Internet Problem: Researching IRS Publication 550
Response to the following:
Beta Corporation is a C Corporation whose total gross assets have never exceeded $35 million. Trish Newton purchased stock from Beta Corporation in March 2005 as part of Beta's initial issuance. Trish is interested in selling her stock in Beta Corporation and wants to know whether Beta Corporation meets the requirements of a qualified small business corporation under Section 1202.
Go to the IRS website. Locate IRS Publication 550 and find the appropriate page that discusses the requirements for a qualified small business corporation under Section 1202.
Underline or highlight the pertinent information. Comment on whether you can answer Trish's question with the information that has been provided.