Layout References Mailings Review View Help Tell me what you want to do -11 HANA .... 21 atx * A.A. EEE... Paragraph ABCD AaBb De AaBbc Aabbcc AaB AaBbccc 1 Normal 1 No Spac. Heading 1 Heading 2 Title Styles Subtitle Font a 22 Refer to the preceding question. If Penny also receives office equipment She recognizes a loss = $23,000 She recognizes a loss = $35,000 b. She recognizes a loss = $33,000 d. She cannot recognize a loss 23. Which of the following will prevent a corporation from being a proper S corporation? a 101 shareholders which include a married c A shareholder who lives in France but is a couple U.S.citizen 6. Outstanding class A voting common stock d A shareholder sells his stock to the PX and class B non-voting common stock partnership 24 S Corp. is a calendar-year corporation and is owned equally by A and B at the beginning of the current year. S's income for the year = $292.000 and has long-term capital gain = $73,000. IfB sells coe-half of her shares to con March 31. (the 90th day of the year), B will report how much ordinary income for the current year? a $146,000 c591.000 b. $55,000 d$22,750 25. Joey is a sole shareholder in a calendar-year corporation that was never a corp. At Jan. 1, Joey's basis in his stock = $20,000. S's ordinary income for the year = $30,000 and it has a long-term capital loss = $7,000. On June 15. Scorp. distributes $35,000 to Joey. The portion of the distribution that is tacable to Joey is: c$15.000 b. $35,000 d. 57.000 a 50 o e @ - II prt se 5 6 7 00 9 O ab , * A.D.A. olul l Hat 1 Normal No Spac... Heading Heading 2 Tele Subtit Font Paragraph Styles 21. Pentry completely terminates her partnership interest when her outside basis 345,000. She receives a liquidating distribution of cash = $10,000 and inventory with a basis = $12,000. Penny: a Recognizes a loss $23,000 c. Recognize a loss = $35,000 3 b. Recognizes a loss = $33,000 d. Cannot recognize a loss 22 Refer to the preceding question. If Penny also receives office equipment: a. She recognizes a loss = $23,000 c She recognizes a loss = $35.000 b. She recognizes a loss = $33,000 d. She cannot reconize a loss 23. Which of the following will prevent a corporation from being a proper corporation? 101 shareholders which include a married c. A shareholder who lives in France but is a couple US citizen b. Outstanding class A voting common stock d. A shareholder sells his stock to the PX and class B non-voting common stock partnership 24 S Corp. is a calendar-year corporation and is owned equally by A and B at the beginning of the current year's income for the year = $292,000, and has long-term capital gain = 573.000. If sells ce half of her shares to con March 31. (the 90th day of the year), B will report how much ordinary income for the current year? o e -ch & 5 00 7 6 o P R