Question 71 of 75. Linda owns 175 shares of stock in an corporation which she purchased for $50 per share. Linda gave 25 shares to her daughter, Janet. Linda also sold five shares to her friend, Betty, for $62 per share. What are Linda, Janet and Betty's respective basis after those transactions? O Linda: $7.250, Janet: $1.250: Betty: 5250 Linda: $7.250, Janet: $1.250: Betty: 5310 Linda: $8,750, Janet: $1.250: Betty: $310. O Linda: $8,750, Janet $1.250, Betty: $250. Mark for follow up Question 72 of 75. Each of these events will lead to automatic termination of the corporation election EXCEPT: The corporation ceases to be a small business corporation as defined by the IRS The corporation has accumulated earings and profits and has excess net passive income All of the shareholders agree to convert the corporation to a C corporation The election is revoked Mark for follow up Question 73 of 75. Max converted his sole proprietorship to an corporation and transferred several assets to the corporation. The assets cost $15,000 and had an adjusted basis of 50,000. He also spent an additional 5700 to make the conversion to an S corporation. What is his beginning basis in the corporation? O $8.000 $8.700 $15.000 $15.700 Mark for follow up Question 74 of 75. Which of these corporations is required to file Schedule, Balance Sheet per Booka? Barton, Inc. has total receipts of $236.488 and total of 160,00 at the end of the tax year. Hancock, Inc. has total recepta $180.637 and total sets 1230,781 at the end of the tax year Oputes, Inc. has total receipts of 8224.852 and total assets of $249.793 at the end of the law you. Sala, Ine has total receipts of 251.368 and total assets of $315,005 at the end of the tax your Mark for follow up 5 + Question 75 of 5 All of these are factors the IRS considers to determine reasonable compensation EXCEPT Consistent amount of compensation year after year Duties and responses of the shareholder-erlynes we What comparable businesses pay for imiar services Save / Return Later Summary