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:

Dumping

The practice of selling a product in a foreign market at a price lower than its domestic market or below its cost of production, often to increase market share or eliminate surplus.

Per Capita GDP

is a measure of the economic output of a country divided by its population, providing an average economic welfare indicator.

Trade Barriers

Measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services.

Trade Openness

A measure of the extent to which a country allows free trade with other countries, including importing and exporting goods without tariff or non-tariff barriers.