A Corporation Must Make an S Election for the Current

question 74

True/False

A corporation must make an S election for the current year after March 15 in the case of a calendar-year corporation.

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Definitions:

Accrual Basis

An accounting method that records revenues and expenses when they are incurred, regardless of when cash is exchanged.

Accounting

The practice of recording, classifying, and reporting on financial transactions to track an entity's financial status and performance.

Voiding

The process of cancelling a check or transaction in financial record keeping.

Deleting

The act of removing data or records from a database or document, often irreversible.