Identify Which of the Following Statements Is True

question 28

Multiple Choice

Identify which of the following statements is true.

• A)All of the shareholders of an S corporation must consent to a revocation of the S election.
• B)A revocation of an S corporation election can be retrospective to any date.
• C)An S election will not be terminated due to excess passive income if the corporation does not have Subchapter C E&P.
• D)All of the above are true.

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Definitions:

Third Estate

The common people of France under the ancien régime, distinct from the clergy (First Estate) and the nobility (Second Estate), who played a key role in the French Revolution.

Frankfurt Parliament

An assembly of German delegates from various states in 1848-1849, aiming to unify the German states and create a national constitution.

Taxpayer Money

Public funds generated from taxes imposed on individuals and businesses, used by governments for public expenditures.

State Rulers

Individuals who hold supreme authority and governance over a defined geographic territory and its population, often within a state or country.