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25. An S corporation's separately stated items include all of the following except: a. gross income from business operations. b. tax credits. c. investment interest expense. d. charitable contributions. e. All of the above are separately stated items. 26. A shareholder's adjusted basis in stock is used to determine: a. the extent to which a distribution made by the corporation to the shareholder is taxable. b. the amount of losses that shareholders may deduct in a given year. c. the sharcholder's realized gain or loss upon the sale or exchange of the stock. d. b. and c, only. c. All of the above. 27. On February 19, 2021, an S corporation voluntarily elects to revoke its S status. If no specific date is given in the request, the first day that the corporation will be taxed as a C corporation is: a. January 1, 2021. b. February 19, 2021. c. February 20,2021 . d. January 1, 2022 . e. None of the above. 28. On February 5,2021, a calendar year corporation files an S election. All shareholders who own stock in the corporation in 2021 sign the election. What date will the S election take effect? 7. Jatnuary 1,2021 b. February 5,2021 c. February 6,2021 d. January 1, 2022 e. None of the above 29. A calendar year corporation has been in existence for several years. If the corporation qualifies as a small business corporation and files a valid S election on March 10, 2021, its effective date for electing S status must be: a. January 1,2021. b. March 10,2021 . c. January 1,2022 , d. The corporation has the option of selecting a. or c. e. The corporation has the option of selecting b. or c