Voluntary Revocation of an S Corporation Election Is Permitted Only

question 23

True/False

Voluntary revocation of an S corporation election is permitted only if consent is obtained from all shareholders.

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Definitions:

Genus

A term in taxonomy and logic referring to a class or group that shares common characteristics, serving as a means of categorizing entities.

Essential Attributes

Fundamental qualities or characteristics that define the nature of something, without which it would not be what it is.

Genus

A category that encompasses a collection of entities with shared traits, frequently employed in the taxonomy of biology to indicate a level higher than species but lower than family.

Differentia

The trait or characteristic that distinguishes one thing from another, especially within classification.