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J. D. formed Clampett, Inc. as a C corporation (calendar tax year) with J. D., Granny, and Jethro, Inc. (a C corporation) as shareholders. On January 15, 2018, Jethro, Inc. sold all its shares to Jane Hathaway. On February 28, 2018, Clampett, Inc. filed an S corporation election, with J. D., Granny, and Jane all consenting to the election. What is the earliest effective date of the S election?
Gain Or Loss
The financial result when the selling price of an asset differs from its cost, resulting in either profit (gain) or deficit (loss).
Original Cost
The initial purchase price or investment made to acquire an asset, not accounting for depreciation or amortization.
Asset Improvements
Expenditures made to increase the usefulness or value of a fixed asset.
Ordinary Maintenance
Routine and regular upkeep activities required to maintain or preserve assets in their original condition, preventing deterioration over time.
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