When a Sec

question 85

Multiple Choice

When a Sec. 444 fiscal-year election is made, the S corporation makes required payments to the IRS in order to continue to use the fiscal year as its tax year. Which of the following statements about the tax year is correct?

• A)The Sec. 444 payment is deductible by the S corporation as an income tax.
• B)The Sec. 444 payment is allocated ratably to each shareholder and claimed as a tax payment on their own tax return(s).
• C)The Sec. 444 payments are refundable if the S election is terminated.
• D)The Sec. 444 payments must be made quarterly on the same dates that the S corporation's estimated tax payments are otherwise due.

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Definitions:

ICD-10-CM Manual

A medical classification list by the World Health Organization that categorizes diseases, signs and symptoms, abnormal findings, and external causes of injury or diseases.

Index to External Causes

A system or reference guide used to classify external reasons for injuries, diseases, or deaths.

ICD-10-CM Manual

A medical classification list by the World Health Organization for coding diseases, symptoms, and procedures.

Eponym

A condition named after a person.