If Annie and Andy (Each a 30% Shareholder in an S

question 18

Multiple Choice

If Annie and Andy (each a 30% shareholder in an S corporation) file a revocation on February 10, 2016 to terminate their S corporation's S election, what is the effective date of the S corporation termination (assuming they do not specify one) ?

• A) January 1, 2016.
• B) February 10, 2016.
• C) January 1, 2017.
• D)February 10, 2017.
• E)None of these

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Definitions:

M-cresol

An organic compound, a type of methylphenol, where the methyl group is positioned meta to the hydroxyl group on a benzene ring.

M-toluidine

An organic compound, specifically a derivative of toluene, with a methylene group (-CH3) attached to the benzene ring at the meta position relative to an amino group.

Ethylisopropylamine

An organic compound containing an ethyl group, an isopropyl group, and an amine group in its molecular structure.

Ethylamine

An organic compound with the formula CH3CH2NH2, a colorless gas with an ammonia-like odor, used in chemical synthesis.