Assume that all partnership interests expressed as percentages are those percentages of both profits/losses and capital. Assume that all liabilities are recourse. 6) A, B and C, all individuals, own...


Assume that all partnership interests expressed as percentages are those percentages of both<br>profits/losses and capital. Assume that all liabilities are recourse.<br>6) A, B and C, all individuals, own 30%, 30% and 40%, respectively, of X Corp. A, B and Care all U.S.<br>citizens. X is a Delaware corporation. Xelects to file S Corp. status on February 1, 2020 and states that the<br>election is effective January 1, 2020.<br>(a) A, B and C consent to this election. Is this election valid?<br>

Extracted text: Assume that all partnership interests expressed as percentages are those percentages of both profits/losses and capital. Assume that all liabilities are recourse. 6) A, B and C, all individuals, own 30%, 30% and 40%, respectively, of X Corp. A, B and Care all U.S. citizens. X is a Delaware corporation. Xelects to file S Corp. status on February 1, 2020 and states that the election is effective January 1, 2020. (a) A, B and C consent to this election. Is this election valid?

Jun 11, 2022
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