William Bonney and Pat Garrett incorporate Sales, Inc. on January 1, of the current year, under the

Question:

William Bonney and Pat Garrett incorporate Sales, Inc. on January 1, of the current year, under the laws of the State of Florida.
a. How should the new corporation be regarded under the check-the-box rules?
b. Are any entity elections available for Sales, Inc. under the IRC or the check-the-box rules?
c. How would your answers to Parts a and b change (if at all) should William Bonney be the sole shareholder of Sales, Inc.?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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