Problem NO: 41

Barry Porter and Winnie Weeks are considering making an S election on March 1, 2024, for their C corporation, Omniocular. However, first they want to

Barry Porter and Winnie Weeks are considering making an S election on March 1, 2024, for their C corporation, Omniocular. However, first they want to consider the implications of the following information:

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• Winnie is a U.S. citizen and resident.

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• Barry is a citizen of the United Kingdom but a resident of the United States.

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• Barry and Winnie each own 50 percent of the voting power in Omniocular.  However, Barry’s stock provides him with a claim on 60 percent of the Omniocular assets in liquidation.

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• Omniocular was formed under Arizona state law, but it plans on eventually conducting some business in Mexico.

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a) Is Omniocular eligible to elect S corporation status?  If so, when is the election effective?

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