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Question 1: 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) ?
A. Josie Inc files a 2019 C Corp tax return and reports? $730,000 of taxable income.B. Josie Inc files a 2019 S Corp tax return which reports? $180,000 of inome allocated to Josie? : the reamaining? $550,000 of income is reported on Josie? Inc's 2019 C Corp tax return.C. ?$730,000 of taxable income is reported on Josie? Inc's 2019 S Corp tax return and? $180,000 is allocated to Josie and? $550,000 is allocated to the partners of LJ General Partnership.D. ?$730,000 of taxable income is reported on Josie? Inc's 2019 S Corp tax return and is all allocated to Josie.
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