Firefly Corporation Is a C Corporation

question 82

Multiple Choice

Firefly Corporation is a C corporation.Freya owns all of the stock.During the current year Firefly earned taxable income of $500,000 and paid a $300,000 dividend to Freya.Which of the following statements is correct?

• A)Firefly will pay corporate income tax on its earnings,and Freya will pay individual income tax on the dividends.
• B)Only Firefly will pay taxes.Freya will not pay any taxes due to her holdings in Firefly.
• C)Firefly's income will flow through to Freya's tax return,and she will pay the taxes on the $500,000 of corporate income.
• D)Firefly will not pay any taxes,but Freya will pay taxes on the dividend received.

Differentiate between traditional and shared approaches to leadership.

Recognize the importance of leadership competencies in identifying leadership potential and performance.

Appreciate the behavioral perspective on leadership effectiveness regarding participative and achievement-oriented styles.

Understand the implications of different leadership styles on organizational behavior and team dynamics.

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Definitions:

Blinders

Devices used on the sides of horse's eyes to prevent them from seeing to the rear and keep them focused forward.

Stereotypical Beliefs

Widely held but fixed and oversimplified ideas or perceptions of particular types of people or things.

Religious Beliefs

The faith or convictions regarding the existence, nature, and worship of a deity or deities, and divine involvement in the universe and human life.

Cultures

The shared values, traditions, norms, customs, arts, history, folklore, and institutions of a group of people.