Multiple Choice
If Annie and Andy (each a 30percent shareholder in a calendar-year S corporation) file a revocation statement on February 10, 2020, 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, 2020
B) February 10, 2020
C) January 1, 2021
D) February 10, 2021
E) None of the choices are correct.
Correct Answer:
Verified
Correct Answer:
Verified
Q79: ABC was formed as a calendar-year S
Q80: Built-in gains recognized 15 years after a
Q81: An S corporation shareholder's allocable share of
Q82: Distributions to owners may not cause the
Q83: Bobby T (95percent owner)would like to elect
Q85: An S corporation can make a voluntary
Q86: For an S corporation shareholder to deduct
Q87: If an S corporation shareholder sells her
Q88: S corporations generally recognize gain or loss
Q89: S corporations face the same restrictionsas partnerships