If Jett Corporation Receives a Charter in 2015 but Does

question 106

True/False

If Jett Corporation receives a charter in 2015 but does not begin operations and file its first tax return until 2017,Jett may elect a fiscal year on the 2017 return.

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Definitions:

Replacement Rate

The total fertility rate necessary to offset deaths in a country and thereby keep the size of its population constant (without relying on immigration). For most countries, a total fertility rate of about 2.1 births per woman per lifetime.

Total Fertility Rate

The average number of children a woman would have over her lifetime, given current birth rates.

Subsistence Levels

The minimum level of income or resources that is considered adequate to maintain life and health.

Efficient Energy Usage

The practice of utilizing energy resources in a way that maximizes output while minimizing waste and costs.