For S Corporation Status to Apply in the Current Tax

question 138

True/False

For S corporation status to apply in the current tax year, the election must be filed during the grace period before the 15th day of the third month of the current year.

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Definitions:

Warranty

A guarantee given to the purchaser by a manufacturer regarding the condition of its product and the promise to repair or replace it within a specified period of time.

OEM

Original Equipment Manufacturer; a company that produces parts and equipment that may be marketed by another manufacturer.

No-crank Condition

A situation where an engine does not turn over or crank when the ignition key is turned, indicating a failure in the starting system.

Discharged Batteries

Batteries that have been depleted of their stored electrical energy.