4. All of the following are permitted shareholders of an S corporatlon excepe b

Question

4. All of the following are permitted shareholders of an S corporatlon excepe b eligible trust c. nonresident allehs d. certain tax-exempt organlzations 13. Whlch of the following trust ls eligible to be an S corporaton shareholder L lecting amall business trust b. Eligible forelgn trust. c Qualfied subchapter S trust d. Only and c e. All of the above trusa are ellgible to be S corporatlon shareholders r6. Which of th folowing counta single S coporaton shareholdert A husband and wlfe. b. A spouse snd a spouse's estate. c Memben of a famly wlth a common ancestot. d. All of the above 7. A chars of rodnrenoal g t deibudon and Iquidaton proceda. there Is no differences In voting rights. a there Is no differences In the timing of distrlbations. d. All of the sbove. 18. To become an S corporatdon, a corporation murts I have once been·C corporation. b. elect to be treated Rs such e have at least 100 shareholders. d. Only c and b. e. All of the above. 9. An S corporntion may lose Ita S status because It lsues ssecond class of stock b. Ie has accumulated B&cP; and excess passive lnverment Income for chree consecutlve years. c the number of shareholders exceeds 100 d. All of the above ZO. An S corpontion's separntely sated Items murt Include all of the ollowing except grou Icome from burlnes operations. b, eax credin, Inveitment Income expense d. charltable contribdtlons. 21. A shareholder's adjusted busls in stock la used to determine · the extent to which a datribut lon made by the corporatlon to the shareholder l taxable. b the amount of losses that shareholders may deduct li glven year. · the shareholder's realized gain or loss upon the sale or exchange of the stock, d. All of the sbove . The sccumulaced adjustment account repesenta the smount of the corporation's earnings s C corporntion that has only betn uuxed st the corporate level . e meiaura the accumulared undistrlbuted net Income of s corporston whle t has been an S corporndon. d. None of the above. Both a. and b.

Explanation / Answer

Q14 -c) - Non resident aliens cannot become shareholder.

Q15 -d) Foreign trust cannot become sharholder.

Q16 -a) husband and wife are counted as single shareholder

Q17 -d) All of the options mentioned are trues.

Please raise another question for remaining part as per Chegg policy.

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