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:

Wagner Act

A foundational statute in United States labor law that guarantees the right of private sector workers to organize into trade unions, engage in collective bargaining, and take collective action.

Union Power

The influence labor unions have over working conditions, wages, and benefits for their members through negotiation and collective action.

United Food and Commercial Workers

A labor union representing workers in the retail food, meatpacking, food processing, and related industries, focusing on improving working conditions and wages.

California Unionized Supermarkets

Supermarkets in California that have their workforce represented by labor unions, impacting wage levels, working conditions, and labor-management relations.