To Make an S Election Effective as of the Beginning

question 43

True/False

To make an S election effective as of the beginning of the current year, an S corporation must file IRS Form 2553 within 3½ months after the beginning of the year.

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Definitions:

King William

A title referring to several European monarchs; most commonly recognizes King William III of England, who reigned from 1689-1702, notable for his role in the Glorious Revolution.

Mismanagement

Poor or ineffective management practices that result in a failure to achieve desired outcomes or handle resources responsibly.

Dominion of New England

A short-lived administrative union of English colonies in North America created by King James II in 1686.

Disbanding

The act of formally dissolving or breaking up a group, organization, or military unit, often resulting in its members dispersing or ceasing operations.