In July 2022 S Inc., a calendar year corporation, revoked its S election as of August 1, 2022. The corporation’s taxable income for January through December is $432,000, and the shareholders do not elect to perform an interim closing of the corporate books.

1. What tax return(s) must S file for the year, and what are the due dates of the return(s)?
2. Compute S’s corporate taxable income for the short year for the (1) S corporation and (2) C corporation.
3. Compute the C corporation’s Federal income tax.

Answer rating: 100% (QA)

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