Question

Which of the following is not a requirement to make an S election? Select one: a....

Which of the following is not a requirement to make an S election? Select one:

a. Maximum 100 shareholders

b. Shareholders must be U.S. citizens

c. One class of stock

d. It must be a domestic corporation

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Eligibility Criteria of S selection

A corporation may choose to be taxed as an S-Corporation if it meets the following criteria:

1. The company is

(a) a domestic corporation, or

(b) a domestic entity eligible to elect to be treated as a corporation.

2. The company has no more than 100 shareholders.

3. The company has no non-resident shareholders. (That is, the only shareholders are U.S. citizens and resident aliens.)

4. The company has only one class of stock.

Note: Here the options given are the requirements to make an S election. So it is not possible to select an option

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 is considered an advantage of an S corporation? a. The number of...
Which of the following is considered an advantage of an S corporation? a. The number of shareholders is limited to 100. b. Only one class of stock may be outstanding. c. The business may be a foreign corporation. d. There is pass-through of ordinary loss to the shareholders e. There are no restrictions on who may be a shareholders
Which of the following will prevent a corporation from being a proper S corporation? a. 101...
Which of the following will prevent a corporation from being a proper S corporation? a. 101 shareholders which include a married couple c. A shareholder who lives in France but is a U.S. citizen b. Outstanding class A voting common stock and class B non-voting common stock d. A shareholder sells his stock to the PX partnership
1) Which of the following is not a requirement for an offer to be effective? Select...
1) Which of the following is not a requirement for an offer to be effective? Select one: a. The offeror must have a serious intention to become bound by the offer. b. The terms of the offer must be reasonably certain, or definite, so that the parties and the court can ascertain the terms of the contract. c. The offer must be communicated to the offer. d. They are all required for an offer to be effective. 20 Which of...
Jettison Corporation, an S corporation, may have its S corporation election terminated by all of the...
Jettison Corporation, an S corporation, may have its S corporation election terminated by all of the following except: a. X, an individual shareholder of Jettison, contributes 6 of his 10 shares in Jettison to G corporation. b. No less than unanimous consent of all of Jettison’s shareholders. c. The number of Jettison shareholders exceeds 100 shareholders d. Jean, a citizen and resident of France, acquires 5% of Jettison shares
Which of the following is NOT considered a receipt in the balance of payments? Select one:...
Which of the following is NOT considered a receipt in the balance of payments? Select one: a. import of services b. exports of goods c. capital inflows d. unilateral transfers to U.S. citizens
Acorporation can make an S corporation electio if which of the followingstatements is true A) It...
Acorporation can make an S corporation electio if which of the followingstatements is true A) It has 200 shareholders (100 family members) B) It has a partnershi as a shareholder C) It has two calsses of stack issued and ooutstanding D) It is foreign corporation
Lobster Pot Corp, a domestic corporation, made a valid Subchapter S election several years ago. For...
Lobster Pot Corp, a domestic corporation, made a valid Subchapter S election several years ago. For A through D: 1. Answer “Yes” if Lobster Pot’s S-corp status will terminate because of the circumstance given. 2. Answer “No” if the circumstance will not terminate Lobster Pot’s S status. A. The number of Lobster shareholders has grown to 101. All of the shareholders are unrelated except that two of them are husband and wife. B. The number of Lobster shareholders had grown...
Which of the following is a requirement of REITs? At least 90% of a REIT’s taxable...
Which of the following is a requirement of REITs? At least 90% of a REIT’s taxable income must be distributed to shareholders. All of the responses are REIT requirements Not more than 50% of a REIT’s shares can be owned by five or fewer shareholders. A REIT must have at least 100 stockholders.
In determining if an S corporation has no more than 100 shareholders, which of the following...
In determining if an S corporation has no more than 100 shareholders, which of the following statements is true? A. Estates are not treated as a shareholder. B. Family members in up to six generations are treated as a single shareholder. C. Husbands and wives are treated as separate shareholders. D. Stock held by an agent is treated as being owned by the agent.
1- Which of the following is not true about managing logistics in China? Select one: a....
1- Which of the following is not true about managing logistics in China? Select one: a. It is a waste of time to visit China as most of the things can be done remotely these days. b. It is important to make sure the logistics providers have IT system capacities. c. Larger logistics companies might be better and more reliable but small ones may provide customized services. d. Export/import compliance is strictly required.   2- Which of the following is not...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT