Doug,Kate,and Gabe Own Refiner Group,Inc

question 80

Multiple Choice

Doug,Kate,and Gabe own Refiner Group,Inc. ,an electing S corporation.The shareholder's ownership percentages and fiscal year ends follow:
Which of the following statements is (are) correct?

I.Refiner Group,Inc.must use a calendar year.
II.Refiner Group,Inc.may elect to use a fiscal year ending January 31.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Marginal Utility Per Dollar

The additional satisfaction obtained from spending one more dollar on a good or service.

Marginal Utility

The supplementary value or enjoyment experienced from the consumption of an additional unit of a good or service.

Money Income

Income received in the form of currency or through electronic transfers, as opposed to goods or services.

Products J and K

Imaginary or hypothetical products, potentially used in theoretical examples or economic models.