If Annie and Andy (Each a 30% Shareholder) File a Revocation

question 99

Multiple Choice

If Annie and Andy (each a 30% shareholder) file a revocation on February 10, 2014 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, 2014.
• B) February 10, 2014.
• C) January 1, 2015.
• D) February 10, 2015.
• E) None of these.

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Definitions:

Opponent-process Theory

A theory in psychology that explains emotional reactions to stimuli, positing that emotions are followed by opposite emotional states.

Negative Afterimages

Visual illusions that occur after looking at a brightly colored object for a prolonged period and then looking away, resulting in seeing the complementary color.

Tinted Glasses

Eyewear with lenses that are colored or darkened to reduce brightness and protect the eyes from glare.

Trichromatic Theory

A theory of color vision that states the human eye has three types of receptors with differing sensitivities to light wavelengths, corresponding to red, green, and blue colors.