My writer delivered an awesome dissertation on the Creek War, I definitely didn’t have the time to do all the research she did on my own.
1. Knowshon, sole owner of Moreno Inc., is contemplating electing S status for the corporation. Provide recommendations related to Knowshon’s election under the following alternative scenarios: a) At the end of the current year, Moreno Inc. has a net operating loss of $800,000 carryover. Beginning next year, the company expects to return to profitability. Knowshon projects that Moreno will report profits of $400,000, $500,000, and $600,000 over the next three years. What suggestions do you have regarding the timing of the S election? Explain. b) How would you answer part (a) if Moreno Inc. had been operating profitably for several years and thus had no net operating loss? c) While several of Moreno Inc.’s assets have appreciated in value (to the tune of $2,000,000), the corporation has one property—some land in a newly identified flood zone—that has declined in value by $1,500,000. Knowshon plans on selling the loss property in the next year or two. Assume that Moreno does not have a net operating loss. What suggestions do you have for timing the sale of the flood zone property and why?
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