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If the corporation wants to elect S status for its first tax year, by what date must it file a valid S election with the IRS?
An S corporation currently has 63 shareholders. On April 4, 20x1, one of its shareholders sells his shares of stock to a partnership that has 10 partners.
On April 30, 2014, the date of sale, what is the expected gain Jordan will report on his 2014 tax return as the result of the sale of his stock?
Explain how Chris reports his share of the S corporation's operating loss and charitable contributions.
An S corporation distributes $15,000 to one of its shareholders.
If the company was a partnership, how would the distribution be treated for tax purposes at the partnership and partner levels?
How is the charitable contribution limitation for a C corporation computed and how are excess charitable contributions treated?
What is the amount of the corporation's charitable contribution carryover (if any)? To which tax years can the corporation carry over this excess?
Compute the current year charitable contribution deduction and discuss what happens to any excess contribution.
Treeline Industries receives a $50,000 dividend from a corporation in which it owns 35% of the stock.
Express Corporation receives a $120,000 dividend from a corporation in which it owns 55% of the stock.
The extended due date for a calendar year corporation that files Form 7004 prior to the original filing deadline.
Compute the corporate income tax liability for each of the following corporations.
Describe the tax consequences to both the corporation and the shareholder if the corporation distributes $24,000 cash during the year.
During the year Randolph made estimated federal income tax payments totaling $15,800. If there is any overpayment of taxes, the accounting department .
Compute the income from house property of Dr. Bankey Lal for the assessment year 2013-2014.
Prepare a communication for the employees, explaining how these new benefits will impact their net pay.
Both general and limited partners are fully liable for the actions of the partnership ?
In determining a partnership's required tax year, the majority interest rule is applied first, followed by the principal partners rule ?
Do partnerships withhold income taxes on guaranteed payments made to partners?
Compute the amount Helen should report as income from the partnership when preparing her personal income tax return for the year.
Is the partnership entitled to treat the contribution to State University as a deduction from ordinary income in the partnership return
Compute the amount of partnership income Ken should report on his personal income tax return. How much of this amount is subject to self-employment tax?
How much gain or loss do Paul, Kyle, and PK recognize from the transfer?
How much gain or loss do Brett and ABC recognize from the transfer?