ais of $60,000 in Pink Partnership as of December 31 of the ates and distributes

Question

ais of $60,000 in Pink Partnership as of December 31 of the ates and distributes to Russ a proportionate auiside bio liquidates ant he partnership of $10,000 and FMV of $25,00. ow inventory with inside basis to the current and inventory with inside basis to loss will Russ recognize on the distribution? ao capital gain s,000 loss 550,000 capital gain 2s. which of the following is a requirement A be a domestic or foreign corporation have only one class of stock C have fewer than 75 shareholders D. have at least one corporate shareholder E. None of the above. 26. Which form must be filed by S A. 1120 B. 1065 C. 1120s D. 1065 27. Which of the following events will cause the termination of an S election? a. The corporation no longer qualfies as a small business corporation. b. A new shareholder owning more than one-half of the stock affirmatively refuses to consent to the election. The corporation does not meet the passive investment income limitation. Shareholders owning 60% of shares tvoting and nonvoting voluntarily revoke the election. c. d. e. All of the above. 28. Corporation? as an S a. Has only one class of stock b. Is a domestic corporation. c. Has no nonresident alien shareholders. d. Is limited to 100 shareholders. e. All of the above statements are correct

Explanation / Answer

25. option .B only one class of stock

it can not be foreign entity, should not have corporate shareholders, member limit is 100 not 75.

26. option c. 1120S is correct

27. option e. all are correct

28. option e. all is correct

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