Several Individuals Acquire Assets on Behalf of Skip Corporation on May

question 7

Multiple Choice

Several individuals acquire assets on behalf of Skip Corporation on May 28, 2012, purchased assets on June 3, 2012, and began business on June 11, 2012.They subscribe to shares of stock, file articles of incorporation for Skip, and become shareholders on June 21, 2012.The S election must be filed no later than 2 1/2 months after:

• A)May 28, 2012.
• B)June 3, 2012.
• C)June 11, 2012.
• D)June 21, 2012.
• E)December 31, 2012.

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Definitions:

Absolute Advantage

The ability of an entity to produce a good or service more efficiently than its competitors when using the same amount of resources.

Skilled Human Resources

Individuals within the workforce who possess specialized training, knowledge, and experience in particular fields or disciplines.

Per Capita Incomes

The average income earned per person in a certain area in a specified year.

Developing Nations

Countries with a lower living standard, underdeveloped industrial base, and low Human Development Index relative to other countries.