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Doug,Kate,and Gabe Own Refiner Group,Inc

question 54

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Doug,Kate,and Gabe own Refiner Group,Inc.,an electing S corporation.The shareholder's ownership percentages and fiscal year ends follow: 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. ​ A) Only statement I is correct. B) Only statement II is correct. C) Both statements are correct. D) Neither statement is correct. 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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Definitions:

Earth Burial

A traditional method of disposing of a body post-mortem, where the deceased is interred in the ground, typically within a cemetery.

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The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a generalized viewpoint of other cultures.

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