Question

The S election must be filed no later than 2 1/2 months after:

1) June 21
2) June 11
3) December 31
4) May 28
5) June 3

Answer 1

The correct answer is 3. December 31, as the S election must be filed no later than 2 1/2 months after the end of the tax year. The S election refers to the election to be treated as an S corporation for tax purposes. For example, if the tax year ends on June 21, the S election must be filed by December 31.

Step-by-step explanation:

The S election must be filed no later than 2 1/2 months after: 1) June 21 2) June 11 3) December 31 4) May 28 5) June 3

The S election refers to the election to be treated as an S corporation for tax purposes. To file an S election, the deadline is usually 2 1/2 months after the end of the tax year. Therefore, the correct answer would be 3) December 31. This means if the tax year ends on June 21, the S election must be filed no later than December 31 of the same year.