A owned 70% of X Co. (an S corporation) for 110 days during 20x4. A owned 90%
Question:
A owned 70% of X Co. (an S corporation) for 110 days during 20x4.
A owned 90% of X Co. for the remaining 255 days in 20x4.
X Co. is a calendar year taxpayer, and in 20x4 it had $182,500 of capital gains.
A's share of X Co.'s capital gains for 20x4 is
A owned 70% of X Co. (an S corporation) for 110 days during 20x4.
A owned 90% of X Co. for the remaining 255 days in 20x4.
X Co. is a calendar year taxpayer, and in 20x4 it had $182,500 of capital gains.
A's share of X Co.'s capital gains for 20x4 is
$127,750.
$114,750.
$153,250.
None of these
If X Co., a calendar year taxpayer, qualifies as an S corp., and an S election is made and properly consented to by all shareholders on March 16, 20x3, then X Co.'s S corp. tax year begins
If X Co., a calendar year taxpayer, qualifies as an S corp., and an S election is made and properly consented to by all shareholders on March 16, 20x3, then X Co.'s S corp. tax year begins
January 1, 20x3.
March 16, 20x3.
January 1, 20x4.
None of these.
