Once a Corporation Has Elected a Taxable Year,it Can Change

question 29

Multiple Choice

Once a corporation has elected a taxable year,it can change the taxable year without IRS permission if

• A)the resulting short period does not have a net operating loss.
• B)the corporation has not changed its accounting period within the last ten years.
• C)the annualized income for the short period is at least 80% of the corporation's income for the preceding taxable year.
• D)All of the above conditions must be met.

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Definitions:

Cohesion

The degree to which members of a group are united in pursuing their goals and how well they bond with each other.

Potential Membership

Refers to individuals who are considered or identified as possible candidates for joining a specific group or organization.

External Support

Assistance or backing provided by entities or individuals outside of one's self or immediate environment.

Cultural Differences

The variety of distinct cultural beliefs, values, behaviors, and practices that exist among groups of people from different backgrounds.