Question 65 of 75. Sarah Janes gave up investment-use land and $10,000 cash for a nonresidential condominium For Sarah, this exchange is: O Fully taxable as a recognizable transfer. O Fully nontaxable as a like-kind exchange. O Partially taxable as a like-kind exchange. O Not eligible as a like-kind exchange. of these S corporations is required to file Schedule L. Balance Sheet per Books Barron, Inc. has total receipts of $236.489 and total assets of $199.999 at the end of the tax year Hancock, Inc. has total receipts of $198.437 and total assets of $239.761 at the end of the tax year Parkes, Inc. has total receipts of $224,852 and total assets of $249.793 at the end of the tax year Safia, Inc. has total receipts of $251,358 and total assets of $315.005 at the end of the tax year Mark for follow up Question 68 of 75. Each of these events will lead to automatic termination of the S corporation election EXCEPT: The corporation ceases to be a small business corporation as defined by the IRS The corporation has accumulated earnings and profits and has excess net passive income All of the shareholders agree to convert the S corporation to a C corporation The election is revoked. Mark for follow up Question 69 of 75. On Schedule B (Form 1120-S). Other Information, which question, if answered "Yes", requires the information to be reported directly on Schedule B and not another form? O Did the corporation have any outstanding shares of restricted stock at the end of the year?! O Did the corporation issue publicly offered debt instruments with original issue discount? O Did the corporation make a section 1630) election for their real property business during the year? Is the corporation a material advisor required to file Form 8918. Material Advisor Disclosure Statement? Mark for follow up Question 70 of 75. Which of these corporations appears to be eligible to make an S corporation election? Corporation I is a domestic corporation. There is only one class of stock with 75 shareholders who are all individuals living in the United States, all of whom are either United States citizens or resident aliens O Corporation Il is a domestic corporation using a calendar year tax year. 90% of the shareholders agree to the corporation election Corporation III is a domestic corporation with one class of stock. There are three shareholders: two are individuals who are residents of the United States, the third shareholder is a partnership O Corporation IV is not a domestic corporation, but all shareholde M i s not a domestic corporation, but all shareholders are United States citizens. There is one class of stock. Mark for follow up Question 65 of 75. Sarah Janes gave up investment-use land and $10,000 cash for a nonresidential condominium For Sarah, this exchange is: O Fully taxable as a recognizable transfer. O Fully nontaxable as a like-kind exchange. O Partially taxable as a like-kind exchange. O Not eligible as a like-kind exchange. of these S corporations is required to file Schedule L. Balance Sheet per Books Barron, Inc. has total receipts of $236.489 and total assets of $199.999 at the end of the tax year Hancock, Inc. has total receipts of $198.437 and total assets of $239.761 at the end of the tax year Parkes, Inc. has total receipts of $224,852 and total assets of $249.793 at the end of the tax year Safia, Inc. has total receipts of $251,358 and total assets of $315.005 at the end of the tax year Mark for follow up Question 68 of 75. Each of these events will lead to automatic termination of the S corporation election EXCEPT: The corporation ceases to be a small business corporation as defined by the IRS The corporation has accumulated earnings and profits and has excess net passive income All of the shareholders agree to convert the S corporation to a C corporation The election is revoked. Mark for follow up Question 69 of 75. On Schedule B (Form 1120-S). Other Information, which question, if answered "Yes", requires the information to be reported directly on Schedule B and not another form? O Did the corporation have any outstanding shares of restricted stock at the end of the year?! O Did the corporation issue publicly offered debt instruments with original issue discount? O Did the corporation make a section 1630) election for their real property business during the year? Is the corporation a material advisor required to file Form 8918. Material Advisor Disclosure Statement? Mark for follow up Question 70 of 75. Which of these corporations appears to be eligible to make an S corporation election? Corporation I is a domestic corporation. There is only one class of stock with 75 shareholders who are all individuals living in the United States, all of whom are either United States citizens or resident aliens O Corporation Il is a domestic corporation using a calendar year tax year. 90% of the shareholders agree to the corporation election Corporation III is a domestic corporation with one class of stock. There are three shareholders: two are individuals who are residents of the United States, the third shareholder is a partnership O Corporation IV is not a domestic corporation, but all shareholde M i s not a domestic corporation, but all shareholders are United States citizens. There is one class of stock. Mark for follow up
