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:

Termination

Ending.

Evaluation

Assessment; judgment concerning the worth, quality, significance, or value of a situation, person, or product.

Liability Insurance

Insurance that provides protection from claims arising from injuries or damage to other people or property.

HIPAA Compliance Officer

A designated person responsible for ensuring that an organization adheres to HIPAA regulations, protecting patient health information.