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

question 99

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.Richard Corporation,uses the calendar year as its tax year.It files an S election on March 31,2013.If no reasonable cause is shown,how will Richard be treated for tax purposes in 2013?
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 12,2013.How will Harper Corporation be treated for tax purposes in 2013?
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 12,2013.The prospective termination date is July 1,2013.How will Hazelwood Corporation be treated for tax purposes in 2013?
d.Omni Corporation,a calendar-year S corporation,adds a 101st shareholder on July 8,2013.The new shareholder is not related to any of the other shareholders.

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