AIRE Was Initially Formed as an S Corporation Three Years

question 123

Essay

AIRE was initially formed as an S corporation three years ago. AIRE has four equal shareholders, Adam, Irene, Raymond, and Ethan. Raymond and Ethan would like to terminate the S election. However, Adam and Irene are opposed to the idea. Can Raymond and Ethan make a voluntary election to terminate the S election without the consent of Adam and/or Irene? Explain.

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Definitions:

S Orbital

A type of atomic orbital that is spherical in shape, representing the probability distribution of an electron.

Shape

The external form, contours, or outline of an object or figure, often influencing its functionality and perceived aesthetics.

P Orbital

A type of atomic orbital that has a dumbbell shape and can accommodate up to two electrons, significant for its directional properties in bonding.

Shape

The external form or appearance of an object or a molecule determined by its spatial arrangement.