributing corporation, the dividends-received deduction is not allowed for the recipient corporation.

12) If a corporation receives dividends from an 80% or more owned affiliated corporation, the dividends-received deduction is 100%.

13) In computing a corporation's NOL, the dividends-received deduction is allowed in full.

14) In general, net operating losses of a corporation are carried back 3 years and forward for 20 years.

15) A corporation may make an election to forego the NOL carryback in order to carry the NOL forward only.

16) Accrual-basis corporations may accrue a charitable contribution deduction in the year preceding payment if the payment is authorized by the board of directors prior to year end and the contribution is made within 2 1/2 months following year end.

17) A corporation who makes a charitable contribution of property for the care of the needy gets a deduction equal to the adjusted basis of the property.

18) Unused charitable contributions of a corporation are carried forward ten years.

19) A publicly-held corporation is denied a deduction for compensation paid to its chief executive officer and its four highest-compensated officers if the compensation amount for any individual exceeds $1,000,000 per year.

20) Certain personal service corporations are subject to a 35% flat rate of tax.

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