Which Statement Is Incorrect with Respect to Filing an S

question 106

Multiple Choice

Which statement is incorrect with respect to filing an S election?

• A) Form 2553 must be filed.
• B) All shareholders must consent.
• C) The election may be filed in the previous year.
• D) An extension of time is available for filing Form 2553.
• E) None of the above is incorrect.

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Definitions:

Marginal Product

The additional output that is produced by adding one more unit of a specific input, ceteris paribus.

Wage

Compensation for labor services, typically expressed on an hourly, daily, or piecework basis.

Rental Price

The amount of money charged for the temporary use of a good, service, or property.

Services from Land

The benefits and outputs produced by natural resources without altering their original physical state, such as agricultural production, mining, and scenic views.