6. The election on Form 2553 for S corparatlon status ls effective for a t ax ye

Question

6. The election on Form 2553 for S corparatlon status ls effective for a t ax year If le ls iled any time during the prevlous tax year, or filed in the tax year to which the electlon is to apply by a The 15th day of the first month b The 15th day of the second month c The 15th day of the third month d. The 15th day of the fourth month 7. Sunnle purchased 50 percent of the shares of corporation H,a calendar year S corporation, for $7,000. She also guaranteed a corporate loan of $6,000. Por 2012, H had an operating loss of $22,000. What is the amount of H's loss that Sunnle can deduct on her Individual Income tax return for 2012 . $11,000 $10,000 c $7,000 d. $0 8. Which one of the following Items does not Increase a shareholder's basls in an S corporatlon? All Income Items of the S Corporation, Including tax-exempt Income, that are separately stated and passe through to the shareholder. b. Any nonseparately stated Income of the S corporatlon. c. The amount of the deductlons for depletion that ls more than the basls of the properry belng depleted. d. Any expense of the S corporation that is not deductble In figuring Its Income and no properly chargeable to capltal account 9. Which of the following would not Increase the basls of a shareholder's stock In an S corporatlon: All separately stated Income ltems of the S corporation, Ineluding tax- exempt Income. b. Any nonseparately stated Income of the S corporation c Capltal gains tax paid by the shareholder. d The amount of deductlons for depletion that ls more than the basis of the properry being deplered.

Explanation / Answer

6 Answer :- C. The 15th day of the third month

7 Answer :- b. $10,000

8 Answer :- A. All income items of the S corporation including tax exempt income, that are separately stated and passed , through to the shareholders

9 Answer :- d. The amount of deduction for depletion that is more than the basis of the property being depleted.

Related Questions

Navigate

• Browse (All)
• Browse 6
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.