A corporation can choose to voluntarily revoke a valid Subchapter S election. How do the shareholders accomplish a voluntary revocation and when will the revocation be effective?
What will be an ideal response?
If shareholders owning a majority of the voting stock consent, in writing, to revoke the election, the Sub S status will be terminated. If the revocation is made (and filed) during the first 2½ months of the tax year, the revocation will be effective as of the beginning of the year. If the revocation is made subsequent to that date, the Sub S status will be terminated as of the beginning of the following year. Shareholders can state a revocation date on or after the date the voluntary revocation is filed and the revocation will be effective on the selected date.
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A company purchases 600 shares of its $100 par value common stock at $110 per share. It then reissues 100 shares at $114 per share. The entry upon reissue of the stock would be:
a. Cash 11,400 Treasury Stock-Common 11,000 Paid-in Capital, Treasury Stock 400 b. Cash 11,400 Treasury Stock-Common 11,400 c. Cash 11,400 Treasury Stock-Common 11,000 Gain on Sale of Treasury Stock 400 d. Cash 11,400 Treasury Stock-Common 10,000 Retained Earnings 1,400
If a settlement is not reached after mediation, the divorce case goes to trial
Indicate whether the statement is true or false
Demographic segmentation divides markets by
A. geographic location. B. consumer attitudes. C. characteristics such as loyalty and price sensitivity. D. characteristics such as age, gender, and income. E. psychological traits.
Moral awareness begins with
A. the strength to act. B. personal self-interest. C. self-chosen ethical principles. D. considering whether a decision has ramifications. E. knowing what actions are morally defensible.