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Please answer the following using the guidance provided within the syllabus (spe
Please answer the following using the guidance provided within the syllabus (specific questions) for Chapter 22:
1. Sheila Jackson is a 50% shareholder in Washington, Inc., an S corporation. This year, Jackson’s share of the Washington loss is $100,000. Jackson reports income from several other sources. Identify at least four tax issues related to the effects of the S corporation loss on Jackson’s tax return.
2. On March 5, 2022, the two 50% shareholders of a calendar year corporation decide to elect S status. Shareholder Mila purchased her stock from a previous shareholder (a nonresident alien) on January 18, 2022. Identify any potential problems for Mila and the corporation. NOTE: Be careful on this one…….the answer(s) may not be as difficult as you think!
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