Davies Corporation Is a Calendar-Year Taxpayer That Is Owned Equally

question 15

Multiple Choice

Davies Corporation is a calendar-year taxpayer that is owned equally by Vivian, Rob, Danny, and Doug Davies. At the close of business on May 31, Rob Davies sells his 25% stock interest to Paula Bryan. Which of the following statements about the S election is correct?

• A)Paula must consent to the S election, otherwise the election terminates at the close of business on May 31.
• B)A new S election form must be filed by June 30 of the same year, with all shareholders consenting to the election. If a new S election is not filed, the election terminates on June 30 of that year.
• C)Paula has 30 days to terminate the S election, otherwise the election remains in place for the entire year and all subsequent years.
• D)None of the above statements are correct.

Grasp the likelihood and importance of participating in program development.

Acknowledge the necessity of goals across micro, mezzo, and macro practices.

Understand the role of emphasizing strengths in showing respect to clients.

Comprehend the significance of goal setting in different levels of practice.

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Definitions:

Proximity Effect

In social psychology, the phenomenon that physical or psychological closeness increases the likelihood of attraction and positive feelings among people.

Interpersonal Liking

The positive regard or affection one individual has for another, often a crucial component of friendship or other personal relationships.

Primacy Effect

The tendency to remember and give more importance to information that is encountered first in a series.

Information

Data, knowledge, or facts obtained from various sources, used to understand events, concepts, or processes.