Identify Which of the Following Statements Is True

question 62

Multiple Choice

Identify which of the following statements is true.

• A)Shareholders who acquire stock in an S corporation after the election date and prior to the election's effective date must consent to the election.
• B)S corporation consent by shareholders is binding on the current tax year and all future tax years.
• C)Only shareholders who own stock on the date an S election takes effect must consent to the election.
• D)All of the above are false.

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Definitions:

Andrew Carnegie

A 19th-century industrialist and philanthropist who led the expansion of the American steel industry.

Baby Boom

The significant increase in the birth rate, particularly noted in the period following World War II.

Suburbanization

The process by which urban areas expand outward, primarily due to increased housing development and commercial activities in suburb areas.

West German Industrial Production

Refers to the output of industrial goods and services in the Western part of Germany, particularly relevant before the reunification of East and West Germany in 1990.