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VJ Corporation is to be owned equally by Vic and Joe. The corporation will be formed by exchanging the assets and liabilities of the V & J Manufacturing Partnership for all the corporation's stock on September 1 of the current year. Both shareholders use the calendar year as their tax year and desire to make an S election. What tax issues should Vic and Joe consider with respect to the incorporation?
Ball Bearings
Precision balls made from steel or other materials, used in machinery and equipment to reduce friction between moving parts.
Place of Delivery
The agreed-upon or designated location where goods are to be delivered or transferred from the seller to the buyer.
Performing Contractual
The process of fulfilling the obligations as outlined in a contract.
Excused Sellers
Sellers who are relieved from the obligation to deliver goods under a contract due to certain conditions that make performance impracticable.
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