Which of the Following Is Not a True Statement

question 106

Multiple Choice

Which of the following is not a true statement?

• A) For shareholder-employees who own 2 percent or less of the entity, the S corporation gets a tax deduction for qualifying fringe benefits, and the benefits are nontaxable to the employees.
• B) For shareholder-employees who own more than 2 percent of the S corporation, the S corporation gets a tax deduction, but the otherwise qualifying fringe benefits are taxable to the more-than-2-percent shareholder-employees.
• C) S corporation owners have a tax incentive to pay themselves a low salary.
• D) An S corporation shareholder's allocable share of ordinary business income (loss) is not classified as self-employment income for tax purposes.
• E) None of these statements is false.

Recognize the impact of federalism on local governance, including inequalities and decentralization.

Familiarize with the arguments for and against federalism, including those of Anti Federalists, and the historical context of federalism debates.

Understand the concept and historical context of dual federalism in the United States.

Analyze the implications of the New Deal on federalism.

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