To elect S corporation tax treatment, the shareholders file: a Form 2553S with the FTB b...
To elect S corporation tax treatment, the shareholders
file:
a Form 2553S with the FTB
b Form 100S with the FTB
c Form 2553 with the FTB
d Form 2553 with the IRS
e Form 1120S with the IRS
Homework Answers
ANSWER: Form 2553 with IRS
A S corporation is a business under the subchapter S of chapter 1 of Internal Revenue Code.
These businesses are small.
This classification of business is made for tax purposes.
S Corporation passes his income to shareholders like a partnership and avoids double taxation while retaining benefits of being a corporation.
To be elected as a S corporation, shareholders have to file a form 2553 with IRS.
Add Answer to:
To elect S corporation tax treatment, the shareholders
file:
a Form 2553S with the FTB
b...
Which of these can lead to an inadvertent termination of an S corporation a failure to...
Which of these can lead to an inadvertent termination of an S corporation a failure to file Form 1120S failure to file Form 2553 failure to maintain status as a small business corporation revoking the S corporation election
Business Entity 9. Which of the following events does not terminate an S corporation election? One of the corporation's 100 shareholders transfers his shares to three unrelated friends. a. b....
Business Entity
9. Which of the following events does not terminate an S corporation election? One of the corporation's 100 shareholders transfers his shares to three unrelated friends. a. b. The corporation issues a nonvoting preferred class of stock that entitles the holder to receive a greater amount on liquidation. 51% of the shareholders must consent to file a c, revocation. d. One of the corporation's 100 shareholders marries and transfers half of her shares to her husband. 10. The...
Identify which of the following statements is false. A) An S corporation files a Form 1120S...
Identify which of the following statements is false. A) An S corporation files a Form 1120S corporate income tax return on or before the 15th day of the fourth month following the close of its tax year. B) An S corporation's ordinary income or loss is reported by an individual shareholder on Schedule E of Form 1040. C) An S corporation that owes the built-in gains tax or the excess net passive income tax must make quarterly estimated tax payments....
What form is filed by a corporation to elect Subchapter S status?
What form is filed by a corporation to elect Subchapter S status?
a. Explain the principal difference in the tax treatment of an S corporation and a C...
a. Explain the principal difference in the tax treatment of an S corporation and a C corporation. b. Why would a C corporation be used if an S corporation is generally exempt from tax? a. Explain the principal difterence in the tax treatment of an S corporation and a C corporation A C Corporation is reports his or her share of the income and for tax purposes is considered An S Corporation is Its income Each shareholder distributed
Which federal tax return does an LLC (Limited Liability Company) file? Multiple Choice Form 1120S It...
Which federal tax return does an LLC (Limited Liability Company) file? Multiple Choice Form 1120S It depends upon how the LLC chooses to be treated for tax purposes Form 1065 Form 1040 Schedule C
Option #1: Taxation of an S Corporation Jamya and Manu are the shareholders of Buffalo Corporation...
Option #1: Taxation of an S Corporation Jamya and Manu are the shareholders of Buffalo Corporation an S Corporation. They each own 50% of Buffalo Corporation. In Year 1, Jamya and Manu each received distributions of $30,000 from Buffalo Corporation. In Year 2, they received distributions each of $50,000. Buffalo Corporation (an S Corporation) Income Statement, Dec. 31, 20x8 and 20X9 20X8(Year 1) 20X9(Year 2) Sales revenue $600,000 $860,000 Cost of goods sold (80,000) (120,000) Salary to shareholders Manu and...
Joe, Jim, and Jason form JJJ Company and elect the S corp. status before starting its operation. Joe has a tax year ending on December 31. Jim has a tax year ending on June 30. Jason has a tax year e...
Joe, Jim, and Jason form JJJ Company and elect the S corp. status before starting its operation. Joe has a tax year ending on December 31. Jim has a tax year ending on June 30. Jason has a tax year ending on January 31. They are equal shareholders. If . Company's business has no apparent seasonality, what is JJ Company's tax year end? a 31-Dec b 31-Jan с 30-Jun d Any month-end chosen
Joe, Jim, and Jason form JJJ Company...
The income and expenses of a corporation for federal income tax purposes are referred to as...
The
income and expenses of a corporation for federal income tax
purposes are referred to as what type of income
Question 1 of 75. The income and expenses of a corporation for federal income tax purp O Book. O Nontaxable. O Accounting. Tax. □ Mark for follow up Question 2 of 75. The Form 1120S balance sheet is presented on what schedule? 0 Schedule J. Schedule K. O Schedule L O Schedule M-2 Mark for follow up Question 3 of...
Q, Inc. is incorporated under the laws of Illinois by its two shareholders, A and B....
Q, Inc. is incorporated under the laws of Illinois by its two shareholders, A and B. How will Q, Inc. be classified for tax purposes? What result if A and B elect S Corporation status for Q, Inc?
Business Entity
9. Which of the following events does not terminate an S corporation election? One of the corporation's 100 shareholders transfers his shares to three unrelated friends. a. b. The corporation issues a nonvoting preferred class of stock that entitles the holder to receive a greater amount on liquidation. 51% of the shareholders must consent to file a c, revocation. d. One of the corporation's 100 shareholders marries and transfers half of her shares to her husband. 10. The...
a. Explain the principal difference in the tax treatment of an S corporation and a C corporation. b. Why would a C corporation be used if an S corporation is generally exempt from tax? a. Explain the principal difterence in the tax treatment of an S corporation and a C corporation A C Corporation is reports his or her share of the income and for tax purposes is considered An S Corporation is Its income Each shareholder distributed
Joe, Jim, and Jason form JJJ Company and elect the S corp. status before starting its operation. Joe has a tax year ending on December 31. Jim has a tax year ending on June 30. Jason has a tax year ending on January 31. They are equal shareholders. If . Company's business has no apparent seasonality, what is JJ Company's tax year end? a 31-Dec b 31-Jan с 30-Jun d Any month-end chosen
Joe, Jim, and Jason form JJJ Company...
The
income and expenses of a corporation for federal income tax
purposes are referred to as what type of income
Question 1 of 75. The income and expenses of a corporation for federal income tax purp O Book. O Nontaxable. O Accounting. Tax. □ Mark for follow up Question 2 of 75. The Form 1120S balance sheet is presented on what schedule? 0 Schedule J. Schedule K. O Schedule L O Schedule M-2 Mark for follow up Question 3 of...
Q, Inc. is incorporated under the laws of Illinois by its two shareholders, A and B. How will Q, Inc. be classified for tax purposes? What result if A and B elect S Corporation status for Q, Inc?
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