Q • Question 1 6 out of 6 points A corporation that meets specific conditions and that is taxed like a partnership is a(n): • Question 2 6 out of 6 points When a corporation earns a profit, the corporation has to pay income taxes on that profit. The profit that remains after income tax is paid can be used by the corporation as either: • Question 3 6 out of 6 points Shareholders in a corporation elect __________ who are responsible for the overall management of the corporation. • Question 4 6 out of 6 points If a shareholder sells his or her stock in a corporation, what is the effect of that sale on the corporation? • Question 5 6 out of 6 points With respect to the formation of a corporation, a subscriber is: • Question 6 6 out of 6 points A bond is: • Question 7 6 out of 6 points Shares of stock in a corporation that is issued to a shareholder for less than the market value of the stock is: • Question 8 6 out of 6 points If an employee of a corporation, while carrying out the duties of their job, does something that causes injury or damage to a third party, the corporation will be liable for those injuries or damage under the doctrine of: • Question 9 6 out of 6 points Dividends paid to shareholders by corporations are paid from profits of the corporation after the corporation has paid income taxes on those profits. When a shareholder receives a dividend, that dividend is taxable income to that shareholder. These income tax consequences are known as: • Question 10 6 out of 6 points A corporation that has been properly formed is called a(n): • Question 11 15 out of 20 points One of the negative aspects of the corporate form of doing business is double taxation, which occurs when a corporation pays dividends to shareholders from profits that have already been taxed and the dividends, when received by shareholders, are taxed again. How does the use of a subchapter S corporation address the issue of double taxation? Your response must be at least 75 words in length. • Question 12 15 out of 20 points What is the difference between a de jure corporation and a de facto corporation, and what is necessary to form each? Your response must be at least 75 words in length.

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