Module 14: End of Module Quiz
With Module 14 coming to a close, now is the time to test you to ensure you are making the progress we expect at this point in time.
We will ask you a series of questions that will be related to the information you have learnt so far in the topics we have covered.
This quiz will summarise the topics we have gone over in Module 14. To complete this quiz and move on to Module 15, you must get at least 80% correct.
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What is the threshold for reporting corporate distributions on Form 1042-S?CorrectIncorrect
A withholding agent must complete a separate Form 1042-S for each of which of the following?CorrectIncorrect
In the Chapter 3 Exemption Code Box, if there is no exemption available, what code with the withholding agent enter and what amount should reflect as the chapter 3 withholding rate?CorrectIncorrect
For purposes of Form 1042-S reporting, what does a withholding agent enter in a Country Code Box if the IRS has not assigned that country a code?CorrectIncorrect
Assume a withholding agent makes a chapter 4 withhold able payment of U.S. source dividends to a QI that does not assume primary chapter 3 and chapter 4 withholding responsibility and is a participating FFI. The QI provides a reliable Form W-8IMY along with an associated withholding statement that allocates:
95 percent of the payment to a chapter 3 withholding rate pool with a single chapter 4 exemption code, and
5 percent of the payment to a chapter 4, 30 percent withholding rate pool of recalcitrant account holders.
How many Forms 1042-S does the withholding agent need to issue to the QI?CorrectIncorrect