Several Individuals Acquire Assets on Behalf of Skip Corporation on May

question 51

Multiple Choice

Several individuals acquire assets on behalf of Skip Corporation on May 28, 2014, purchased assets on June 3, 2014, and began business on June 11, 2014. They subscribe to shares of stock, file articles of incorporation for Skip, and become shareholders on June 21, 2014. The S election must be filed no later than 2 1/2 months after:

• A) May 28, 2014.
• B) June 3, 2014.
• C) June 11, 2014.
• D) June 21, 2014.
• E) December 31, 2014.

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Definitions:

U.S.GAAP

The Generally Accepted Accounting Principles in the United States, a standard framework of guidelines for financial accounting.

Research And Development

The systematic work undertaken by a company to increase the knowledge for developing new products or processes.

Internally Generated Intangibles

Non-physical assets, such as patents, trademarks, and copyrights, that are created within a company rather than acquired.

Property Rights

Legal rights to possess, use, and dispose of property, including real estate and intellectual property.