If Jett Corporation Receives a Charter in 2014 but Does

question 16

True/False

If Jett Corporation receives a charter in 2014 but does not begin operations and file its first tax return until 2016,Jett may elect a fiscal year on the 2015 return.

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Definitions:

Full Disclosure

The obligation to reveal all relevant details of a transaction.

Consideration

The value (such as money, services, or goods) that is exchanged between parties in a contract.

Void

A term describing a contract or legal action that is null, having no legal force or effect from the outset.

Ratification

The formal approval of an agreement or treaty by authoritative body, making it officially valid.