One of your clients is considering electing S status. Texas, Inc., is a six-year-old company with two
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One of your clients is considering electing S status. Texas, Inc., is a six-year-old company with two equal shareholders, both of whom paid $30,000 for their stock. Going into 2016, Texas has a $110,000 NOL carryforward from prior years. Estimated income is $40,000 for 2016 and $25,000 for each of the next three years. Should Texas make an S election for 2016? Why or why not?
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To determine whether Texas Inc should make an S election for the 2016 tax year we need to consider several factors and evaluate the implications of su...View the full answer
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Related Book For 
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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