F&D IncCeased Operations and Dissolved Under State Law in 2016

question 50

Multiple Choice

F&D Inc.ceased operations and dissolved under state law in 2016.Mrs.Herron,a 20% shareholder,received a $490,300 liquidating distribution from F&D.This year,the IRS determined that F&D underpaid its 2015 and 2016 income tax by $967,100.How much of this deficiency can the IRS assess against Mrs.Herron?

• A)-0-
• B)$193,420
• C)$490,300
• D)$967,100

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Definitions:

Conscious

Having the awareness and thought capacity regarding one's own life, sensory experiences, thought patterns, environment, and personal moments.

Unconscious Mental Processes

Mental processes that occur without conscious awareness, influencing perceptions, feelings, thoughts, and behaviors.

Center of Personality

The core or essential aspects that define a person's character, often seen as the integration of thoughts, feelings, and behaviors.

Environmental Influences

The various external factors that can impact an individual's behavior, development, and life outcomes, including social, cultural, and physical environments.