For Each of the Following Independent Cases Below, Indicate Whether

question 585

Essay

For each of the following independent cases below, indicate whether the entity will be taxed as an S corporation corporation for the respective period.
a. Richards Corporation, uses the calendar year as its tax year. It files an S election on March 31, 2018. If no reas cause is shown, how will Richards Corporation be treated for tax purposes in 2018?
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, 2018. How will H Corporation be treated for tax purposes in 2018?
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, 2018. The prospec termination date is July 1, 2018. How will Hazelwood Corporation be treated for tax purposes in 2018?
d. One of the shareholders of Omni Corporation, a calendar- year S corporation, sells his stock to a Canadian individual on July 8, 2018.

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Definitions:

Molecular Orbital

A mathematical function describing the wave-like behavior of an electron in a molecule, used to calculate chemical and physical properties.

Atomic Orbitals

Formulas representing the whereabouts and wave-like characteristics of an electron in an atom.

Carbon-Carbon

Refers to bonds or interactions between carbon atoms within organic compounds; fundamental in organic chemistry and materials science.

σ Bonds

The strongest type of covalent chemical bond formed from the head-on overlapping of atomic orbitals, which allows for the free rotation of the bonded atoms around the bond axis.