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Homework answers / question archive / Module 2 Assignmenthttps://smallbusiness

Module 2 Assignmenthttps://smallbusiness

Law

Module 2 Assignmenthttps://smallbusiness.chron.com/advantages-disadvantages-ccorp-scorp-21120.html

Answer the following questions after reading the above links.

1.   Name one of the three requirements to be classified as a personal service corporation.

2.   Why would a taxpayer choose a C Corporation as opposed to an S corporation?

3.   To receive tax-free recognition upon formation of a C Corporation, generally, what percentage of stock must the transferor(s) own immediately after the exchange?

4.   Why would a taxpayer choose an S Corporation rather than a C Corporation?

5.   How do you determine the basis of stock you receive in a C Corporation?

6.   What tax form does a C Corporation file with the IRS to report its income, gains, losses, deductions, and credits?

7.   What penalties does the IRS impose if a C Corporation files their tax return after the due date?

8.   What are the permissible accounting methods allowed by the IRS for C Corporations?

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