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Legal Concepts62) ________ is an action to undo a contract.A) RescissionB) RecessionC) RestitutionD) Retribution

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A C-corporation with a $200,000 E & P balance before distributions made a year-end distribution of land to its sole shareholder. The land distributed has a $90,000 fair market value, a $70,000 basis, and is subject to a $95,000 liability which is also assumed by the shareholder. Which of the following statements is true?a)The shareholder recognizes $95,000 of dividend income.b)The corporation must recognize a $20,000 gain.c)The shareholder's basis in the land received is $95,000.d)The shareholder recognizes $90,000 of dividend income.

Which of the following statements is false regarding qualified dividends?a)In order to qualify for the lower qualified dividends rates, the stock owner must have held the stock more than 60 days during the 121 day period which begins 60 days before the ex-dividend date.b)For individual taxpayers, qualified dividends are subject to a minimum 0% tax rate and a maximum 20% tax rate.c)In order for foreign corporation dividends to be considered qualified dividends, the foreign corporation must be traded on a U.S. stock exchange.d)Corporations treat dividends as ordinary income and may be able to claim a dividends received deduction.

Which of the following is an example of a constructive dividend to a shareholder?a)The corporation sells an asset to a shareholder at a price below fair market value.b)The corporation pays the shareholder an unreasonably low amount of compensation for the services provided to the corporation.c)The corporation uses the shareholder's personal property without paying any rent.d)The corporation makes a loan to a shareholder and charges an above market interest rate on the loan.

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