A Company That Loses Its Status as an S Corporation

question 138

True/False

A company that loses its status as an S corporation may not reelect this status for at least 5 years.

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Definitions:

Increase in Demand

A situation where there is a rise in the quantity of a product or service that consumers are willing and able to purchase at existing prices.

Inferior Good

A type of good whose demand decreases as the income of the consumer increases, opposite to what happens with normal goods.

Normal Good

A type of good for which demand increases as the income of the consumer increases.

Normal Good

A good whose demand increases as consumers' income rises, holding all other factors constant.