Once a Corporation Has Elected a Taxable Year,it Can Change

question 29

Multiple Choice

Once a corporation has elected a taxable year,it can change the taxable year without IRS permission if

• A)the resulting short period does not have a net operating loss.
• B)the corporation has not changed its accounting period within the last ten years.
• C)the annualized income for the short period is at least 80% of the corporation's income for the preceding taxable year.
• D)All of the above conditions must be met.

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