Discuss two ways that an S election may be terminated.
What will be an ideal response?
Broadly, there are two ways to terminate the S election—voluntary termination and involuntary termination. If shareholders owning a majority of shares consent, an election can be voluntarily terminated. If the revocation is filed by the fifteenth day of the third month of the tax year, the revocation is effective for the entire tax year (unless a prospective effective date is specified).?An S election may be involuntarily terminated if a disqualifying event occurs (i.e., issues a second class of stock, too many shareholders, etc.). The loss of the election applies as of the date on which the disqualifying event occurs. Shareholders may intentionally cause a disqualifying event to terminate the election.?
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The NAICS is a classification system developed by the U.S. Census Bureau to organize ________
A) labor groups B) demographic segments C) product categories D) industries
Tim, who is a minor, enters into a contract with Violet, who is an adult. Which of the following is correct?
a. Violet may not disaffirm the contract. b. Violet may disaffirm the contract at any time. c. Violet may disaffirm the contract when Tim becomes an adult. d. Tim may ratify the contract at any time during his minority.
Raven, the owner of Strawberry Fields, contracts to sell its harvest to Tender Fruits, Inc When Raven refuses to per¬form, Tender Fruits files a suit to enforce the contract. Raven and Tender Fruits are in a state that does not recognize the doctrine of unconscionability.To defend suc¬cess¬fully against enforce¬ment of the contract on similar grounds, Raven might rely on traditional notions of
a. fraud. b. materiality. c. mistake. d. value.
Lists that involve data with multiple themes can be stored in a spreadsheet.
Answer the following statement true (T) or false (F)