Purple Corporation, a calendar year taxpayer, has been an S corporation for several years. On June 19, Purple authorizes a second class of nonvoting preferred stock that pays a 10% annual dividend. The corporation issues the stock to Sam on October 3, to raise additional equity capital. Sid owns no other Orlando stock. Please discuss the effects these facts have upon the S election and why.

Acoase solution to a problem of externality ensures that a socially efficient outcome is to

Aprofessional does specialized work that's primarily: degree based. medical or legal. well paying. intellectual and creative

Which of the following is true concerning the 5/5 lapse rule? a) the 5/5 lapse rule deems that a taxable gift has been made where a power to withdraw in excess of $5,000 or five percent of the trust assets is lapsed by the powerholder. b) the 5/5 lapse rule only comes into play with a single beneficiary trust. c) amounts that lapse under the 5/5 lapse rule qualify for the annual exclusion. d) gifts over the 5/5 lapse rule do not have to be disclosed on a gift tax return.