Once a Corporation Has Elected a Taxable Year, It Can

question 74

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:

Lifestyle Factors

Refers to the behaviors and habits that influence an individual's health and well-being, including diet, physical activity, and smoking status.

Public Health Factors

Elements that influence the health of populations, including social, economic, environmental, and genetic factors.

Neurosis

A term used in psychology to describe a class of mental disorders characterized by anxiety, depression, or other feelings of distress that impair daily functioning.

Idiocy/Insanity

Terms historically used to describe individuals with certain mental illnesses or intellectual disabilities, now considered derogatory and inappropriate.