If Annie and Andy (Each a 30% Shareholder in an Calendar

question 11

Multiple Choice

If Annie and Andy (each a 30% shareholder in an calendar year S corporation) file a revocation statement on March 20, 2017 to terminate their S corporation's S election, what is the effective date of the S corporation termination (assuming they do not specify one) ?

• A) January 1, 2017.
• B) March 16, 2018.
• C) March 18, 2017.
• D) January 1, 2018.
• E) None of the choices are correct.

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Definitions:

Polite Manner

Conducting oneself with respect toward others and observing social etiquette.

Campus Counseling

Support services available on an educational campus, offering mental health counseling and guidance to students.

Build Resilience

The process of developing the ability to recover quickly from difficulties or adversity.

Fixed Mindset

The belief that one's abilities and intelligence are static and unchangeable traits.