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PROBLEM 3: A corporation is formed and the shareholders want to elect S corporation status for the first tax year, which is a calendar year. What is the due date for this election in the following situations? 8points-2 each PART A Date of formation Election due date December 15, 2018 MarL 209 January 6,2019 mor February 6,2019 Ap January 29, 2019 PARTB Texas is a community property state. This means that generally both husband and wife must sign the consent to be an S corporation. This statement is: 2 points TRUEES FALSE PROBLEM 4 The ABC partnership has three equal partners. Each partner invested $500,000 and the tax basis of their interests is $700,000 (after years of operations). The partnership owns assets with a tax basis of 2,100,000 but a fair market value of $6,000,000. Partner Andy has negotiated the sale of his interest to a third party, Darla. Darla will pay Andy $2,000,000 for the one-third interest 8 points-2 each Andy's gain or loss on sale Darla basis in purchased interest Section 743 Adjustment Who "Owns" the 743 Adjustment?Dada 1200o0