Yoyles Corporation, a calendar year taxpayer formed five years ago, desires to make an S election beginning

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Yoyles Corporation, a calendar year taxpayer formed five years ago, desires to make an S election beginning in 2014. Sue and Andrea each own one-half of the Voyles stock.
a. How does Voyles make the S election?
b. When can Voyles file its election form?
c. If in Part b the corporation does not file the election in a timely manner, when will the election take effect?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Federal Taxation 2015 Corporations Partnerships Estates & Trusts

ISBN: 9780133822144

28th Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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