1. Restrictions on electing S corporation status includes Group of answer choices Limit on the...
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Accounting
1. Restrictions on electing S corporation status includes
Group of answer choices
Limit on the number of shares owned
Limited to the cash basis of accounting
Shareholders may not lend money to the S corporation
Limit on the number of shareholders
2. If a C corporation has a net loss for the year, that loss cannot be used by the shareholder, and that loss is lost.
Group of answer choices
True
False
3. There must be a realization event, such as a sale or exchange, before gain or loss is realized.
Group of answer choices
True
False
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