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:

Free Trade

An economic strategy permitting the free movement of goods in and out of countries without the imposition of tariffs, quotas, or any form of restrictions.

Virtues

Qualities or traits that are deemed to be morally good and thus is valued as a foundation of good moral being.

Infant-Industry Argument

A justification for protectionist policies that asserts new industries need to be shielded from international competition until they are mature and competitive enough.

Implementation

refers to the process of executing a plan, project, or method to completion.