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J. D. formed Clampett, Inc. as a C corporation (calendar tax year) with J. D., Granny, and Jethro, Inc. (a C corporation) as shareholders. On January 15, 2018, Jethro, Inc. sold all its shares to Jane Hathaway. On February 28, 2018, Clampett, Inc. filed an S corporation election, with J. D., Granny, and Jane all consenting to the election. What is the earliest effective date of the S election?
EBIT
Earnings Before Interest and Taxes is a measure of a firm's profitability that excludes interest and income tax expenses.
Operating Profit
Profit generated from a company's core business operations, excluding deductions of interest and taxes.
Net Profit
The financial gain achieved after subtracting all expenses, taxes, and costs from total revenue.
Net Income
The total earnings of a company after subtracting all expenses, taxes, and costs, indicating the company's profitability.
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