Question

Regarding a corporation’s election for S status, which of the following statements is true?
a. None of the answers are correct.
b. A filed election for S status will be deemed made timely, if it is included with the corporation’s initial filing of its annual report of income on Form 1120S.

Answer 1

Answer:r

Option B is correct

Explanation:

The annual report of income because it would be taxed at corporate tax rate which is part of the requirements for electing s corp status.