S income tax return for an s corporation schedule k a

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Unformatted text preview: consent of the shareholders holding, on the day of the revocation: a. b. c. d. Shares of voting stock 0 7,500 10,000 20,000 Shares of nonvoting stock 20,000 5,000 16,000 0 CPA-01976 Explanation Choice "c" is correct. S corporation status can be revoked if shareholders owning more than 50% of the total number of issued and outstanding shares consent. The specific percentage of voting and nonvoting shareholders is not considered, just the total. Holders of more than 25,000 total shares must approve the revocation. Choices "a", "b", and "d" are incorrect. S corporation status can be revoked if shareholders owning more than 50% of the total number of issued and outstanding shares consent. The specific percentage of voting and nonvoting shareholders is not considered, just the total. CPA-01982 Type1 M/C A-D 89. CPA-01982 ARE May 94 #22 Corr Ans: B PM#13 R 3-02 Page 52 The Haas Corp., a calendar year S corporation, has two equal shareholders. For the year ended December 31, 1993, Haas had taxable income and current earnings and profits of $60,000, which included $50,000 fr...
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This note was uploaded on 06/14/2013 for the course ACCOUNTING Regulation taught by Professor Becker during the Fall '10 term at Keller Graduate School of Management.

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