Factors That Should Be Considered in Making the S Corporation

question 162

Multiple Choice

Factors that should be considered in making the S corporation election for the current tax year include the following:

• A) Are greater than 50% of the shareholders willing to consent to the election?
• B) Can the requirements for qualification be satisfied by the 15th day of the third month of the tax year and also for the period of the tax year that precedes this date?
• C) Will the corporation have total capital not in excess of $1 million?
• D) Only b. and c.
• E) a., b., and c.

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Definitions:

Ethnic Self-conception

This refers to the way individuals understand and identify themselves in terms of their ethnicity, including the recognition of shared culture, history, and ancestry.

Cultural Differences

The variation in social norms, values, customs, and practices observed among groups of people from different backgrounds.

Behavioral Differences

Variations in actions and reactions among individuals or groups, often influenced by biological, psychological, and social factors.

Ethnic Groups

Communities or populations sharing a common culture, ancestry, language, or national origin.