Which of these corporations is exempt from filing an annual Form 1120 in the current year? (a) Aspen, Incorporated. They no longer carry on substantial activities. (b) Oaks, Inc. They report a loss. (c) Pine Corporation. They no longer retain any assets. (d) Larch Corp. The company was dissolved in the prior year.

0 Required information [The following information applies to the questions displayed below.) Miley decided to terminate the S corporation election of her solely owned corporation on October 17, 2019 (effective immediately), in preparation for taking it public. Miley had previously elected S corporation status on January 1, 2018. At the time of the election, the corporation had an accumulated adjustments account balance of $165,000 and $462,500 of accumulated E&P from prior C corporation years, and Miley had a basis in her S corporation stock of $146,250. During 2020, Miley's corporation reported $0 taxable income or loss. Also, during 2020 the corporation made distributions to Miley of $87,500 and $65,000. How are these distributions taxed to Miley assuming the following? (Leave no answer blank. Enter zero if applicable. Enter N/A if not applicable.) a. Both distributions are in cash. The first was paid on June 15, 2020, and the second was paid on November 15, 2020. June 15 November 15…

For the following organizations, determine its UBTI and any related UBIT. In Care, Inc., is a § 501(c)(3) exempt organization. It owns a convenience store and gas pumps, which it received as a bequest from a patron. The store/gas pumps entity is operated as StopBy, a C corporation. Because StopBy is profit- able, In Care hires a manager and several employees to run the entity. For the current year, StopBy’s profit is $640,000. All of this amount is distributed by StopBy to In Care to use in carrying out its exempt mission.

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