Western Corporation began operations in 1999.Its fiscal year end is October 31.This

date coincides with its natural business year.On June 2, 2018, Western elects S corporation status.All of the corporate shareholders consented to the election.The earliest date the corporation is recognized as an S corporation is().

A、1-Nov-19

B、January 1, 2018.June 2, 2018

C、1-Nov-18

D、31-Dec-18

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更多“Western Corporation began oper…”相关的问题

第1题

Waldo and Fern are negotiating a divorce settlement.Waldo has offered to pay Fern $12,000 each year for a guaranteed 10 years.What are the tax implications of this proposition?

I.Since the payments are periodic and in cash, the payments qualify as alimony.II.If the payments qualify as child support, Fern recognizes gross income and Waldo has a deduction from Adjusted Gross Income.()

A、Only statement I is correct

B、Only statement II is correct

C、Both statements are correct

D、Neither statement is correct.

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第2题

Posey Corporation distributes land with a fair market value of $20,000 and a basis of $12,000 to Brock, a shareholder.Posey's earnings and profits are $125,000.What must Brock report as income from the property distribution().

A、$0

B、$8,000

C、$12,000

D、$20,000

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第3题

Clay incurs $5,000 of investment interest expense related to purchasing Renco Company stock and New Orleans municipal bonds.He receives $6,000 of dividends on the stock and $14,000 of interest on the bonds.The amount of investment interest expense Clay can deduct is:().

A、$0

B、$1,500

C、$2,500

D、$3,500

E、$5,000

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第4题

Lane Inc., an electing S corporation, realizes $150,000 from sales during the current year.Lane also receives $20,000 of dividends from a 3% owned corporation.Operating expenses total $155, 000.Lane's operating income is().

A、$19,000

B、$5,000

C、$1,000

D、$4,500

E、$15,000

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