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

question 64

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 has a net operating loss of $100,000 that the corporation wants to carry forward.
• B)the corporation changed its taxable year seven years ago.
• C)the corporation is not an S Corporation.
• D)A corporation can change its taxable year without IRS permission in all of the above situations.

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Definitions:

Urinary Retention

The inability to completely or partially empty the bladder.

Phenazopyridine

A medication used to relieve symptoms caused by irritation of the urinary tract, such as pain, burning, and the urge to urinate.

Urinary Laboratory

A diagnostic room or department where urine samples are analyzed for medical purposes.

Specific Gravity

A measure of the density of a substance compared to the density of water.