State the effect if the board of directors of the corporation revokes its “S election” in March of the current year on its S status.

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Answer 1

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 20, Problem 19DQ

a.

To determine

State the effect if the board of directors of the corporation revokes its “S election” in March of the current year on its S status.

b.

To determine

State the effect if A shareholder who is a citizen of Country M and works in Country S retires and moves back to Country M on its S status.

c.

To determine

State the effect if the corporation acquires an interest in a partnership on its S status.

d.

To determine

State the effect if the the total number of shareholders increases from 98 to 101 because of the death of a shareholder on its S status.

e.

To determine

State the effect if a shareholder transfers stock to a newly formed LLC.

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Write T if the statement is correct and F if the statement is incorrect. On the space provided, explain using the concepts discussed why your answer to a statement is T or F. 1. A person of minor age can be a shareholder but can never be an incorporator in a corporation. 2. A corporation can be an incorporator in another corporation. 3. A share certificate can be issued to those subscribers who partially paid their subscriptions. 4. A corporation or business partnership can be an incorporator but not a corporator. 5. All partnership can be an incorporator in a corporation. 6. On January 10,2021, Ana paid 90% of her subscription in Jollibee Foods Corporation. She will receive her certificate of stock on January 10,2021. 7. Continued inoperation of a corporation for at least 5 consecutive years will result in its certificate of incorporation being deemed revoked. 8. In case of conflict between the by-laws and the corporation code, the code shall prevail.

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Answer 2

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 20, Problem 19DQ

a.

To determine

State the effect if the board of directors of the corporation revokes its “S election” in March of the current year on its S status.

b.

To determine

State the effect if A shareholder who is a citizen of Country M and works in Country S retires and moves back to Country M on its S status.

c.

To determine

State the effect if the corporation acquires an interest in a partnership on its S status.

d.

To determine

State the effect if the the total number of shareholders increases from 98 to 101 because of the death of a shareholder on its S status.

e.

To determine

State the effect if a shareholder transfers stock to a newly formed LLC.

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Answer 3

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 20, Problem 19DQ

a.

To determine

State the effect if the board of directors of the corporation revokes its “S election” in March of the current year on its S status.

b.

To determine

State the effect if A shareholder who is a citizen of Country M and works in Country S retires and moves back to Country M on its S status.

c.

To determine

State the effect if the corporation acquires an interest in a partnership on its S status.

d.

To determine

State the effect if the the total number of shareholders increases from 98 to 101 because of the death of a shareholder on its S status.

e.

To determine

State the effect if a shareholder transfers stock to a newly formed LLC.

Expert Solution & Answer

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Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 20, Problem 19DQ

a.

To determine

State the effect if the board of directors of the corporation revokes its “S election” in March of the current year on its S status.

b.

To determine

State the effect if A shareholder who is a citizen of Country M and works in Country S retires and moves back to Country M on its S status.

c.

To determine

State the effect if the corporation acquires an interest in a partnership on its S status.

d.

To determine

State the effect if the the total number of shareholders increases from 98 to 101 because of the death of a shareholder on its S status.

e.

To determine

State the effect if a shareholder transfers stock to a newly formed LLC.

Expert Solution & Answer

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Answer 5

Chapter 20, Problem 19DQ

a.

To determine

State the effect if the board of directors of the corporation revokes its “S election” in March of the current year on its S status.

b.

To determine

State the effect if A shareholder who is a citizen of Country M and works in Country S retires and moves back to Country M on its S status.

c.

To determine

State the effect if the corporation acquires an interest in a partnership on its S status.

d.

To determine

State the effect if the the total number of shareholders increases from 98 to 101 because of the death of a shareholder on its S status.

e.

To determine

State the effect if a shareholder transfers stock to a newly formed LLC.

Answer 6

Chapter 20, Problem 19DQ

a.

To determine

State the effect if the board of directors of the corporation revokes its “S election” in March of the current year on its S status.

Answer 7

Chapter 20, Problem 19DQ

a.

To determine

State the effect if the board of directors of the corporation revokes its “S election” in March of the current year on its S status.

Answer 8

b.

To determine

State the effect if A shareholder who is a citizen of Country M and works in Country S retires and moves back to Country M on its S status.

Answer 9

b.

To determine

State the effect if A shareholder who is a citizen of Country M and works in Country S retires and moves back to Country M on its S status.

Answer 10

c.

To determine

State the effect if the corporation acquires an interest in a partnership on its S status.

Answer 11

c.

To determine

State the effect if the corporation acquires an interest in a partnership on its S status.

Answer 12

d.

To determine

State the effect if the the total number of shareholders increases from 98 to 101 because of the death of a shareholder on its S status.

Answer 13

d.

To determine

State the effect if the the total number of shareholders increases from 98 to 101 because of the death of a shareholder on its S status.

Answer 14

e.

To determine

State the effect if a shareholder transfers stock to a newly formed LLC.

Answer 15

e.

To determine

State the effect if a shareholder transfers stock to a newly formed LLC.

Answer 16

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Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 20 - Prob. 1DQ Ch. 20 - LO.1 Sylvia and Trang want to enter into business...Ch. 20 - Prob. 3DQ Ch. 20 - Prob. 4DQ Ch. 20 - Prob. 5DQ Ch. 20 - LO.3, 4, 5 Contrast the income taxation of...Ch. 20 - LO.3, 8, 9 The taxpayer has generated excess...Ch. 20 - Prob. 8DQ Ch. 20 - Prob. 9DQ Ch. 20 - Prob. 10DQ

State the effect if the board of directors of the corporation revokes its “S election” in March of the current year on its S status.

Solution Summary: The author states the effect of a corporation's revocation of its "S" election on its S status.

State the effect if the board of directors of the corporation revokes its “S election” in March of the current year on its S status.

State the effect if A shareholder who is a citizen of Country M and works in Country S retires and moves back to Country M on its S status.

State the effect if the corporation acquires an interest in a partnership on its S status.

State the effect if the the total number of shareholders increases from 98 to 101 because of the death of a shareholder on its S status.

State the effect if a shareholder transfers stock to a newly formed LLC.

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