16 Aug Indicate whether the S corporation’s S status would be ‘Terminated’ or ‘Not terminated’ as appropriate. If terminated? explain what caused the termination in the template. Be s
- Use the Lesson 9 Template to complete the case study.
- Be sure to answer all questions.
For each of the independent situations listed in the Excel template:
- Indicate whether the S corporation's S status would be "Terminated" or "Not terminated" as appropriate.
- If “terminated” explain what caused the termination in the template.
Be sure to answer all questions before you upload your case study.
Sheet1
| ACC221 Lesson 9 Case Study Template | ||
| Name: | ||
| MEID: | ||
| Instructions: For each of the independent situations listed in the Excel template: Indicate whether the S corporation's S status would be "Terminated" or "Not terminated" as appropriate. If “terminated” explain what caused the termination in the template. | ||
| Scenario | S Corporation's Status | Explanation |
| 1. Amy owns 40 shares of Jane Corp., an S corporation. Amy is one of 100 unrelated shareholders. She sells 10 shares of her Jane stock to her sister's solely owned C corporation. | ||
| 2. Mark owns 60 shares of Hello Corp., an S corporation. He is one of 100 unrelated shareholders. Mark sells 20 shares of his Hello stock to his sister's single-member LLC. | ||
| 3. Billy owns 50 shares of Apple Corp., an S corporation. He is one of 100 unrelated shareholders. Billy sells 15 shares of his Apple stock to a partnership in which he is a 50 percent general partner. | ||
| 4. Hank owns 60 shares of Sleepy Corp., an S corporation. He is one of 100 unrelated shareholders. Hank sells 15 shares of his Sleepy stock to his friend, a U.S. citizen who is currently living in Canada. | ||
| 5. Elle owns 50 shares of Tamco Corp., an S corporation. She is one of 100 unrelated shareholders. Elle sells 10 shares of her Tamco stock to her husband, a U.S. citizen. | ||
| 6. Velma owns 60 shares of Blue Corp., an S corporation. She is one of 100 unrelated shareholders. Velma sells 15 shares of her Blue stock to her former husband, a U.S. citizen. | ||
| 7. Gwen owns 50 shares of ABC Corp., an S corporation. She is one of 100 unrelated shareholders. Gwen sells 10 shares of her ABC stock to her 12-year-old granddaughter. | ||
| 8. Harry owns 40 shares of Hostel Corp., an S corporation. He is one of 100 unrelated shareholders. Henry sells 5 shares of his Hostel stock to his nephew, who is employed by Hostel Corp. but does not own any other stock in the organization. | ||
| 9. Edith owns 40 shares of Ohio Corp., an S corporation. She is one of 100 unrelated shareholders. Edith sells 10 shares of her Ohio stock to her aunt, who is a Canadian citizen living in Quebec. | ||
