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Section A: Questions 1 20 The following statements atomic number 18 all straight or false. Select the most subdue answer and change the box low A for true or under B for false. 1. If a business entity organize before 1997 was tax revenueed as a lodge, it will loosely be taxed as a heap for tax geezerhood afterwards 1996? 2. The Internal Revenue attend will consecrate a request for a sestet month annexe of time to file a muckles income tax indemnity if the pot properly completes, and files, Form 7004, Application for machine-driven Extension of clock time to File Corporation Income Tax Return, but does non pay any balance repayable by the due date of the return for which the extension applies. 3. For a transpose of place to a corporation to qualify as a tax-free exchange, it must be a transfer of property for line of products and the transferors must be in control of the transferee corporation immediately after the transfer. 4. J. Hancock, a furniture retailer, incorporates his sole proprietorship by transferring cash, accounts receivable, inventory, fixtures, fare equipment and a building for vitamin C% of the B shares (non voting) parenthood in the new corporation. At the same time, his new co-owner, T. Jefferson certain 100% of the A shares (voting) stock in the corporation for his transfer of $100,000. severally will have to report a assessable transaction. 5. In 1999, Bill Jones, an attorney, provided all the legal services for the internalization of MindTech, a newly formed corporation. IIf you want to get a lavish essay, order it on our website: OrderCustomPaper.com

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