J. d. formed clampett, inc. as a c corporation (calendar tax year) with j. d., granny, and jethro, inc. (a c corporation) as shareholders. on january 15, 2018, jethro, inc. sold all its shares to jane hathaway. on february 28, 2018, clampett, inc. filed an s corporation election, with j. d., granny, and jane all consenting to the election. what is the earliest effective date of the s election? a) january 1, 2018. b) january 1, 2019. c) january 1, 2020. d) february 28, 2019. e) never.

Garfield corporation is considering building a new plant in canada. it predicts sales at the new plant to be 50,000 units at $5.00/unit. below is a listing of estimated expenses. category total annual expenses % of annual expense that are fixed materials $50,000 10% labor $90,000 20% overhead $40,000 30% marketing/admin $20,000 50% a canadian firm was contracted to sell the product and will receive a commission of 10% of the sales price. no u. s. home office expenses will be allocated to the new facility. the contribution margin ratio for garfield corporation is