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ABC Corp. elected to be taxed as an S Corporation when it was initially formed. During its first three years of existence, it reported passive investment income in excess of 25 percent of its gross receipts. Is ABC's S election terminated under the excess passive investment income test? If so, what is the effective date of the termination? If not, why not?
George Wallace
An American politician known for his pro-segregation stance and as the Governor of Alabama during a critical period of the civil rights movement.
Nonwhite Senators
Members of the United States Senate who are not of White European descent, highlighting diversity and representation in American politics.
Racial Dog Whistling
The use of coded or suggestive language in politics and discourse to appeal to racist or prejudicial sentiments without explicit acknowledgment.
Hardworking
Showing diligence and effort in carrying out tasks or duties, often leading to successful outcomes or high productivity.
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