Once a Corporation Has Elected a Taxable Year,it Can Change

question 16

Multiple Choice

Once a corporation has elected a taxable year,it can change the taxable year without IRS permission if

• A)the resulting short period has a net operating loss of $100,000 that the corporation wants to carry forward.
• B)the corporation changed its taxable year seven years ago.
• C)the corporation is not an S Corporation.
• D)a corporation can change its taxable year without IRS permission in all of the above situations.

Understand the role and requirements of the parol evidence rule in contract interpretation.

Analyze the impact of electronic communications on the statute of frauds through acts like the UETA and the E-Sign Act.

Understand the requirements for a memorandum to satisfy the statute of frauds under the Uniform Commercial Code (UCC).

Identify the types of contracts specifically enumerated by the statute of frauds.

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Definitions:

Effective Feedback

Constructive information given to individuals to help them recognize and build on their strengths and identify areas for improvement.

Comparison Other

A reference point used by individuals to evaluate their own situation, abilities, or opinions, often through comparison with others.

Feelings of Inequity

The perception or experience of unfair treatment compared to others, which can affect motivation and satisfaction.

Need for Achievement

Denotes an individual's drive to excel, achieve set goals, and accomplish tasks in a defined standard of excellence.