ne of your clients is considering electing S status. Texas, Inc., is a six- year-old manufacturing company with two equal shareholders, both of whom paid $30,000 for their stock. Going into 2020, Texas holds a $110,000 NOL carryforward. Estimated income is $40,000 for 2020 and $25,000 for each of the next three years. Should Texas make an S election for 2020? Why or why not?

Which of the following is not an example of one of the four mail advantages of prices on a free market economy

Palmer frosted flakes company offers its customers a pottery cereal bowl if they send in 3 boxtops from palmer frosted flakes boxes and $1. the company estimates that 60% of the boxtops will be redeemed. in 2012, the company sold 675,000 boxes of frosted flakes and customers redeemed 330,000 boxtops receiving 110,000 bowls. if the bowls cost palmer company $3 each, how much liability for outstanding premiums should be recorded at the end of 2012?

Martha entered into a contract with terry, an art dealer. according to the contract, terry was to supply 18 th century artifacts to martha for the play she was directing, and martha was ready to pay $50,000 for this. another director needed the same artifacts and was ready to pay $60,000. terry decided not to sell the artifacts to martha. in this case, the court may order terry to: