On March 5, 2022, the two 50% shareholders of a calendar year corporation decide to elect S status. Shareholder Mila purchased her stock from a previous shareholder (a nonresident alien) on January 18, 2022. Identify any potential problems for Mila and the corporation.
On March 5, 2022, the two 50% shareholders of a calendar year corporation decide to elect S status. Shareholder Mila purchased her stock from a previous shareholder (a nonresident alien) on January 18, 2022. Identify any potential problems for Mila and the corporation.
Chapter22: S Corporations
Section: Chapter Questions
Problem 7DQ
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2. On March 5, 2022, the two 50% shareholders of a calendar year corporation decide to elect S status. Shareholder Mila purchased her stock from a previous shareholder (a nonresident alien) on January 18, 2022. Identify any potential problems for Mila and the corporation.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT