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An S corporation is generally restricted to the calendar year end to mitigate tax deferral.True or False Unlike partnerships, an S corporation shareholders basis is
An S corporation is generally restricted to the calendar year end to mitigate tax deferral.True or False
Unlike partnerships, an S corporation shareholders basis is static and is not subject to periodic adjustments. True or False
Juke, an S Corporation, distributes a parcel of land to Shannon, one of its shareholders. The land has a basis of $10,000 and a fair market value of $20,000. This distribution will cause Shannon to recognize a share of the deemed gain.
True or False
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