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Identify which of the following statements is true.

Mandarini

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7 years ago

Identify which of the following statements is true.

Identify which of the following statements is true.
A) The natural business year for fiscal-year election purposes is any tax year that ends within six months after the peak period of business.
B) Section 444 permits an S corporation to elect to use a fiscal year other than a permitted year.
C) A new corporation that is 100% owned by Johnny Blake, a cash method of accounting taxpayer, makes an S election for its initial tax year. The S corporation must also elect to use the cash method of accounting as its overall accounting method.
D) All of the above are false.

Textbook

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Edition: 27^th

Authors: Anderson, Pope, Rupert

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Mandarini Author

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7 years ago

I appreciate what you did here, answered it right Smiling Face with Open Mouth

nicolepope23

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this is exactly what I needed

jblazah

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Thanks

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