1. 1. A owned 40 percent of X co (an S-Corp) for 200 days during 20X9. A owned 20 percent of X co for the remaining 165 days in 20X9. X co is a calendar year taxpayer and in 20X9 it had 365,000 of capital gains. As share of X cos capital gains for 20X9 is?
3. 2.IfshareholdersinaScorp,acalendaryeartaxpayer,owning60percentoftheScorporationstockconsentonMarch1,20X5torevoketheSelectionanddeclaretherevocationeffectivedatetobeOctober1,20X5thentheSelectionisterminatedonwhatdate?
5. 3.True/False
6. The partnerships beginning tax basis in property it receives from a partner in exchange for an interest in partnership capital is the contributing partners adjusted basis in the property.
8. 4. Which of the following will prevent a corporation from qualifying under Subchapter S?
9. A corporate shareholder
10. Common stock with different voting rights
11. 100 individual shareholders 90 singles, 10 married couples
12. More than one of the above
13. None of the above