Tax-Exempt Interest Earned by an S Corporation Is Not Reported

question 90

True/False

Tax-exempt interest earned by an S corporation is not reported to its shareholders because it is excluded from the shareholders' gross income.

---

Definitions:

Jackie Robinson

Jackie Robinson was the first African American to play in Major League Baseball in the modern era, breaking the baseball color line when the Brooklyn Dodgers started him at first base on April 15, 1947.

Rookie of the Year

An award given annually to the most outstanding first-year player in professional sports leagues.

African American Residents

Refers to the demographic of people of African descent living in the United States, holding a diverse heritage and contributing significantly to the nation's culture and history.

Truman Doctrine

A U.S. foreign policy established in 1947 by President Harry S. Truman, asserting American support for free peoples resisting attempted subjugation by armed minorities or outside pressures.