If Annie and Andy (Each a 30% Shareholder in an Calendar

question 47

Multiple Choice

If Annie and Andy (each a 30% shareholder in an calendar year S corporation) file a revocation statement on March 20,2017 to terminate their S corporation's S election,what is the effective date of the S corporation termination (assuming they do not specify one) ?

• A) January 1, 2017.
• B) March 18, 2017.
• C) January 1, 2018.
• D) March 16, 2018.
• E) None of the choices are correct.

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Definitions:

Xeroderma

Xeroderma is a medical condition characterized by excessively dry skin, often due to decreased production of natural oils and moisture.

Bilateral Aphakia

The absence of the lens in both eyes, which can occur naturally or through surgical removal.

Fluid Pressure

The pressure exerted by a fluid at equilibrium at any given point within the fluid, due to the force of gravity.

Glaucoma

A group of eye conditions resulting in optic nerve damage, often associated with increased pressure in the eye, leading to loss of vision if untreated.