Why is the election for corporation status attractive

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Paul sold TLC stock valued at $22,000 to his son, Sam, for $12,000. Paul’s basis in the stock is $17,000. Which of the following is correct? *

Paul reports a gift of $22,000 on Form 709 and a capital loss of $10,000 ($12,000 – $22,000) on Form 1040. Sam’s basis in the stock is $12,000.

No reporting is required because the transfer was between immediate family members.

Why is the election for s corporation status attractive?

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Why is the election for corporation status attractive : Why is the election for s corporation status attractive?

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