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Under the check-the-box regulations, which of the following statements is true?a)Unincorporated entities with more than one owner may elect to be classified as sole proprietorships, partnerships, or corporations.b)Unincorporated entities with only one owner may elect to be classified as a sole proprietorship or partnership.c)If no election is made, an unincorporated entity with two or more owners is treated as a partnership for tax purposes.d)Entities incorporated under state law with two or more shareholders may elect to be treated as partnerships for tax purposes.

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On July 1 of year 1, Riverside Corp. (RC), a calendar-year taxpayer, acquired the assets of another business in a taxable acquisition. When the purchase price was allocated to the assets purchased, RC determined it had purchased $1,200,000 of goodwill for both book and tax purposes. At the end of year 1, RC determined that the goodwill had not been impaired during the year. In year 2, however, RC concluded that $200,000 of the goodwill had been impaired and wrote down the goodwill by $200,000 for book purposes.a. What book-tax difference associated with its goodwill should RC report in year 1? Is it favorable or unfavorable? Is it permanent or temporary?b. What book-tax difference associated with its goodwill should RC report in year 2? Is it favorable or unfavorable? Is it permanent or temporary?

Maple Corp. owns several pieces of highly valued paintings that are on display in the corporation's headquarters. This year, it donated one of the paintings valued at $100,000 (adjusted basis of $25,000) to a local museum for the museum to display.a. What is the amount of Maple Corp.'s charitable contribution deduction for the painting (assuming income limitations do not apply)?b. What would be Maple's deduction if the museum sold the painting one month after it received it from Maple?

Riverbend Inc. received a $200,000 dividend from stock it held in Hobble Corporation. Riverbend's taxable income is $2,100,000 before deducting the dividends-received deduction (DRD), a $40,000 NOL carryover, and a $100,000 charitable contribution.a. What is Riverbend's deductible DRD assuming it owns 10 percent of Hobble Corporation?b. Assuming the facts in part (a), what is Riverbend's marginal tax rate on the dividend?c. What is Riverbend's DRD assuming it owns 60 percent of Hobble Corporation?d. Assuming the facts in part (c), what is Riverbend's marginal tax rate on the dividend?e. What is Riverbend's DRD assuming it owns 85 percent of Hobble Corporation (and is part of the same affiliated group)?f. Assuming the facts in part (e), what is Riverbend's marginal tax rate on the dividend?

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