In each of the following independent situations indicate the date the S Corp election is effective as
Question:
In each of the following independent situations indicate the date the S Corp election is effective as of: use xx/xx/xx so if for example the answer is the election is effective Dec 8, 2020 answer 12/8/20. Assume the corporation making the election is a calendar year corporation and unless indicated otherwise assume the shareholders are all eligible shareholders at all times. If more than one answer is possible indicate the two dates with "or" in between. For example if the possible effective dates are Jan 1, 2021 or Jan 1, 2022 show 1/1/21 or 1/1/22 as your answer:
1. The election is made 3/20/21
2. The election is made 2/28/22
3. Individual A owns 98% of the stock and corporation B owns 2%. On 1/2/22 A buys B's stock and makes the election on 1/3/22.
Financial Accounting
ISBN: 978-0077862268
2nd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann