Lopez Corporation, an Existing C Corporation, Wants to Make an S

question 16

Multiple Choice

Lopez Corporation, an existing C corporation, wants to make an S election.If it has a June 30 year end, by what date must it make its election to be effective as of July 1, 2020?

• A)March 15, 2020
• B)June 30, 2020
• C)September 15, 2020
• D)December 30, 2020

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Definitions:

Statute of Limitations

A law that sets the maximum period one can wait before filing a lawsuit, depending on the type of case or claim.

Consideration

The value (such as money, services, or goods) that is exchanged between parties in a contract, serving as the essential reason for a party entering into a legal agreement.

Binding Requirement

A legal or formal obligation that parties must adhere to.

Undue Influence

The excessive pressure or influence exerted by one person over another to persuade or coerce them into making decisions that may not be in their best interest.