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Chapter 4 - Specific Property Gifts
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4.14 Subchapter S Corporations
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4.14.2 Charity as Sub S Shareholder
> Basic Quiz
Basic Quiz - 4.14.2 Charity as Sub S Shareholder
1. Sec. 501(c)(3) charities may own S corporation stock.
True
False
2. All S corporation income is unrelated business income ("UBI") when received by a charity.
True
False
3. A charity may sell S corporation stock tax free in the same way it may sell C corporation stock tax free.
True
False
4. All C corporation income is unrelated business income ("UBI") when received by a charity.
True
False
5. It may be more difficult to sell S corporation stock than C corporation stock.
True
False
6. Private foundations may not own S corporation shares.
True
False
7. If an entity that is not permitted to own S corporation stock purchases S corporation stock, the S corporation will lose its "S" status and will become a C corporation.
True
False
8. A corporation becomes an S corporation simply by having the right number and type of shareholders.
True
False
9. Other corporations may own S corporation stock.
True
False
10. Charitable remainder trusts may own S corporation stock.
True
False
