All of the following entities are allowed to elect S status except
A. Domestic international sales corporation (DISC).
B. Domestic building and loan association.
C. Mutual savings bank.
D. A cooperative bank without capital stock organized and operated for mutual purposes and without profit.
Answer: A. Domestic international sales corporation (DISC).
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CPA Regulation
- Which of the following is not eligible to be a shareholder of an S corporation?
- Which of the following characteristics can disqualify a corporation from S corporation status?
- All of the following entities would qualify as shareholders of an S corporation except
- Which one of the following is not a requirement to make an S corporation election?
- Which of the following entities is ineligible to be an S corporation shareholder?
- What is the maximum number of shareholders allowable for eligibility as an S corporation in the current year?
- HDF, a calendar-year corporation, began business in Year 1. HDF made a valid S corporation election on December 1, Year 2. Assuming the eligibility requirements for S corporation status continued to be met throughout Year 3, on which of the following dates did HDF's S corporation status become effective?
- A company terminated its S corporation status for the current tax year. When can the company reelect S status?
- Which of the following statements about qualifying shareholders of an S corporation is correct?
- If a corporation's status as an S corporation is revoked or terminated after January 1, 2019, how many years is the corporation required to wait before making a new S election in the absence of IRS consent to an earlier election?
- Which one of the following will render a corporation ineligible for S corporation status?
- All of the following events will cause the termination of an S corporation's S election except
- Mary and Paul are plumbers. They went into business together and decided that the corporation structure would be in their best interest. On January 1, 2019, they formed the M & P Corp. They did not file a Form 2553. Mary and Paul filed an 1120S return at the end of the year and paid self-employment tax on their respective shares of the income. All of the following statements are true except
- All of the following events would cause an S corporation to cease qualifying as an S corporation except
- Dart Corp., a calendar-year S corporation, had 60,000 shares of voting common stock and 40,000 shares of nonvoting common stock issued and outstanding. On February 23, 2019, Dart filed a revocation statement with the consent of shareholders holding 30,000 shares of its voting common stock and 5,000 shares of its nonvoting common stock. Dart's S corporation election
- On December 31, 2019, LS Corporation revoked its S election. LS Corporation had been an S corporation since its inception in 2017. When may LS Corporation reelect S corporation status without IRS consent?
- Village Corp., a calendar-year corporation, began business in 2015. Village made a valid S corporation election on December 5, 2018, with the unanimous consent of its shareholders. The eligibility requirements for S status continued to be met throughout 2019. On what date did Village's S status become effective?
- The S corporation status would terminate at the beginning of 2020 for which of the following?
- The S corporation status can be revoked only if the shareholders who collectively own more than what percentage of the outstanding shares in the S corporation's stock consent to its revocation?
- Which of the following statements about the termination or revocation of an election to be taxed as an S corporation is true?
- Which of the following events could cause an S corporation to cease to qualify as an S corporation?
- All of the following will result in the termination of a corporation's status as an S corporation except
- Which of the following may not own shares in an S corporation?
- Assuming all other requirements are met, a corporation may elect to be treated as an S corporation under the Internal Revenue Code if it has