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Homework answers / question archive / For each of the following situations describe in detail the step-by-step process that is necessary to achieve the desired results below or indicate otherwise if it is not possible

For each of the following situations describe in detail the step-by-step process that is necessary to achieve the desired results below or indicate otherwise if it is not possible

Accounting

For each of the following situations describe in detail the step-by-step process that is necessary to achieve the desired results below or indicate otherwise if it is not possible. Take into account only the IRS check-the-box (entity status) regulations in your description and indicate the most efficient way to reach the desired result.

A.       An existing C corporation wants to be taxed as a partnership.

B.       A single member limited liability company (LLC) wants to be taxed as an S corporation (assume that the LLC otherwise meets all of the S corporation election requirements).

C.       A four-member partnership wants to be taxed as a C corporation.

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