Which of the following is NOT a condition an entity must meet in order to make...
Which of the following is NOT a condition an entity must meet in order to make a valid election under IRC§444?
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A. |
The taxpayer/entity may not be a member of a tiered structure (except for an immateriality exception). |
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B. |
The taxpayer/entity did not previously have an election under IRC§444 in effect. |
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C. |
The elected tax year results in a deferral of less than six months. |
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D. |
All of the above are correctly stated requirements for an entity to make a valid IRC§444 election. |
Homework Answers
"The elected tax year results in a deferral of less than six months"is NOT a condition an entity must meet in order to make a valid election under IRC§444.
As per 26 U.S. Code § 444" In the case of an entity changing a taxable year, an election may be made only if the deferral period of the taxable year elected is not longer than the shorter of—
(A) 3 months, or
(B) the deferral period of the taxable year which is being changed"
****In case of any doubts feel free to comment
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