Once a Corporation Has Elected a Taxable Year, It Can

question 74

Multiple Choice

Once a corporation has elected a taxable year, it can change the taxable year without IRS permission if

• A)the resulting short period has a net operating loss of $100,000 that the corporation wants to carry forward.
• B)the corporation changed its taxable year seven years ago.
• C)the corporation is not an S corporation.
• D)a corporation can change its taxable year without IRS permission in all of the above situations.

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Definitions:

Presynaptic Terminal

The terminal segment of an axon responsible for discharging neurotransmitters into the synaptic gap, thereby facilitating communication with an adjacent neuron.

Postsynaptic Membrane

A specialized area of a cell membrane in a neuron, positioned after the synaptic gap, that receives signals from another neuron.

Acetylcholinesterase

An enzyme that breaks down acetylcholine, a neurotransmitter, in the synaptic cleft, effectively terminating the signal between nerve cells.

Synaptic Vesicles

Membrane-bound sacs in the presynaptic terminal of a neuron that store neurotransmitters which are released into the synaptic cleft during neurotransmission.