In Certain Circumstances, C Corporation Shareholders Can Elect to Change

question 8

True/False

In certain circumstances, C corporation shareholders can elect to change theC corporation to a flow-through entity for tax purposes.

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Definitions:

Ultra Vires Contract

A contract that exceeds the powers granted to a corporation by its charter or bylaws.

Fourteenth Amendment

An amendment to the US Constitution that grants citizenship and equal civil and legal rights to all persons, including previously enslaved individuals.

Equal Protection Clause

A provision in the Fourteenth Amendment of the U.S. Constitution requiring states to treat all individuals within its jurisdiction equally under the law.

Fourth Amendment

A provision in the United States Constitution protecting citizens against unreasonable searches and seizures by the government.