The Termination of an S Election Occurs on the Day

question 78

True/False

The termination of an S election occurs on the day after a corporation ceases to be a qualifying S corporation.

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Definitions:

Supreme Court

The highest judicial body in a country, often responsible for interpreting the constitution, reviewing laws, and adjudicating disputes that involve national significance.

Marshall

A term that can refer to a high-ranking officer in military matters, or to George C. Marshall, the U.S. Army Chief of Staff during World War II and later Secretary of State, who proposed the Marshall Plan for European recovery.

Acculturation

The process by which individuals or groups from one culture adopt the practices, values, and norms of another culture while still maintaining elements of their original culture.

Cherokee

A Native American tribe originally from the southeastern United States, known for their history, culture, and forced relocation via the Trail of Tears.