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1. Incentive stock option (ISO)2. Employee stock purchase plan
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- An ecologist, a citizen of State A, sued a cab driver, a citizen of State B, in the federal district court in State C. The ecologist is seeking $77,000 in damages for tortious injuries caused by the cab driver's allegedly negligent driving while the ecologist and cab driver were in State D. The cab driver was served with process while on vacation in State C, in accordance with State C law.What is cab driver's strongest argument against litigating the case in State C?A court should dismiss lawsuit because it does not have subject-matter jurisdiction over the cause of action.B court should dismiss lawsuit because it does not have personal jurisdiction over the cab driver.C court should transfer the lawsuit to a State D state court because it is inconvenient for the cab driver to litigate in State C.D court should dismiss the lawsuit because State C is not a proper venue to litigate the cause of action.
- Smithville Corp. is a calendar year corporation with zero accumulated E & P on January 1, 2018. During 2018, Smithville has taxable income of $200,000. Based on the additional 2018 information pertaining to Smithville below, calculate the corporation's 2018 ending E & P balance.Tax-exempt income$10,000Current excess capital loss$5,000Current charitable contributions in excess of 10% limitation$8,000Federal income tax expense$61,250Dividends received deduction$3,000MACRS tax depreciation$18,000ADS Depreciation$12,000Deferred gain on a like-kind-exchange$11,000Nondeductible portion of meals expenses$4,000a)$140,750b)$151,750c)$144,750d)$156,750
- Smith Co., a calendar year C-corporation, began business on Oct. 1, 2016. It had incurred $68,400 of organizational expenditures. How much may it deduct on its 2016 tax return?a)$380b)$1,140c)$6,057d)$4,560