Four Unrelated Individuals Acquire Assets on Behalf of Jump Corporation

question 142

Multiple Choice

Four unrelated individuals acquire assets on behalf of Jump Corporation on May 21, 2014, purchased assets on June 5, 2014, and begin doing business on June 15, 2014. They subscribe to shares of stock, file articles of incorporation for Jump, and become shareholders on July 23, 2014. The S election must be filed no later than 2 1/2 months after:

• A) May 21, 2014.
• B) June 5, 2014.
• C) June 15, 2014.
• D) July 23, 2014.
• E) December 31, 2014.

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Definitions:

Life Tenant

An individual who has the right to use and benefit from a property during their lifetime, but cannot sell or transfer the property.

Legal

Pertaining to the law or the system of rules that are enforced through social institutions to govern behavior.

Revised Residential Landlord

An updated legal framework that regulates the relationships between landlords and tenants in residential properties.

Tenant Act

Legislation designed to protect the rights of tenants by prescribing standards and procedures for the leasing and maintenance of rental properties.