Identify Which of the Following Statements Is True

question 16

Multiple Choice

Identify which of the following statements is true.

• A) Shareholders who acquire stock in an S corporation after the election date and prior to the election's effective date must consent to the election.
• B) Only shareholders who own stock on the date an S election takes effect must consent to the election.
• C) S corporation consent by shareholders is binding on the current tax year and all future tax years.
• D) All of the above are false.

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Definitions:

Political Leanings

The inclination or tendency of an individual or group toward certain political beliefs, ideologies, or parties.

Major News Media

The main means of mass communication (broadcasting, publishing, and the Internet) regarded collectively, often referenced for widespread dissemination of news and information.

Fairness Doctrine

A former policy in the United States that required the holders of broadcast licenses to present controversial issues of public importance in a manner that was honest, equitable, and balanced.

Democratic Sweep

A scenario in which the Democratic Party wins a majority of the seats in both chambers of Congress and the presidency, leading to potential for significant policy changes.