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...
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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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