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GiftLaw Pro Home   >  Chapter 4 - Specific Property Gifts  >  4.14 Subchapter S Corporations  >  4.14.1 Sub S Taxation  >  Basic Quiz

Basic Quiz - 4.14.1 Sub S Taxation

1. S corporations and C corporations only differ in the number of shareholders they can have.
           
2. C corporations are the most common type of corporation.
           
3. S corporations may have up to two classes of stock.
           
4. All types of trusts may own S corporation stock.
           
5. S corporations are subject to "pass through" taxation like partnerships.
           
6. A gift of S corporation stock to charity is deductible at fair market value.
           
7. An S corporation's basis in its assets is called upside-down basis.
           
8. An S corporation shareholder's basis in his or her S corporation stock is called outside basis.
           
9. A gift of corporate assets by an S corporation will generate an increase in the outside basis of its shareholders.
           
10. S corporations may have no more than 100 shareholders.