S Corporation Shareholders Who Own More Than 2% of the Outstanding

question 136

Multiple Choice

S corporation shareholders who own more than 2% of the outstanding stock are eligible for which of the following tax-free benefits?

• A)group term life insurance exclusion under Sec.79 for premiums paid for up to $50,000 coverage
• B)exclusion for meals and lodging furnished for the convenience of the employer
• C)exclusion from income for premiums paid for accident and health and medical reimbursement plans
• D)None of the above.

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Definitions:

Chronologically

Arranged in the order of time, from the earliest to the latest.

Unique Qualifications

Special or distinctive skills, experiences, or attributes that make an individual particularly well-suited for a specific job or role.

Work Experience

A record of employment history, highlighting roles held, responsibilities, skills acquired, and achievements.

Leadership and Teamwork

The skills and attributes necessary to guide groups towards achieving a common goal effectively and harmoniously.