Identify Which of the Following Statements Is True

question 78

Multiple Choice

Identify which of the following statements is true.

• A)Convertible debt issues might be considered "stock" for purposes of the S corporation single class of stock requirement.
• B)The S election must be made no later than the fifteenth day of the fourth month of the tax year for which the election is to be effective.
• C)A majority of shareholders must consent to the S corporation election.
• D)All of the above are false.

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Definitions:

-ole

A suffix used in chemistry to denote a smaller or lesser compound, often used in naming molecules.

-plegia

A suffix denoting paralysis or a stroke affecting a specified part of the body.

-rrhea

A suffix used in medical terminology to denote a discharge or flow of substances, such as diarrhea.

-lysis

A suffix used in biology and medicine that denotes the breaking down or destruction of cells, substances, or compounds.