For Each of the Following Independent Cases Below,indicate Whether the Entity

question 84

Essay

For each of the following independent cases below,indicate whether the entity will be taxed as an S corporation or a C corporation for the respective period.
a.Richards Corporation,uses the calendar year as its tax year.It files an S election on March 31,2016.If no reasonable cause is shown,how will Richards Corporation be treated for tax purposes in 2016?
b.Shareholders owning more than 50% of the stock of Harper Corporation,a qualifying calendar-year S corporation,consent to a voluntary revocation statement filed by the corporation on March 12,2016.How will Harper Corporation be treated for tax purposes in 2016?
c.Shareholders owning more than 50% of the stock of Hazelwood Corporation,a qualifying calendar-year S corporation,consent to a voluntary revocation statement filed by the corporation on March 12,2016.The prospective termination date is July 1,2016.How will Hazelwood Corporation be treated for tax purposes in 2016?
d.One of the shareholders of Omni Corporation,a calendar-year S corporation,sells his stock to a Canadian individual on July 8,2016.

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Definitions:

Supply Chain Surplus

The added value produced through the supply chain process, measured by the difference between the value of the final product to the consumer and the costs of its production.

Customer Value

The perception of what a product or service is worth to a customer versus the possible alternatives, measured by the benefits it provides over the cost.

Supply Chain Cost

The total expenses incurred in the production, transportation, and distribution of goods or services within a supply chain.

Decision Phases

The stages in the process of making choices or decisions, typically including problem identification, solution search, evaluation and selection, and implementation.