One of your clients is considering electing S status. Texas, Inc., is a sixyear- old company with
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One of your clients is considering electing S status. Texas, Inc., is a sixyear- old company with two equal shareholders, both of whom paid $30,000 for their stock. Going into 2017, Texas holds a $110,000 NOL carryforward from prior years. Estimated income is $40,000 for 2017 and $25,000 for each of the next three years. Should Texas make an S election for 2017? Why or why not?
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No Texas should not make an S election for 2017 This is bec...View the full answer
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Related Book For 
South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts
ISBN: 1389
41st Edition
Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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