Question: On February 3 , 2 0 2 4 , Beta Corp., a calendar - year corporation, elected S corporation status, and all shareholders consented to

On February 3,2024, Beta Corp., a calendar-year corporation, elected S corporation status, and all shareholders consented to the election. There was no change in shareholders in 2024. Beta met all the eligibility requirements for S status during the pre-election portion of the year. What is the earliest date on which Beta can be recognized as an S corporation?
Group of answer choices
February 3,2024.
January 1,2025.
January 1,2024.
February 3,2025.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

On March 4, Year 1, Miqdadi Corporation, a calendar year corporation, elected S status, and all of its shareholders consented to the election. All of the eligibility requirements had been met by the...

Q:

On March 4, 20X1, Blue Inc Corporation, a calendar year corporation, elected S status, and all of its shareholders consented to the election. All of the eligibility requirements have been met,...

Q:

Becker CPA Review Questions 1. 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...

Q:

9 . Identify which of the following statements is false. The PTI ( previously taxed income ) represents the balance of undistributed net income which were already taxed. An S Corporation may or may...

Q:

During the current year, Marlene, Nancy and Olive formed a new S Corporation. Solely in exchange for stock, Marlene and Nancy contributed appreciated property, while Olive contributed services. The...

Q:

On February 10, 2018, Ace Corporation, a new calendar year corporation, elected S corporation status and all shareholders consented to the election. There was no change in its shareholders during the...

Q:

Multiple Choice Questions 1. Mindy, an individual, owns 100% of Markee, an S corporation, and she has an initial stock basis of $10,000. This is the first year of Markee's operations. Additional...

Q:

Target Corp., a calendar year corporation, began business in Year 1 . Target made a valid S corporation election on August 1 6 , Year 3 . All shareholders consented to the agreement. It is also...

Q:

CW Corp., a calendar year corporation, began business in Year 1 . CW made a valid S corporation election on December 5 , Year 3 , with the unanimous consent of its shareholders. The eligibility...

Q:

Answer all question in attached document. Tax 311 Problem Set #4 Subchapter S Corporations 2014 Vincent R. Barrella I. A. P Corporation is a calendar year corporation owned by three individuals...

Q:

To be competitive, many fast- food chains began to expand their menus to include a wider range of foods. Although contributing to competitiveness, this has added to the complexity of operations,...

Q:

A rigid storage tank of 1.5 m3 contains 1 kg argon at 30C. Heat is then transferred to the argon from a furnace operating at 1300C until the specific entropy of the argon has increased by 0.343 kJ/kg...

Q:

2 a The Lakeview Restaurant is expanding. Explain two reasons why an organisation chart would be helpful to the management of the restaurant. b The restaurant needs to communicate with its suppliers...

Q:

Describe how total variable costs and unit variable costs behave with changes in the level of activity. If fixed costs increase, what would be the impact on the contribution margin and income from...