Quail Corporation Is a C Corporation with Net Income of $300,000

question 77

True/False

Quail Corporation is a C corporation with net income of $300,000 during 2010.If Quail paid dividends of $50,000 to its shareholders,the corporation must pay tax on $300,000 of net income.Shareholders must report the $50,000 of dividends as income.

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Definitions:

China

A country in East Asia, the world's most populous nation, with a long history, rich culture, and significant impact on the global economy and politics.

Tariff

A tax imposed on imported goods and services to increase their price and make domestic products more competitive.

U.S. Market

This term refers to the economic market in the United States encompassing the trading of goods, services, securities and commodities.