《现代财务管理》 (美)麦克圭根(McGuigan,J.R) Moyer Instructor TestBank TB02A.docVIP

PAGE 30 ? Appendix 2A/Taxes Appendix 2A/Taxes ? PAGE 29 PAGE 26 Appendix 2A Taxes MULTIPLE CHOICE 1. Intercompany dividends, or dividends paid by one corporation to another, are normally entitled to a ____ percent exclusion from Federal income taxes. a. 15 b. 30 c. 50 d. 70 ANS: D OBJ: TYPE: Fact TOP: Dividend income 2. A corporations net operating loss may be carried _____ years and _____ years to offset taxable income in those years. a. back 20, forward 2 b. back 3, forward 5 c. back 5, forward 15 d. back 2, forward 20 ANS: D OBJ: TYPE: Fact TOP: Loss carrybacks and carryforwards 3. For most large U.S. corporations, the maximum capital gain tax rate is a. 14% b. 35% c. 50% d. 28% ANS: B OBJ: TYPE: Fact TOP: Capital gains income 4. The marginal tax rate for a firm with taxable income of $105,000 is a. 30% b. 39% c. 15% d. 34% ANS: B OBJ: TYPE: Fact TOP: Corporate income taxes 5. Capital losses are a. taxed at the same marginal rate as ordinary income b. taxed at the 20% rate c. deductible only against capital gains d. used to reduce interest payments ANS: C OBJ: TYPE: Fact TOP: Capital gains income 6. From a tax standpoint, the advantage of an S corporation is that a. it avoids the double taxation of dividends b. additional depreciation is allowed c. it reduces dividend income d. interest income is not taxed ANS: A OBJ: TYPE: Fact TOP: S corporations 7. __________ received by corporations are normally entitled to a 70 percent exclusion from federal income taxes. a. Capital gains income b. Dividend income c. Loss carrybacks and carryforwards d. none of the above ANS: B OBJ: TYPE: Fact TOP: Dividend income 8. Corporate capital gains income is currently taxed at __________ ordinary income. a. 80 percent of the marginal tax rate on b. the same marginal rate as c. 50 percent of the marginal tax rate on d. none of the above ANS: B OBJ: TYPE: Fact TOP: Capital gains income 9. Under the MACRS system of depreciation, a. there are five classes of ass