Income Tax II Chapter 21 Questions Name

Income Tax II Chapter 21 Questions Name - Income Tax II...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Income Tax II Chapter 21 Questions Name____Christian Yimgnia ______________________ Answer/explain the following based on reading chapter 21 and viewing the powerpoints. Be thorough with your answers. 1. Explain the eligibility to be an S corporation. Explain each factor. The five main factors that small business corporations should qualify by include: Must be a domestic corporation, must have no more than 100 shareholders, must include only eligible shareholders, must have only one class of stock, and must not be an ineligible corporation. Domestic corporation mean the corporation should be created or organized in the United States or under the laws of the United States or any states. The corporation must not surpass 100 stockholders they must have shareholders that are recognized by law. The outstanding shares of the corporation must be identical as to the rights of the holders in the profits and in the assets of the corporation. They can’t be financial institutions that are allowed a deduction for bad debts under code
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/08/2012 for the course INCOME TAX 4404 taught by Professor Bulie during the Spring '11 term at University of Minnesota Duluth.

Page1 / 2

Income Tax II Chapter 21 Questions Name - Income Tax II...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online