​Which Statement Is Incorrect with Respect to Filing for an S

question 24

Multiple Choice

​Which statement is incorrect with respect to filing for an S election?

• A)​Form 2553 must be filed.
• B)​All shareholders must consent.
• C)​The election may not be filed in the previous year.
• D)​An extension of time is available for filing Form 2553
• E)​None of the above is incorrect

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Definitions:

Destroyed Money

Money that has been taken out of circulation, either physically by damage or dematerialization, or digitally by central authorities to control the money supply.

Liquidity Trap

A scenario where low interest rates and high savings rates make it difficult for monetary policy to boost economic growth.

Speculative Demand

The demand for goods, services, or assets based not on their fundamental value but on the expectation that their price will increase in the future.

Precautionary Demand

The demand for liquid assets or money for the purpose of meeting unforeseen emergencies or taking advantage of unexpected opportunities.