Janice's Juices, LLC is a single-member LLC that was created and began business on January 1, 2022. Due to anoversight, no S election (or other entity classification election) was made by the regular deadline to make anelection for 2022. Assuming the business otherwise qualifies to request late S corporation election relief, it mustfile Form 2553 by which date?

Janice's Juices, LLC, a single-member Limited Liability Company (LLC), commenced its business…

Answered: Janice's Juices, LLC is a single-member…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Packed Corporation owns 60 percent of Snowball Enterprises’ stock. On January 1, 20X1, Packed sold $1.18 million par value, 6 percent (paid semiannually), 20-year, first mortgage bonds to Kling Corporation at 97. On January 1, 20X8, Snowball purchased $354,000 par value of the Packed bonds directly from Kling for $351,980. Required: Prepare the consolidation entry needed at December 31, 20X8, to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole dollar
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