On march 2 the two 50 percent shareholders of a calendar, Accounting Basics

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On march 2 the two 50 percent shareholders of a calendar

Problem

On March 2, the two 50 percent shareholders of a calendar year corporation decide to elect S status. One of the shareholders, Tammie purchased her stock from a previous shareholder (a non-resident alien) on January 18 of the same year. Identify and discuss any potential problems for Tammie or the corporation.

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Accounting Basics: On march 2 the two 50 percent shareholders of a calendar

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Accounting Basics: On march 2 the two 50 percent shareholders of a calendar

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