Accounting

The profit and loss statement of Strategy, Inc., an S corporation, shows net profits of $101,000 (book income). The corporation has four equal shareholders. From supplemental data, you obtain the following information about some items that are included in the $101,000.

a. Determine the nonseparately computed income or loss.

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b. What is the portion of ordinary income or loss for Zariat, one of the Strategy shareholders?

Investigate websites of for-profit investment managers and summarize the information you find in a two-page discussion, entitled ‘‘The Market in Stock Splits: How You Can Profit.’’ Submit the summary to your professor.

Which of the following can be a shareholder of an S corporation? b. Corporation. c. Nonresident alien. d. Estate. e. Charitable organization exempted from taxation. f. IRA. g. Minor child.

Ninety-nine individuals own all of the shares of Woodpecker Corporation. Hal and Mary Jones want to buy into the corporation, and then to direct the entity to make an S election.

Can Woodpecker so elect?

How many signatures must appear on the consent form making the S election?

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