Which of the Following Statements Regarding Voluntary Revocation of the S

question 1418

Multiple Choice

Which of the following statements regarding voluntary revocation of the S election is incorrect?

• A) In order for the revocation to be effective retroactively to the first day of the tax year, the revocation must be filed by March 15 of the affected year.
• B) The corporation cannot reelect S corporation status for five years.
• C) All of the shareholders must consent to the revocation.
• D) The revocation can provide a specified effective date to occur mid- year, requiring two tax returns to be filed for the year.

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Definitions:

Behavioral Changes

Alterations in the way an individual acts or behaves, which can be due to various internal or external factors.

Immune System

A complex network of cells, tissues, and organs that work together to defend the body against attacks by foreign invaders, such as bacteria, viruses, and other pathogens.

Pessimistic

A tendency to see the worst aspect of things or believe that the worst will happen; a lack of hope or confidence in the future.

Emotion Expression

The process of conveying one's feelings through verbal and non-verbal behaviors.