Practice Quiz

CompTIA PDI+ Exam Prep - Question List

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26. Corporations generally must make estimated tax payments if they expect their estimated tax (income tax less credits) to be equal to or more than:
  1. $1
  2. $500
  3. $600
  4. $1,000
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27. A corporate payer of an individual shareholder dividend does not have the taxpayer identification number for that shareholder. What backup withholding percentage rate must the corporate payer use for this shareholder’s dividend payments?
  1. 15%
  2. 28%
  3. 35%
  4. 39%
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28. The board of directors of Walden Corporation authorized a year end distribution to its three shareholders. Each distribution would be equal in value but the shareholder could choose to receive the distribution in cash or corporate stock. If a shareholder chose to receive corporate stock, the distribution should be treated as:
  1. A tax free distribution of stock
  2. A distribution of property
  3. A like-kind exchange
  4. None of the above
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29. In 2000, Mark purchased 100 shares of Roman, Inc. for $10 per share. In 2004 Roman, Inc. completely liquidated and distributed $8,000 to Mark. Mark must report income from this distribution as:
  1. Ordinary other income
  2. Dividends
  3. Capital gains
  4. Return of capital
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30. A fiduciary representing a dissolving corporation may file a request for prompt assessment of tax. Generally, this request reduces the time allowed for assessment to:
  1. 12 months
  2. 18 months
  3. 24 months
  4. 30 months
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