A C Corporation Was Formed Five Years Ago and Is

question 80

Multiple Choice

A C corporation was formed five years ago and is a fiscal-year taxpayer with a June 30 year-end. The C corporation wants to make an S election for its tax year beginning in the current year. The election must be made by ________ (assuming permission can be obtained to continue using the fiscal year from the IRS) .

• A)June 30 of the current year
• B)September 15 of the current year
• C)June 30 of the next year
• D)September 15 of the next year

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Definitions:

Federal Bankruptcy Investigation

A process conducted by a government agency to examine the circumstances and legitimacy of a bankruptcy filing, ensuring compliance with bankruptcy laws.

Document Destruction

The process of eliminating or disposing of documents to prevent confidential information from being leaked or used improperly.

Felony

A serious criminal offense that is punishable by a sentence of more than one year in prison or by death.

Misdemeanor

A crime that is less serious than a felony and is punishable by a fine and/or imprisonment for less than one year.