Which of the Following Statements Regarding Voluntary Revocation of the S

question 72

Multiple Choice

Which of the following statements regarding voluntary revocation of the S election is incorrect?

• A)In order for the revocation to be effective retroactively to the first day of the tax year,the revocation must be filed by March 15 of the affected year.
• B)All of the shareholders must consent to the revocation.
• C)The corporation cannot reelect S corporation status for five years.
• D)The revocation can provide a specified effective date to occur mid-year,requiring two tax returns to be filed for the year.

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Definitions:

Sweat Glands

Glands in the skin that produce sweat, aiding in temperature regulation and waste excretion.

Outer Skin Layer

The epidermis, which is the most superficial layer of the skin, acting as a barrier to protect underlying tissues and regulate water loss.

Corn Pads

Small, cushioned med pads designed to relieve pressure and pain from corns on the feet.

Pumice Stone

A light, porous volcanic rock used often in beauty treatments to remove dead skin.