9. If an S corp., a calendar year taxpayer, has 72 individual shareholders and one of...

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9. If an S corp., a calendar year taxpayer, has 72 individual shareholders and one of those shareholders sells his shares to a corporation on June 25, 20X6, when does the S corporation's tax year end? June 31 20X6 10. Reb owned 10 percent of X co. (an S corporation) for 200 days during 20X9. Reb owned 40 percent of X co. for the remaining 165 days in 20X9. X co. is a calendar year taxpayer and in 20X9 it had $365,000 of capital gains. What is Reb's share of X co.'s capital gains for 20X9? 11. Reb purchased 10 percent of the stock of an S corporation halfway through the year for $20,000. The S corporation incurred a net operating loss of $500,000. What is Reb's share of the loss and the amount of loss he may deduct on his personal income tax return? 9. If an S corp., a calendar year taxpayer, has 72 individual shareholders and one of those shareholders sells his shares to a corporation on June 25, 20X6, when does the S corporation's tax year end? June 31 20X6 10. Reb owned 10 percent of X co. (an S corporation) for 200 days during 20X9. Reb owned 40 percent of X co. for the remaining 165 days in 20X9. X co. is a calendar year taxpayer and in 20X9 it had $365,000 of capital gains. What is Reb's share of X co.'s capital gains for 20X9? 11. Reb purchased 10 percent of the stock of an S corporation halfway through the year for $20,000. The S corporation incurred a net operating loss of $500,000. What is Reb's share of the loss and the amount of loss he may deduct on his personal income tax return?