For an S Corporation to Elect to Use a Fiscal

question 81

Multiple Choice

For an S corporation to elect to use a fiscal year other than a permitted year, the fiscal year elected must have a maximum deferral period of

• A)one month.
• B)two months.
• C)three months.
• D)six months.

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Definitions:

Nonparticipating

A term often used in insurance and investment indicating that the holder or policy does not have the right to share in dividends or profits.