If a Corporation Would Like a Subchapter S Election to Be

question 95

Multiple Choice

If a corporation would like a Subchapter S election to be valid for the current year,a Form 2553 must be filed:

• A)Before the 15^th day of the third month of the current fiscal year.
• B)Before the 15^th day of the fourth month of the current fiscal year.
• C)In the prior fiscal year.
• D)Before the 15^th day of the third month of the current fiscal year or in the prior fiscal year.

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Definitions:

Chain Of Command

The formal line of authority and communication in an organization, from the highest to the lowest levels.

Ambiguous Priorities

Situations where the importance or order of objectives, tasks, or goals is unclear or confusing, often leading to indecision or conflict.

Socio-Economic View

A perspective that considers both social and economic factors in the analysis of situations.

Maximize Profits

The process of increasing the financial gain a business receives from its operations to the highest possible level.