Durrabusiness is organized as a regular c corporation in, Ask an Expert

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1. What limits are place on the selection of a tax year of an S corporation? How do these limits differ from those applicable to C Corporations and partnerships?

2. Durrabusiness is organized as a regular C corporation in 1986. At the beginning of the present year, Durrabusiness elects to be an S corporation. Will the election cause a re-capture of the general business investment credit taken on any property purchased while a C corporation?

3. Several individuals form Lang Corporation on May, 1 2010. The corporation begins acquiring assets on June 1, 2010, and begins business on August 1, 2010. What is the latest date that Lang can file Form 2553 requesting S corporations status?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9445478

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