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JulsSmile [24]
3 years ago
8

Village Corp., a calendar year corporation, began business in year 1. Village made a valid S corporation election on December 5,

year 4, with the unanimous consent of its shareholders. The eligibility requirements for S status continued to be met throughout year 5. On what date did Village's S status become effective?
a. January 1, year 4

b. January 1, year 5

c. December 5, year 4

d. December 5, year 5
Business
1 answer:
sveticcg [70]3 years ago
6 0

Answer:

The correct answer is letter "B": January 1, year 5.

Explanation:

The S corporation election must be made by the <em>15th day of the third month of the taxable year</em> <em>to be valid for the current taxable year</em>. If the election is made after that date, it will take effect on the first year of the next taxable year. Since Village Corp. changed into S corporation on December 5th, year 4, Village's S status will begin on January 1st, year 5.

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The question is incomplete. Please read below to find the missing content.

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