Fundamentals of Taxation 2017
Quiz 15: Corporate Taxation
A Subchapter S Corporation Must Be a Domestic Corporation
A Subchapter S corporation must be a domestic corporation.
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Once a corporation properly elects to be a Subchapter S corporation,it cannot terminate its election for five years.
The basis of a shareholder in his or her Subchapter S stock is increased by his or her share of corporate charitable contributions.
C corporations with average annual gross receipts over $5 million must use the accrual basis of accounting.
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