1. Double taxation of the income produced by the underlying real estate is most likely to occur if the commercial properties are held in the form of a(n): a. S corporation b. Limited partnership c. C corporation d. Real estate investment trust 2. Which of the following forms of ownership involve both limited and unlimited liability? a. Limited partnership b. Corporation c. General partnership d. Sole partnership 3. What are special allocation? (We will not have this kind of conceptual short answer questions, but multiple choices in quiz/exam) 4. Explain what is meant by the double taxation of income.

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You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u.s. company and i don’t make decisions based on what’s good for the u.s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?

Classify each of the following items as a public good, a private good, a natural monopoly good, or a common resource.(a) measles vaccinations (b) tuna in the pacific ocean (c) airline service in the united states (d) local storm-water system