Once a Corporation Has Elected a Taxable Year, It Can

question 78

Multiple Choice

Once a corporation has elected a taxable year, it can change the taxable year without IRS permission if

• A) the corporation is not an S corporation.
• B) the resulting short period has a net operating loss of $100,000 that the corporation wants to carry forward.
• C) the corporation changed its taxable year seven years ago.
• D) a corporation can change its taxable year without IRS permission in all of the above situations.

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Definitions:

Elated Mood

A state of heightened, joyful emotion, often characterized by feelings of extreme happiness and well-being.

Reduction

The process of simplifying or decreasing something in size, amount, or extent.

Relaxation

A state of reduced physiological and mental stress, often achieved through techniques like deep breathing or meditation.

Sensory Experiences

Perceptions or sensations gathered through sight, sound, touch, taste, and smell by the sensory organs.