An S Election Is Terminated If the S Corporation Has

question 23

True/False

An S election is terminated if the S corporation has passive investment income in excess of 20 percent of gross receipts for three consecutive years.
The amount is 25 percent of gross receipts for three consecutive years.

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Definitions:

Steve Jobs

Co-founder of Apple Inc., influential in the development of personal computers and innovative technology products like the iPod, iPhone, and iPad.

Bill Gates

Co-founder of Microsoft Corporation, an influential technology magnate, philanthropist, and one of the world's wealthiest individuals.

Discrimination

Discriminatory behavior or unfair treatment towards various groups of individuals, notably based on their racial background, age, or gender.

Attitudes

A settled way of thinking or feeling about something, often reflected in a person's behavior.