47. Which tax year is not allowed an S corporation? a. Calendar year b. Fiscal year established by business purpose Fiscal year that is the same as all the principal owners C. d. None of these 48. Which of the following taxes is not imposed on an Scorporation? a. Built-in gains tax b. Excessive passive investment income tax c. Corporate tax d. Tax on early disposition of property on which the investment credit was claimed by the corporation as a previous C corporation 49. Jack Freeman, a calendar year taxpayer, owns 30 percent of an corporation which closes its books on June 30 each year. On November 30, 2020 and April 30, 2021, the S corporation pays a $40.000 cash dividend and has a taxable income for the year ending June 30, 2021 of $90,000. Jack, on his personal return would report income of $12,000 for 2020 and $12,000 for 2021 b. $12,000 for 2020 and $15,000 for 2021 a. C. $0 for 2020 and $27,000 for 2021 $12,000 for 2020 and $27.000 for 2021 d. e. $40,000 for 2020 and $50.000 for 2021