Once a corporation has elected a taxable year,it can change the taxable year without IRS permission if

Question

Quizplus · Accepted Answer

All of the above conditions must be met in order for a corporation to change its taxable year without IRS permission. The resulting short period must not have a net operating loss, the corporation cannot have changed its accounting period within the last 10 years, and the annualized income for the short period must be at least 80% of the corporation's income for the preceding taxable year.

Once a Corporation Has Elected a Taxable Year,it Can Change