quiz 11C

quiz 11C - 1. (T/F) When a husband and his wife own shares...

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1. (T/F)  When a husband and his wife own shares in a corporation that intends to  make an S election, they count as one shareholder. Accordingly, only one of the  spouses needs to consent to the S election.  Response: FALSE Answer: FALSE  Points: 1 / 1 2. (T/F)  A corporation can claim tax status as an S corporation if it meets the  definition of a small business corporation, even though it has not filed an election  to be an S corporation. Response: FALSE Answer: FALSE  Points: 1 / 1 3. (T/F)  A corporation commences business on November 29, 2005, and uses the  calendar year. The deadline for filing an S election for its first year is December  31, 2005. Response: FALSE Answer: FALSE  Points: 1 / 1 4. (T/F)  A corporation received its charter under state law on April 1, 2007. It issued  shares on May 10, 2007. On June 1, 2007 it took title to some property  transferred in by a shareholder. It commenced its active business on June 18,  2007. The deadline for filing an S election for the first taxable year is July 24, 
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This note was uploaded on 06/23/2009 for the course BUPA 539 taught by Professor Jamison during the Spring '09 term at IUPUI.

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quiz 11C - 1. (T/F) When a husband and his wife own shares...

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