Question: Which statement is incorrect with respect to an S shareholders consent? a. Both husband and wife must consent if one owns the stock as community

  1. Which statement is incorrect with respect to an S shareholders consent?

    a.

    Both husband and wife must consent if one owns the stock as community property.
    b.

    An S election requires a consent from all of the S corporations shareholders.
    c.

    A consent must be in writing.
    d.

    None of the above statements is incorrect.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

1. Which of the following partnership owners is personally liable for the entitys debts to general creditors? Select the best answer and explain your answer. a. A general partner in a general...

Q:

QUESTION 23 Partners, LLC members and S Corporation shareholders are not taxed on the amount they withdraw from the entity in a nonliquidating distribution when they have sufficient basis...

Q:

Which statement is incorrect with respect to an S shareholder's consent? Question 3 2 options: Both spouses must consent if one owns the stock as community property. An S election requires a consent...

Q:

1. (TCOs 1 and 8) Wade and Paul form Swan Corporation with the following investments. Wade transfers machinery (basis of $40,000 and fair market value of $100,000), while Paul transfers land (basis...

Q:

C:11-63Bottle-Up, Inc., was organized on January 8, 2005, and made its S election on January 24, 2005. The necessary consents to the election were filed in a timely manner. Its address is 1234 Hill...

Q:

C:11-63Bottle-Up, Inc., was organized on January 8, 2005, and made its S election on January 24, 2005. The necessary consents to the election were filed in a timely manner. Its address is 1234 Hill...

Q:

TCO 1) Hunter and Warren form Tan Corporation. Hunter transfers equipment (basis of $210,000 and fair market value of $180,000), and Warren transfers land (basis of $15,000 and fair market value of...

Q:

Question 1.Which of the following plans provide the greatest immediate tax benefit for the participating employee? (1) Roth IRA (2) deductible IRA (3) non-deductible IRA (4) 401(k) a. (1) and (3)...

Q:

Please Help with this Hypothetical 1065 Tax Return.. Form 1065 Due Thursday, November 12 by 5:00 PM CST US Check Figures - Form 1065 Page 1, Line 22 (Ordinary Business Income) - $156,275 Page 5, Line...

Q:

Debra wants to know if her sister can be her qualifying child.Which of the following is not a test to be a Qualifying Child? Select one: a. The child must be under age 19 at the end of the year or...

Q:

a. What is P(A) if event A is that February has 30 days this year? b. What is P(A) if event A is that November has 30 days this year? c. A sample space consists of 500 separate events that are...

Q:

If a population data set is normally distributed, what is the proportion of measurements you would expect to fall within the following intervals? a. b. 2 c. 3

Q:

Period-related ratios demonstrate Burberry's efficiency in managing receivables and payables, with the Receivable Collection Period decreasing from 43.13 to 36.21 days in 2023. The payables payment...

Q:

Elizabeth Island Airways scher. Ellermalogenal airine serving the New England area, recently suffered a major cras. As a result passengers are considered to be shy choose As there comer when making...

Q:

(Appendices) What is a sales discount? How can sales discounts be recorded? LO9

Q:

(Appendices) During the 20072009 recession, debate in the U.S. Senate over an extension of unemployment benefits to workers who had exhausted their benefits was often heated and contentious. A...

Q:

(Appendices) Compare the Original Medicare Plan with Medicare Advantage Plans with respect to each of the following: LO5 a. Choice of plan coverage b. Benefits provided by the plan c. Need for a...