Discuss two ways that an S election may be terminated
Broadly, there are two ways of terminating the S election—voluntary termination and involuntary termination. If shareholders owning a majority of shares consent, an election can be voluntarily terminated. If the revocation is filed by the fifteenth day of the third month of the tax year, the revocation is effective for the entire tax year (unless a prospective effective date is specified).
An S election may be involuntarily terminated if a disqualifying event occurs (i.e., issues a second class of stock, too many shareholders, etc.). The loss of the election applies as of the date on which the disqualifying event occurs. Shareholders may intentionally cause a disqualifying event to terminate the election.
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Martin Jackson receives an hourly wage rate of $30, with time and a half for all hours worked in excess of 40hours during a week. Payroll data for the current week are as follows: hours worked, 46; federal income taxwithheld, $350; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid toJackson?
a. $1,470.00 b. $1,009.75 c. $1,097.95 d. $460.25
In a grant proposal for funding, what information is typically included in the cover letter?
A) What will be delivered B) What total costs will be C) The time frame of the deliverables D) The circumstances that will result in success E) What is being requested
A new fast food restaurant opened called McD's. The fast food company McDonald's complained and wants the new restaurant to change its name. McD's refuses as it says it sells alcohol which McDonald's doesn't
But other than alcohol, most of McD's menu is similar to McDonald's products and McD's even sells "Happy Meals." Most likely a court would A) rule McD's is liable for passing off B) possibly award the fast food company damages C) issue an injunction to stop McD's from using that name D) all of the above E) rule McD's has done nothing wrong
Source A has capacity of 15, Source B has capacity of 30, Destination 1 has demand of 5 and Destination 2 has demand of 20. Fill in the following table with the correct initial solution for a northwest-corner method approach
Destination 1 Destination 2 Source A Source B