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The Termination of an S Election Occurs on the Day

question 78

True/False

The termination of an S election occurs on the day after a corporation ceases to be a qualifying S corporation.


Definitions:

Physical Dependence

A condition arising from chronic use of a substance, characterized by the body's physiological adaptation and the occurrence of withdrawal symptoms upon cessation.

Psychological Dependence

A condition in which an individual feels compelled to continue using a substance due to an emotional or mental attachment.

Overdose

An excessive dose of a drug that can seriously threaten one’s life.

Central Nervous System

The part of the nervous system that consists of the brain and spinal cord, controlling most functions of the body and mind.

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