Shanghai Corporation Was Organized and Elected S Status in the Current

question 24

Multiple Choice

Shanghai Corporation was organized and elected S status in the current year. How much passive investment income can Shanghai earn and retain its S status?

• A)none
• B)80% of gross receipts
• C)50% of gross receipts
• D)no limit

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Definitions:

Special Status Groups

Groups of people accorded particular rights, privileges, or considerations within a society due to their unique characteristics or circumstances.

Aboriginal Peoples

Indigenous groups native to a specific area; in many contexts, this term is used in Canada to refer to First Nations, Inuit, and Métis peoples.

Québécois

Refers to a French-speaking inhabitant of Quebec, a province in Canada, or pertaining to the francophone culture of Quebec.

Head Tax

A tax imposed on each person or per head, historically used as an immigration control measure.