Identify Which of the Following Statements Is True

question 50

Multiple Choice

Identify which of the following statements is true.

• A)Beach Corporation, an S corporation, has gross receipts of $240,000; taxable income of $120,000; passive investment income of $100,000; and expenses directly attributable to the passive investment income of $20,000. The corporation's excess net passive income is $32,000.
• B)The built-in gains tax applicable to S corporations can be avoided if the property is held for ten years.
• C)An S corporation generally will not owe the built-in gains tax if the corporation has never been a C corporation.
• D)All of the above are true.

---

Definitions:

Appraising Job Experiences

The process of evaluating and reflecting on one's experiences in the workplace, often to assess satisfaction, performance, and career development opportunities.

Virtual Team

A group of individuals who work together from various geographic locations and rely on communication technology.

Web-Conferencing

A service that allows conferencing events to be shared with remote locations through the internet, including video, voice, and text communication.

Weekly Check-Ins

Regularly scheduled meetings or assessments to review progress, discuss issues, and plan future actions.