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

question 64

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.

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Definitions:

Meniscus Tear

A tear in one of the two crescent-shaped cartilage structures (menisci) in the knee, leading to pain, swelling, and mobility issues.

Mental Set

The tendency to approach situations in a fixed way based on previous experiences and perceptions.

Functional Fixedness

A cognitive bias that limits a person to use an object only in the way it is traditionally used.

Numerical Information

Data that is expressed in numbers, allowing for quantifiable comparisons and statistical analysis.