Practice Quiz

CompTIA PDI+ Exam Prep - Question List

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21. Bob Moon forms Moon Enterprises LLC (Limited Liability Company) during the year. What form must Moon Enterprises LLC file in order to elect to be taxed as a C corporation?
  1. Form 1065 (U. S. Partnership Tax Return)
  2. Form 8832 (Entity Classification Election)
  3. Form 1120 (U. S. Corporation Income Tax Return)
  4. Form 7004 (Application for Extension of time to
    file for corporations)
See answer
22. ABC Corporation is dissolved on July 9, 2004. What is the due date, without extensions, for the filing of the final corporate income tax return?
  1. March 15, 2005
  2. December 31, 2004
  3. October 15, 2004
  4. October 9, 2004
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23. Croaker, Inc. is a taxable domestic corporation. Dana Corporation, a large manufacturing corporation, owns 15% of Croaker, Inc.'s outstanding stock. In 2004, Dana Corporation received $100,000 in dividends from Croaker, Inc. Dana Corporation received no other dividends in 2004. Dana Corporation may deduct, within certain limits, what percentage of the dividends received?
  1. 15%
  2. 70%
  3. 80%
  4. 100%
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24. York, Inc. directly owns stock of Ajax Corporation. To determine if Ajax Corporation is a member of a controlled group with York, Inc. as the common parent, York, Inc. must own at least what percentage of the voting and total value of the Ajax Corporation stock?
  1. 51%
  2. 75%
  3. 80%
  4. 100%
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25. The Lux Corporation incurred $10,000 in start-up costs when it opened for business in 2004. What is the minimum period over which these expenses can be recovered?
  1. 12 months
  2. 36 months
  3. 60 months
  4. 120 months
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