Question
If Corp. Z above is an S Corporation, business expenses increase to $1,160,000 and 45% of business losses for 2022 are allocated to passive shareholders:
If Corp. Z above is an S Corporation, business expenses increase to $1,160,000 and 45% of business losses for 2022 are allocated to passive shareholders:
Is Corp. Z permitted to retain cash method? _______________ (Yes/No)
Why? (Yes or No, 1 sentence & Code Section)
___________________________________________________________________________
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Describe any elections available (Max 2 sentences)
___________________________________________________________________________ ___________________________________________________________________________
Give Regulation Section for c above _______________
Can Passive Activity losses offset shareholder wages? _______________
Give Code Section to Part e _______________
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Accounting
Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
9th Canadian Edition volume 2
013269008X, 978-0133122855, 133122859, 978-0132690089
