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:

Multiple Unions

The presence of more than one labor union within a single workplace or industry, each representing different groups of workers.

Right-to-Work Law

Legislation that prohibits agreements between labor unions and employers that make union membership or payment of union dues a condition of employment, either before or after hiring.

Union Representation

The act of acting on behalf of union members in negotiations with employers, usually regarding work conditions, wages, and other employment issues.

Initial Contract

The first agreement negotiated between a union and an employer outlining wages, hours, and working conditions for unionized employees.