A C Corporation Can Become a Subchapter S Corporation by Filing

question 117

True/False

A C corporation can become a Subchapter S corporation by filing a statement with its corporate income tax return.

---

Definitions:

Obtainable Goal

A target or objective that is realistically achievable within a given timeframe or with available resources.

Organizational Structure

The system that outlines how certain activities are directed to achieve the goals of an organization, including rules, roles, and responsibilities.

Excess Plant Capacity

A situation where a company's production facilities have more production capabilities than currently needed for its level of production.

Stockholders' Approval

The formal consent given by shareholders, often required for significant company actions like mergers, acquisitions, or changes in corporate structure.