What statement is correct with respect to an s

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Quantitative Methods for Business
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Chapter 2 / Exercise 4
Quantitative Methods for Business
Anderson/Sweeney
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65. What statement is correct with respect to an S corporation? A. There is no advantage to elect § 1244 stock. B. An S corporation can own up to 85% of an insurance company. C. A resident alien may be a shareholder. D. A voting trust arrangement is not available. E. None of the above statements is true.
66. Identify a disadvantage of being an S corporation.
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Quantitative Methods for Business
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Chapter 2 / Exercise 4
Quantitative Methods for Business
Anderson/Sweeney
Expert Verified
67. Which, if any, of the following can be eligible shareholders of an S corporation?
68. Which, if any, of the following can be eligible shareholders of an S corporation?
69. Which statement is correct with respect to filing an S election? A. Form 2553 must be filed. B. All shareholders must consent. C. The election may be filed in the previous year. D. An extension of time is available for filing Form 2553. E. All of the above statements are correct.
70. Several individuals acquire assets on behalf of Skip Corporation on May 28, 2013, purchased assets on June 3, 2013, and began business on June 11, 2013. They subscribe to shares of stock, file articles of incorporation for Skip, and become shareholders on June 21, 2013. The S election must be filed no later than 2 1/2 months after:
71. The maximum number of shareholders in an S corporation is:
72. Which statement is incorrect with respect to the number-of-shareholders test in filing an S election?
73. Four unrelated individuals acquire assets on behalf of Jump Corporation on May 21, 2013, purchased assets on June 5, 2013, and begin doing business on June 15, 2013. They subscribe to shares of stock, file articles of incorporation for Jump, and become shareholders on July 23, 2013. The S election must be filed no later than 2 1/2 months after: A. May 21, 2013. B. June 5, 2013. C. June 15, 2013. D. July 23, 2013. E. December 31, 2013.

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