Civil Law Questions

Which of the following statements is correct regarding the taxes payable under the Federal Unemployment Tax Act (FUTA)?1. The amount is determined as a percentage of all compensation paid to an employee2. Liability arises only when wages are actually, not constructively, paid to employees3. Credits for this tax are allowed to employers for certain state unemployment paid by the employer

The organization test to qualify a public service charitable entity as tax exempt requires the articles of organization to:1. limit the purpose of the entity to the charitable purpose2. state that an information return should be filed annually with the IRS

Which of the following consequences is an advantage of this election?1. The corporation's capital losses can be claimed on the tax returns of the shareholders2. The shareholders of the S corporation will be taxed only on distributions from the corporation

Which of the following is an attribute exclusively of a complex trust?1. It distributes income to more than one beneficiary2. It distributes corpus

Which of the following is not true with regard to personal holding companies (PHCs)?1. There is no penalty if net earnings are distributed, as the penalty only applies to income that has not been distributed2. The additional tax (penalty) is self-assessed by the PHC3. Personal holding companies are not subject to the accumulated earnings tax4. When over 50% of the adjusted gross income of a closely-held corporation consists of NIRD that it's defined as a PHC

An unrelated trade or business activity that results in a loss is excluded from the definition of unrelated business (Y or N)

Rental income received in advance, nonrefundabel rent deposits, and lease cancellation payments are rental income when ______

Special rule applies to section 1244 small business stock-> when a corporation's stock is sold or becomes worthless, an original stockholder can be treated as having an ordinary loss instead of a capital loss, up to $_______ for the year.Any loss in excess of this amount is a capital loss

The selection of an accounting method for tax purposes by a newly incorporated C corporation:1. is made by filing a request for a private letter ruling from the IRS2. Must be disclosed in the company's organization documents3. Must first be approved by the company's board of directors4. Is made on the initial tax return by using the chosen method

When a corporation has an unused net capital loss that is carried back or carried forward to another tax year:1. It is treated as a short-term capital loss whether or not it was short-term when sustained2. It retains its original identity as short-term or long-term3. It is treated as a long-term capital loss whether or not it was long-term when sustained

What is the most common type of civil remedy?

What is the limitation on actions period for damages where the injury was a death, or personal injury?

"Damages" always involves a sum of money awarded to the plaintiff

The Magistrates' Court cannot hear appeals

A conciliator has a more active role than a mediator

There are 12 people on a civil jury

The Magistrates' Court has an unlimited civil jurisdiction.

how many vitiating factors are there?

What is the limitation on actions period for General negligence (property included)?

What is the limitation on actions period for an action of damages where the plaintiff contracted a disease/disorder?