Which Statement Is Incorrect with Respect to an S Shareholder's

question 24

Multiple Choice

Which statement is incorrect with respect to an S shareholder's consent?

• A) An S election requires a consent from all of the S corporation's shareholders.
• B) Both husband and wife must consent if one owns the stock as community property.
• C) A consent extension is available only if Form 2553 is filed on a timely basis, reasonable cause is given, and the interests of the government are not jeopardized.
• D) A consent must be in writing.
• E) None of the above statements is incorrect.

Identify and understand the lifespan and durability of various forms of money.

Comprehend the importance of money being difficult to counterfeit and its impact on the economy.

Distinguish between different types of bank accounts and their specific characteristics.

Understand the role of the Federal Reserve Board in regulating the money supply and its impact on the economy.

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Definitions:

Optometrist

An optometrist is a healthcare professional who specializes in examining the eyes for vision and health problems, prescribing corrective lenses, and providing certain types of eye care.

Ratification

The formal approval or confirmation of an act, agreement, or treaty by those who are parties to it.

Unauthorized Signature

An unauthorized signature is one made without the express or implied permission of the person whose name is signed, rendering the agreement or document potentially invalid.

Fictitious Payee Rule

A legal principle that states if a negotiable instrument is made payable to a fictitious person, the entity that neglects to verify the authenticity of the payee can be held liable for any resulting loss.