Alpha Corporation began business at the beginning of the year. On February 15, George sold his...
Alpha Corporation began business at the beginning of the year. On February 15, George sold his stock to Danny. Alpha files for S corporation status on March 10, but George refuses to consent to the election. Will S corporation status be granted?
Homework Answers
The stock was sold by George on February 15. The corporation filed for S corporation on March 10. Only 24 days have lapsed.
Also, George did not give his consent. His consent was necessary for Alpha to get the status.
IN this case since George did not give his consent, the status shall not be granted.
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Alpha Corporation began business at the beginning of the year.
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