For Each of the Following Independent Cases Below,indicate Whether the Entity

question 64

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 31,2017.If no reasonable cause is shown,how will Richards Corporation be treated for tax purposes in 2017?
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 12,2017.How will Harper Corporation be treated for tax purposes in 2017?
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 12,2017.The prospective termination date is July 1,2017.How will Hazelwood Corporation be treated for tax purposes in 2017?
d.One of the shareholders of Omni Corporation,a calendar-year S corporation,sells his stock to a Canadian individual on July 8,2017.

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Definitions:

Coefficient Of Determination

A statistical measure that assesses the proportion of variance in the dependent variable predictable from the independent variable(s).

Coefficient Of Correlation

A numerical measure that quantifies the strength and direction of a linear relationship between two variables.

Square Root

A value that, when multiplied by itself, gives the original number.

Coefficient Of Correlation

A statistical measure that calculates the strength and direction of the linear relationship between two variables, represented by values between -1 and 1.