Jones is a sole proprietorship. He would like to be taxed as a corporation for federal tax

Question:

Jones is a sole proprietorship. He would like to be taxed as a corporation for federal tax purposes. Jones may become a corporation by:

a. Filing a corporate return for this year

b. Timely filing Form 7701 and attaching it to this year's return

c. Timely filing Form 8832 and attaching it to this year's return

d. He cannot be taxed as a corporation

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

CCH Federal Taxation 2019 Comprehensive Topics

ISBN: 9780808049081

2019 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

See More Books

Question Posted: Feb 27, 2024 04:01 AM

See More Questions

Jones is a sole proprietorship. He would like to be taxed as a corporation for federal tax purposes. Jones may become a corporation by: a. Filing a corporate return for this year b. Timely filing...
1. Betty contributed property with a $40,000 basis and fair market value of $85,000 to the Rust Partnership in exchange for a 50% interest in partnership capital and profits. During the first year of...
It is January 15, 2022, and you just finished a meeting with the tax partner of your CPA firm, Lin & Robson Associates LLP and new clients Jeff and Caroline Samson. The Samsons live in Winnipeg,...
On January 1, 2018, Rastall Co. signed a long-term finance lease for an office building. The terms of the lease required Rastall to pay $30,000 annually, beginning December 31, 2018, and continuing...
In 2011, 90,000 fires in the United States were started by a lighted tobacco product. The dollar value of the property lost in these fires is staggering. In that same year, fires caused by dropped or...
The heat transfer coefficient between a surface and a liquid is 10 Btu/(h ft2 ?F). How many watts per square meter will be transferred in this system if the temperature difference is 10?C?GIVENThe...
Describe the three stages of Lewins model for change. AppendixLO1
Comparison of borrow/buy with operating and capital leases. Carom Sports Collectibles Shop plans to acquire, as of January 1, 2008, a computerized cash register system that costs $100,000 and has a...
Required information (The following information applies to the questions displayed below.) Elegant Decor Company's management is trying to decide whether to eliminate Department 200, which has...
$\mathrm{XYZ}$ is a corporation. It needs to raise some capital and is uncertain whether to issue debt or equity. Which of the following statements is true? a. Both interest payments and dividend...
Sinco Company had $\$ 300,000$ of income from business operations and $\$ 700,000$ of allowable expenses. It also received $\$ 20,000$ in dividends from a domestic corporation in which it owns...
Three funds of the Leukemia Foundation, a nonprofit welfare organization, began an investment pool on January 1, 2026. The costs and fair market values on this date were as follows: During 2026, the...
The following information summarizes the activities in the Mixing Department for the month of March. Beginning inventory 1 , 0 0 0 units, 8 0 % complete Started and completed 2 4 , 5 0 0 units Ending...
What is your recommendation for the maximum size of coarse aggregate for the following situation? A continuously reinforced concrete pavement cross section contains a layer of No. 6 reinforced bars...
On January 1, 2024, Winn Heat Transfer leased office space under a three-year operating lease agreement. The arrangement specified three annual lease payments of $72,000 each, beginning December 31,...
A closed square pyramid tank (base width: 6.0 m; height 3.0 m), sitting on its square base, has a 1.0 m depth of water. Suppose this tank is inverted (turned upside down) and is made to stand on its...
P.4.3 Apply a Taylor series expansion to a mixed backward formula for the first derivative: (Ux)i = 1 Ax (aui-2+ bui-1 + cu + dui+1) Derive the family of second order accurate formulas and the...
Everyone has a get-rich quick scheme, and some get rich by selling their ideas to others. Whether its counting cards, flipping real estate, day trading, or otherwise playing the securities markets,...
Explain the Hawthorne effect.
A C corporation acquired a machine for $100,000 and placed it in service on August 15, 2014. The corporation elected S corporation status at the beginning of 2018. On February 13, 2019, the property...
Aubrey Corporation changes from a regular C corporation in 2018 to an S corporation as of the beginning of 2019. For 2019, the corporation has $40,000 of built-in gain and $45,000 in accounting...
An S corporation has the following information: Compute the S$ corporation's taxable income for the year. Sales Dividend income Tax-exempt interest Long-term capital gain Short-term capital gain Cost...
Assignment Title: The Role of Bookkeeping in Business Management and Financial Reporting Objective: Understand the importance of proper bookkeeping procedures in the management of...
17) The adjustment that is made to allocate the cost of a building over its expected life is called:A) depreciation expense.B) residual value.C) accumulated depreciation.D) None of the above answers...
9) Prepaid Rent is considered to be a(n):A) liability.B) asset.C) contra-asset.D) expense.10) As Prepaid Rent is used, it becomes a(n):A) liability.B) expense. C) contra-asset.D) contra-revenue.11)...

Jones is a sole proprietorship. He would like to be taxed as a corporation for federal tax

Question:

Step by Step Answer:

c Timely filing Form 8832 and attaching it to this ...View the full answer

CCH Federal Taxation 2019 Comprehensive Topics

Students also viewed these Business questions