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Amy Grant files her 2018 Form 1040 on August 1, 2019. The Federal tax statute of limitations for this return expires on:

	April 15, 2022
	August 1, 2026
	October 15, 2026
	August 1, 2022

Temple, a C Corporation, distributes $80,000 to its sole shareholder, Jacques. Temple has total earnings and profits of $60,000 before the distribution and Jacques basis in his stock is $30,000. After the distribution, Jacques basis is

	$10,000.
	$60,000.
	$50,000.
	$30,000.

Jane, Bob, and Mark own 1,000 shares, 600 shares, and 400 shares, respectively, in Parsley Corporation ( a C Corporation with E & P of $750,000). Bob is Janes uncle, and Mark is Janes nephew. Parsley Corporation redeems all of Janes stock for $500,000. Jane paid $100 a share for the stock five years ago. With respect to the redemption, Jane has:

	Dividend income of $500,000.
	Dividend income of $400,000.
	Long-term capital gain of $400,000.
	Long-term capital gain of $500,000.

In 2020, Soup Corporation, a C corporation, has earnings of $100,000. It paid $20,000 in dividends to its sole shareholder, Grace. Grace also has a restaurant, Sandwich Caf, which she operates as a sole proprietorship in 2020 with income of $125,000 and expenses of $50,000. What is the total income that she will report in her personal return from both Soup and Sandwich?

	$175,000
	$95,000
	$35,000
	$115,000

During the current year, Banana Corporation (a calendar year C corporation) had the following income and expenses:

Income from operations	$200,000
Expenses from operations	140,000
Dividends received (15% ownership)	30,000

On October 1, Banana Corporation made a contribution to a qualified charitable organization of $10,000 in cash (not included in any of the above items). Determine Bananas charitable contribution deduction for the current year.

	$6,650
	$9,000
	$7,500
	$6,450

Janine transferred the following assets to form Zebra, a C Corporation.

	Adjusted Basis	Fair Market Value
Building	$310,000	$425,000
Equipment	145,000	175,000
Trucks	15,000	25,000

In return, Janine received $75,000 in cash plus 100% of Zebra Corporations only class of stock outstanding (fair market value of $550,000).

	Zebra Corporations basis in the assets received is $550,000
	Janines basis in the stock of Zebra Corporation is $470,000
	Janines basis in the stock of Zebra Corporation is $545,000
	Zebra Corporations basis in the assets received is $625,000

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