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:

Animation

The process of creating the illusion of motion by displaying a series of static images in rapid succession.

Technical Skill

Denotes the ability to perform tasks that require specific knowledge and capabilities, especially related to technology and specialized fields.

Traditional Media

Forms of mass communication that predate the digital age, including newspapers, magazines, television, and radio.

Specialized Skills

Refers to unique or high-level abilities acquired through training and experience that are specific to a particular job or industry.