QUESTION 29 On January 1, 2021, Brown and Falls own equally ny percent 50% of the stock of Philips Corporation, an Corporation is 500.000 Operating Loss for the year of 2021. On the 219th day of the year of 2021. Brown sells her one half of the stock of piles Corporation to her daughter Daniels. How much of the $60,000 Operating Loss is allocated to Falls? (Using the Per Day Method (Pro-late Methoden the year 2021 Yan $30,000 $18,000 $ -0. $60,000 QUESTION 30 Which of the following statements is not true regarding S Corporations? Is an election and is not mandatory. May have a another Corporation as a shareholder May have a Resident Alien as a shareholder. May be directly subject to some Federal Income Taxes. 00 QUESTION 27 Which of the following is a disadvantage of an 5 Corporation? An estate cannot be a shareholder in an S Corporation Losses flow through to the shareholders of an 8 Corporation Partnerships can be shareholders in an S Corporation The number of shareholders in an S Corporation is limited to 100 shareholders QUESTION 28 During the year of 2021, Wiley Corporation, an S Corporation, incurs the following transactions: Net Income From Operations - $110,000; Interest Income From Savings Account - $8,000; Long-Term Capital Gain From Sale Of Securities - 511,000; Short-Term Capital Loss From Sale Of Securities - 54,000. Wiley Corporation's Nonseparately Stated income for the year of 2021 is: O$ 8,000 $110,000 $ 19,000 $ 15,000 QUESTION 26 Which of the following can be eligible shareholders in an S Corporation? Corporations. Any Trust A Resident Alien Partnership