28) Worthy Corporation elected to be taxed as an S corporation on January 1, of last year, effective last year. It had previously been a C corporation. On the effective date of the S election, Worthy had land with a $70,000 basis and a $210,000 FMV. No net unrealized losses exist on the date of the S corporation election. The land is sold this year for $250,000. The tax result of the sale by Worthy is A) a gain of $180,000, all of which is subject to the built-in gains tax. B) a gain of $140,000 subject to the built-in gains tax and passes though to shareholders, plus a $40,000 gain subject to the regular S corporation pass-through rules. C) no gain or loss recognized. D) a gain of $180,000, none of which is subject to the built-in gains tax. 29) On January 1 of this year (assume not a leap year), Anne bought 50% of a calendar-year S corporation. Anne purchased the remaining 50% on July 1 (day 181 of the year). Anne's adjusted basis in the stock is $277,000 before any basis adjustments are taken into account. For this year, the corporation had a net operating loss of $365,000. What is the amount of the corporation's loss that Anne can deduct on her current individual income tax return? A) $0 B) $273,500 C) $274,500 D) $365,000 30) Which of the following statements is correct, assuming that an extension is not requested? A) A partnership must file Form 1065 no later than the 15th day of the fourth month after the close of the partnership's tax year. B) A partnership must file Form 1065 no later than the 15 th day of the third month after the close of the partnership's tax year. C) Partnerships must file Schedule K1 to show how income is allocated to partners no later than the 15th day after the close of the partnership's tax year. D) A partnership must file Form 1120 no later than the 15 th day of the fourth month after the close of the partnership's tax year