Josie Inc is an S Corporation and Josie owns 100 % of its stock. On April 1 2019 Josie sold 25 % of her shares to the LJ General Partnership. ( April 1 st is the 91 st day of Josie Inc's taxable year....

Josie Inc is an S Corporation and Josie owns<br>100 % of its stock. On April 1 2019 Josie sold<br>25 % of her shares to the LJ General<br>Partnership. ( April 1 st is the 91 st day of Josie<br>Inc's taxable year. ) As a result of this<br>transaction, Josie Inc's S Corp election is<br>terminated. In 2019 , Josie Inc generated<br>$730,000 of taxable income. How is the 2019<br>taxable income reported on Josie Inc's 2019<br>tax return(s) ?<br>

Extracted text: Josie Inc is an S Corporation and Josie owns 100 % of its stock. On April 1 2019 Josie sold 25 % of her shares to the LJ General Partnership. ( April 1 st is the 91 st day of Josie Inc's taxable year. ) As a result of this transaction, Josie Inc's S Corp election is terminated. In 2019 , Josie Inc generated $730,000 of taxable income. How is the 2019 taxable income reported on Josie Inc's 2019 tax return(s) ?

Jun 10, 2022

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Josie Inc is an S Corporation and Josie owns 100 % of its stock. On April 1 2019 Josie sold 25 % of her shares to the LJ General Partnership. ( April 1 st is the 91 st day of Josie Inc's taxable year....

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