Question
1.Explain the circumstances in which a corporation can use the accrual basis or the cash basis of accounting. 2.When must a corporate tax return be
1.Explain the circumstances in which a corporation can use the accrual basis or the cash basis of accounting.
2.When must a corporate tax return be filed? Can a corporation receive an extension of time to file a return, and if so, what is the length of the extension?
3.An individual contributes property with a fair market value in excess of basis to a corporation un exchange for stock. What is the basis of the stock in the hands of the shareholder, and what is the basis of the property contributed in the hands of the corporation?
4.What criteria must a corporation meet to appropriately elect Subchapter S status?
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