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Please answer the qoustions 1.Describe the requirements that a corporation must meet in order to elect S corporation status. 2.Describe how to compute a stock

Please answer the qoustions

1.Describe the requirements that a corporation must meet in order to elect S corporation status.

2.Describe how to compute a stock basis for S corporation shareholders.

3.Describe how non separately stated income is computed and reported.

4.Identify a separately stated item and describe why it must be separately stated.

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