Four Unrelated Individuals Acquire Assets on Behalf of Jump Corporation

question 141

Multiple Choice

Four unrelated individuals acquire assets on behalf of Jump Corporation on May 21, 2012, purchased assets on June 5, 2012, and begin doing business on June 15, 2012.They subscribe to shares of stock, file articles of incorporation for Jump, and become shareholders on July 23, 2012.The S election must be filed no later than 2 1/2 months after:

• A)May 21, 2012.
• B)June 5, 2012.
• C)June 15, 2012.
• D)July 23, 2012.
• E)December 31, 2012.

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Definitions:

French Crown Jewel

Precious gems and ornaments that once belonged to the royalties of France.

Indian Mine

A mining site located in India, potentially rich in minerals like coal, iron ore, or precious stones.

Slave

A person who is legally owned by another and is forced to work for them without the freedom to leave or to refuse work.

Sea Captain

The person in command of a ship, responsible for its safe navigation and the welfare of its crew.