Question

a PSC has made a section 444 election to obtain November 30 year end. Which of...

a PSC has made a section 444 election to obtain November 30 year end. Which of the following rules only apply to a PSC in this situation?

a) there must be a business purpose for this year end.

b) there are minimum distribution requirements.

c) the required payment must be made

d) it can carry back an NOL.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

b) there are minimum distribution requirements.

A permitted tax year is any of the following:

- A Calaendar Year

- A tax year elected under section 444

- A 52-53-week tax year ending with reference to the calendar year or a tax year elected under section 444

- Any other tax year for which the corporation establishes a business purpose

Section 444

A partnership or an S corporation that makes a section 444 election must make certain required payments and a PSC must make certain distributions.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which of the following statements is/are false? A. In order to maintain a valid IRC §444...
Which of the following statements is/are false? A. In order to maintain a valid IRC §444 election after it has been made, the taxpayer must make timely tax payments to the IRS that are assessed and collected like employment taxes. B. A taxpayer's IRC§444 election is AUTOMATICALLY terminated if the electing entity liquidates. C. A personal service corporation's IRC§444 election is terminated if it willfully fails to comply with the minimum distribution requirements to employee-owners before the end of the...
Aloha Painting Company has reached the end of its first fiscal year, November 30, 2019. Prepare...
Aloha Painting Company has reached the end of its first fiscal year, November 30, 2019. Prepare any ADJUSTING JOURNAL ENTRIES required for Aloha Painting Co. at November 30, 2019 for a) to e) below. Assume that all original transaction entries were recorded and posted correctly. Omit explanations and do not prepare the original journal entries. a) On November 4, 2019 Aloha Painting received a $6,000 advance payment from Charlie Client as a deposit for a painting job to be done...
Acorn Ltd. has a November 30-year end. As of December 01, 2015, Acorn Ltd. had the...
Acorn Ltd. has a November 30-year end. As of December 01, 2015, Acorn Ltd. had the following UCC balances for its various tangible assets:                                               Class 01             $705,600                                               Class 08             330,000                                               Class 10             185,000                                               Class 13             175,500 Class 01: A new building was purchased on December 15, 2015 at a cost of $ 950,000, with $ 150,000 of this total being allocated to the land on which the building was situated. The new building was used 50%...
During the current year, Marlene, Nancy and Olive formed a new S Corporation. Solely in exchange...
During the current year, Marlene, Nancy and Olive formed a new S Corporation. Solely in exchange for stock, Marlene and Nancy contributed appreciated property, while Olive contributed services. The exchanges of Marlene and Nancy will be nontaxable if: Olive receives 30% of the stock Olive receives 80% of the stock Olive receives 15% of the stock Marlene and Nancy together receive 50% of the stock In June of 2018, Alice acquired her only machine for $30,000 to use in her...
Assume ABC Company has asked you to not only prepare their 2017 year-end Balance Sheet but...
Assume ABC Company has asked you to not only prepare their 2017 year-end Balance Sheet but to also provide pro-forma financial statements for 2018. In addition, they have asked you to evaluate their company based on the pro-forma statements with regard to ratios. They also want you to evaluate 3 projects they are considering. Their information is as follows: End of the year information: Account 12/31/17 Ending Balance Cash 50,000 Accounts Receivable 175,000 Inventory 126,000 Equipment 480,000 Accumulated Depreciation 90,000...
The Partnership Act 1890 section 24 sets out rights of partners (in default of their own...
The Partnership Act 1890 section 24 sets out rights of partners (in default of their own agreement). Which one of the following is not included in section 24? Group of answer choices The right to share equally in the capital and profits of the business. The right to be indemnified by the firm for any liabilities incurred or payments made in the course of the firm's business. The right to a salary The right to take part in the management...
Journal entries for year-end adjustments The chief accountant for Eliana City needed to make adjusting entries...
Journal entries for year-end adjustments The chief accountant for Eliana City needed to make adjusting entries before preparing the city’s financial statements for calendar year 2019. She wrote a brief paragraph to guide her assistant in making the adjusting entries for the General Fund and then gave her assistant data regarding the accounts that might be affected by the adjustments. Use the following information to make the year-end adjusting journal entries, if needed. Identify the expenditure accounts at the object-of-expenditure...
1. Calculate the nominal annual cost of trade credit under each of the following terms. Assume...
1. Calculate the nominal annual cost of trade credit under each of the following terms. Assume a 365-day year. Do not round intermediate calculations. Round your answers to two decimal places. 1/15, net 25.   % 2/10, net 55.   % 3/10, net 45.   % 2/10, net 45.   % 2/15, net 40.   % 2. Dorothy Koehl recently leased space in the Southside Mall and opened a new business, Koehl's Doll Shop. Business has been good, but Koehl frequently runs out of cash....
answer all question please Required information Sam, Dean, Bobby and Cass are the shareholders of a...
answer all question please Required information Sam, Dean, Bobby and Cass are the shareholders of a C-corporation named Winchester 4'Ever, Inc. Throughout the current tax year (payment dates provided below), Winchester distributed $70,000 cash to its shareholders (25% to each shareholder): February 1 - $15,000 May 31 - $15,000 November 30 - $20,000 December 31 - $20,000 The beginning stock basis for each shareholder was as follows: Sam - $11,000 Dean - $3,000 Bobby - $35,000 Cass - $0 1....
The employer publishes the South Texas Clarion daily newspaper, employing 726 carriers on 780 routes through...
The employer publishes the South Texas Clarion daily newspaper, employing 726 carriers on 780 routes through the rural Rio Grande river valley. In addition to the Clarion, the carriers deliver seven other newspapers e.g., The Wall Street Journal. The employer operates four distribution centers (warehouses) where carriers pick up the papers to take on their routes. Each distribution center has general manager and several "District Managers" who supervise the work of 30-50 carriers. A few carriers work multiple routes. In...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT