For an S Corporation to Elect to Use a Fiscal

question 81

Multiple Choice

For an S corporation to elect to use a fiscal year other than a permitted year, the fiscal year elected must have a maximum deferral period of

• A)one month.
• B)two months.
• C)three months.
• D)six months.

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Definitions:

Depression

A severe and prolonged downturn in economic activity, characterized by significant declines in GDP, high unemployment, and deflation.

Aggregate Demand

The total demand for goods and services in an economy at a given overall price level and in a given time period.

Investment Goods

Long-term assets purchased for the purpose of generating income, not directly intended for consumption.

Consumer Goods

Goods that are used by consumers for personal or household purposes.